August 2020

24 Aug

Posted at 10:53h in Uncategorized

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...

24 Aug

Posted at 10:49h in Uncategorized

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...

16 Aug

Posted at 11:41h in Uncategorized

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...

15 Aug

Posted at 11:08h in Uncategorized

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...

06 Aug

Posted at 11:01h in Uncategorized

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...

04 Aug

Posted at 12:43h in Uncategorized

Whether you claim a business office in the home or are simply working at home, say because of COVID-19, you likely have some former personal assets that you now use for business.   Ah, new tax deductions!   Yep. Say you don’t claim a home-office deduction but now you...

03 Aug

Posted at 22:04h in Uncategorized

As you read this, it’s likely that your lawmakers are working on the next Payroll Protection Program (PPP) package.   And hopefully, in this next package they will include a provision that allows you to deduct business expenses that you pay with your PPP money.   Let’s explain. In...

03 Aug

Posted at 22:01h in Uncategorized

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...