Category: Loopholes


Recent blogs

PPP Forgiveness

Although the focus of this post is PPP forgiveness, the loan itself is a great deal. The payment terms are phenomenal, and it can be essential to helping people get back on their feet. So even if you have clients that don’t qualify for 100% forgiveness, the interest rate is

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Forget about “Simple.” It’s VALUE that counts.

Here is a common misconception: if a task is simple, it isn’t valuable. Don’t take this misconception lightly, as it can have huge implications regarding how you promote your business and the value you create. Pricing and effort are often (but not always) aligned. A painter, for instance, will charge

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Corporate Refund Claims With Minimum Tax Credit Perplex IRS

Corporations have been receiving refunds from carrying back net operating losses, but those taxpayers with alternative minimum tax implications in that carryback year might need to check those refunds twice. “Clients are receiving refunds particularly on more straightforward filings” of Form 1139, “Corporation Application for Tentative Refund,” Kirsten Wielobob of

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Tax Advantages of IRS Form 3115 – Request to Change…

What is Form 3115?  According to the IRS, the form is filed “to request a change in either an overall method of accounting or the accounting treatment of any item.” What would necessitate this change? You could have a client, for example, who uncovers an earlier error or is required

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Commonly Asked Section 139 Plan Questions

Is there a cap on how much an employer can provide to an employee as a qualified disaster payment? No, the statute states that as long as it meets the requirements, there is no cap on the exclusion amount. While it can feel like this is too good to be

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Qualified Disaster Payments and Code Section 139

What is a Qualified Disaster Payment? During these challenging times, laws have been passed to create relief for businesses and their employees. For example, under Code Section 139, employers can provide tax-free “qualified disaster payments” to reimburse employees for expenses specifically due to COVID-19. Because most business owners are also

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