Pass-through forms of business such as S Corporations and partnerships offer certain domestic tax benefits — namely, the avoidance of double taxation and the ability to claim the 20% deduction under IRC Code Section 199A. However, the global intangible low-taxed income (GILTI) provisions of...
Read MoreNavigating the Paycheck Protection Program (PPP) eligibility and forgiveness has proven to be complicated. Frequently changing and sometimes unclear direction creates challenges even for owners of smaller, single entity companies. These complexities increase exponentially in the context of an M...
Read MoreAfter months of speculation about whether expenses related to Paycheck Protection Program (PPP) loans would be tax deductible in 2020, if in fact forgiveness is not approved until 2021, the IRS has provided an answer.In April, Notice 2020-32 put the IRS’ position on deductibility of...
Read MoreAs we approach the end of the year, it is crucial to reflect on the past 12 months to establish a sense of where your company’s taxable income numbers will land so you can optimize tax positions before the opportunity is lost. This is of the utmost importance for 2020, as Congress created...
Read MoreThe passing of key legislation over the past couple of years — particularly the Setting Every Community Up for Retirement Enhancement Act (SECURE Act) of 2019 and the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) of 2020 — has resulted in significant changes for...
Read MorePaycheck Protection Program (PPP) loan recipients may soon have yet another form to complete to be eligible for loan forgiveness. On October 26, the SBA published a 30-day notice for comments in the Federal Register, which included two “loan necessity questionnaires”: SBA Form...
Read MoreUnderstanding and applying for forgiveness for Paycheck Protection Program (PPP) loans continue to be a priority, and a challenge, for many loan recipients. Below offers the latest updates and clarifications to help you prepare.1. SBA Releases Simplified Forgiveness Forms for Smaller LoansOn...
Read MoreWith the presidential election only weeks away, many policy issues are being discussed, including taxes. Among their many differences, President Donald Trump and former Vice President Joe Biden have widely divergent tax proposals. Their stances could have a major impact on the amount of taxes you...
Read MoreCohen & Co is proud to announce Kristen deMoulpied, CPA, MBA, has joined the firm as a tax partner. Kristen has nearly 20 years of experience, ranging from serving as director of M&A tax strategy for a $20 billion global power management company, to specializing in corporate and...
Read MoreOn Friday, August 28, the IRS issued long-awaited guidance on the August 8 executive order for “Deferring Payroll Tax Obligations in Light of the Ongoing COVID-19 Disaster.” The executive order had directed Treasury to defer withholding, deposit and payment of the employee portion of...
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