Updated guidance on the Paycheck Protection Program (PPP) was released by the Small Business Administration (SBA) this week, with details on the “first draw” program and the recently enacted “second draw” program. PPP loan program first draw applications will reopen the week of January 11 for new PPP borrowers. Second draw PPP loan applications also will be available the week of January 11, 2021. Second draw loans are limited to $2,000,000 … [Read more...]

Let's say your brother-in-law is starting a new business. You listen to his idea, read his business plan and think the endeavor sounds promising. Your brother-in-law asks if he can have $20,000 to help get the business off the ground. … [Read more...]

Few things say "thank you" like food. As the holidays and year-end crunch approach, many employers will bring pizza or donuts into the office, organize a holiday luncheon or provide their staff with free Thanksgiving turkeys. Employer-provided meals offer an opportunity to thank employees for another year of service — or to entice them to stay late during the busy season. But many companies are unsure about the IRS rules for deducting … [Read more...]

Do you want to be extra-generous to employees who are doing a good job? Bonuses and gifts can be an effective motivational tool, but be aware of all the tax consequences. Usually, employees will face a tax bill for your generosity. … [Read more...]

The deadline is fast approaching for certain taxpayers to report accounts they hold in foreign banks and other financial institutions. You also may be required to report foreign accounts over which you have signature authority, such as an account that you maintain on behalf of a relative or employer. … [Read more...]