by hoodlawkc | Tax Planning, Business Law, Business Planning, Tax Law
Almost no one would argue that American families are struggling to make ends meet during the COVID-19 pandemic. Nevertheless, the White House and its allies have repeatedly pointed to rallying stock prices as evidence of a “V” shaped economic recovery, a rally which...
by hoodlawkc | Business Planning, Business Law, Tax Law, Tax Planning
Loan Forgiveness Generally When the Coronavirus Aid, Relief, and Economic Stimulus (“CARES”) Act was signed into law on March 27, 2020, it created the Paycheck Protection Program (“PPP”). The PPP provided loans to businesses that were facing financial uncertainty due...
by hoodlawkc | Tax Planning, Tax Law
Looking for ways to zero out your Flex Spending Account at year-end? The IRS may have a way to help. In a Private Letter Ruling, the Service recently decided to allow the deductibility of at least portion of DNA test kits from providers like 23andMe and MyHeritage....
by hoodlawkc | Tax Planning, Tax Law
Let’s face it, Americans dread bureaucracy, and when it comes to bureaucracies, there are few as imposing as the Internal Revenue Service. Complaints and jokes about the seemingly unending string of numbered forms, schedules, tables, and references are a...
by hoodlawkc | Business Law, Tax Law, Tax Planning
In a previous blog post regarding the new Section 199A “Qualified Business Income” deduction, we mentioned that the deduction is reduced or eliminated for higher income owners of Specified Service Trades or Businesses (“SSTBs”). These are businesses that typically...
by hoodlawkc | Business Law, Business Planning, Tax Law
As mentioned in our last newsletter, the IRS continues to keep a watchful eye over S-corporations, requiring minimum levels of “reasonable compensation” to owners who may be otherwise seeking to downplay compensation for tax avoidance purposes. S-corporation...
