DHS Adding 22,000 to H-2B Program

DHS Adding 22,000 to H-2B Program

The Department of Homeland Security has announced it is “taking action to ensure that American businesses are equipped with the resources needed to recover successfully and contribute to the economic health of local communities.” Citing increased labor...
IRS offers safe harbor for claiming PPP loan deductions

IRS offers safe harbor for claiming PPP loan deductions

Reposted from an AccountingToday April 22, 2021 news article. The IRS and the Treasury Department are giving small businesses that received Paycheck Protection Program loans in the first round a way to deduct expenses they couldn’t claim last year. The Internal...
Do You Need an Economic Injury Disaster Loan?

Do You Need an Economic Injury Disaster Loan?

Even before the pandemic, the Small Business Administration offered Economic Injury Disaster Loans for “losses not covered by insurance or funding from the Federal Emergency Management Agency (FEMA) for both personal and business” expenses and for...
IRS Provides Additional Guidance on Food Deduction

IRS Provides Additional Guidance on Food Deduction

The IRS has issued Notice 2021-25 providing guidance under the Taxpayer Certainty and Disaster Relief Act of 2020. The Act added a temporary exception to the 50% limit on the amount that businesses may deduct for food or beverages. The temporary exception allows a...
IRS to Recalculate Taxes for Unemployment Break

IRS to Recalculate Taxes for Unemployment Break

Legislation signed in March allows taxpayers who earned less than $150,000 in modified adjusted gross income to exclude unemployment compensation up to $20,400 if married filing jointly and $10,200 for all other eligible taxpayers. The legislation excludes only 2020...
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