Author: MF

What is the unpardonable sin in an IRS audit?   Suppose you just received that lovely letter from the IRS telling you that you are the subject of an IRS audit.   What one record receives special attention? What one record can create a nightmare for you? What one...

The Payroll Protection Program (PPP) rules—they keep a-changin’.   During the past month, the Small Business Administration (SBA) issued a new set of frequently asked questions (FAQs) and a new interim final rule, which in combination create the following good news for the Payroll Protection Program (PPP):   ...

If you’re considering moving to a different state, taxes in the new state may be the deciding factor—especially if you expect them to be lower.   Consider All Applicable State and Local Taxes   If your objective is to move to a lower-tax state, it may seem like a...

Small Business Administration (SBA) Economic Injury Disaster Loans (EIDLs) can be a great source of low-interest funding for businesses struggling with the economic impact of the COVID-19 pandemic.   Unlike Payroll Protection Program (PPP) loans, EIDLs are not forgivable—borrowers have to pay them back. But they have...

Tax law definitions do not apply to much of the Payroll Protection Program (PPP), making it new ground for owners of S corporations. Here are answers to four questions of concern to many S corporation owners.   Spouse Owns S Corporation   Question. My wife owns 100...

If you report your business income and expenses on Schedule C of your Form 1040, your PPP loan forgiveness is straightforward, as you see in the four answers below.   Paying Myself   Question. I know that I can achieve full forgiveness based solely on my 2019...

I receive many questions about the Payroll Protection Program (PPP). Here are two of them with our answers.   Good Faith at the Time   Question. What are your thoughts on the repercussions for business owners who acted in good faith based on the information available at...

Limited liability companies (LLCs) are a popular choice of entity for small businesses and investment activities.   LLC owners are called members.   Single-member LLCs have one owner, although spouses who jointly own an LLC in a community property state can elect treatment as a single member LLC...

I receive many questions about the Payroll Protection Program (PPP). Here are two of them with our answers.   Good Faith at the Time   Question. What are your thoughts on the repercussions for business owners who acted in good faith based on the information available at...