As the COVID-19 pandemic and related shutdowns began having a detrimental impact on businesses in 2020, many made the difficult decision to lay off employees, either temporarily or permanently. However, as a way to incentivize businesses to keep employees on the payroll despite uncertain economic conditions, the federal government created a powerful mechanism for financial [...]
Buying a commercial building is a major investment that carries several ongoing costs associated with owning and maintaining the building. Fortunately, however, the federal tax code offers a variety of strategies to help offset these costs by reducing your tax burden. For example, the §179D deduction (which was recently made a permanent part of the [...]
After months of deliberation, Congress passed a sweeping new $900 billion COVID relief bill on December 21. The bill, officially called the Consolidated Appropriations Act 2021, H.R. 133, was signed into law by President Trump on December 27, thereby enacting numerous measures designed to provide financial assistance for individuals and businesses impacted by the ongoing [...]
For countless businesses, the significant disruptions stemming from the COVID-19 pandemic have caused unprecedented financial challenges this year. Therefore, as 2020 comes to an end and businesses start preparing for tax season, it is crucial to seek opportunities to minimize taxes. The right tax strategy can help businesses save money and boost cash flow, thereby [...]