SENATE AND POST WAYFAIR SALES TAX BURDEN

Senate and post wayfair sales tax burden. In a hearing before the U.S. Senate, Small Business owners told a group of Senators how the interstate reach of state and local sales taxes authorized by the Supreme Court in South Dakota v Wayfair, Inc. has imposed new costs and other burdens. The committee also heard from […]

SIMPLIFIED ACCOUNTING RULES FOR BUSINESS

Simplified accounting rules for business. The IRS has finalized updates to various tax accounting regulations to adopt the simplified tax accounting rules for small business enacted by the tax law known as the Tax Cuts and Jobs Act. The Regulations issued in July with a few changes in response to comments. For years beginning in […]

ECONOMIST SAY ANOTHER STIMULUS CRITICAL

Economist say another stimulus critical. Negotiations over a second round of economic stimulus have been at an impasse for several months, after Congress came together and passed the bipartisan $2.2 trillion CARES Act in march. That legislation included one time $1200 direct stimulus checks to most Americans as well as an additional $600 per week […]

SURPRISE TAX BREAK IN NEW RELIEF BILL

Surprise tax break in new relief bill. The coronavirus pandemic has brought the global economy to its knees, and lawmakers in Washington are pulling out all the stops to find ways to support hard hit Americans. Even after three rounds of legislation to stimulate the U.S. economy, there’s been discussion of still more proposals to […]

COALITION WANTS CHANGE FOR PPP LOANS

Coalition wants change for PPP loans. With all the talk that large companies were getting the bulk of the Paycheck Protection Program loans, other criticisms have been forthcoming also. One has been that the way the pay calculation is made is not an accurate determination for what a company really needs. An AICPA led small […]

IRS REGULATIONS ON CHARITABLE CONTRIBUTIONS

IRS regulations on charitable contributions. Ever since the Tax Cuts and Jobs Act, passed by Congress and signed into law by President Trump, multiple new tax laws have created uncertainty and grey areas regarding the treatment of new taxes and old deductions. Some of these new regulations and laws have taken some time to get […]

TAX CUTS ONE YEAR LATER.

Tax cuts one year later. What happened ? There was a point in early 2018 when big American companies couldn’t help stop talking about the Trump tax cuts. Flush with the projected savings form a $1.5 trillion law, they promised to raise wages, hand out bonuses to workers and invest in big projects. They scored […]