Section 199A of the tax code can give youa 20% deduction… or a throbbing headache. We’ll give you the details (and a couple of aspirin)when you read the full article: “QBI Update: Impact of Negative QBI andPreviously Suspended Losses” [QBI=Qualified Business Income] Is your business defined by the IRS as a pass-through entity*? (If you’re reading this email, it … [Read more...]
Boost QBI: Pay Partners and LLC Members Preferred Returns
Let me ask you two important questions… Do you operate your business as a partnership, or as an LLC that’s treated as a partnership for federal income-tax purposes?Are you compensating yourself and your fellow partners as LLC members with so-called “guarantee” payments? Then here’s some advice I urge you accept… Consider compensating yourself and your partners with … [Read more...]
Congress Passes Corporate Transparency Act: What It Means for You
Say goodbye to privacy.Say hello to new reporting requirements. Read the full article:“Congress Passes Corporate Transparency Act:What It Means for You” Are you running an LLC or a corporation? Then be prepared for an important change in the law… Starting in 2022, the new Corporate Transparency Act (CTA) goes into effect… For the first time, federal law will … [Read more...]
Who Qualifies for First-Draw PPP Money Today?
Did you take advantage of the much-needed Payroll Protection Plan (PPP) that expired on August 8, 2020? As you may remember, the PPP program provided cash infusions to businesses that suffered during the COVID-19 pandemic. Did you miss the boat and fail to get your fair share of the PPP program money? Well, it’s not to late! If you didn’t get the money you were … [Read more...]
New COVID-19 Relief Law Turbocharges Employee Retention Credit
I’ve got some good news for you, but first let’s start with a little history. When Congress passed the CARES Act back in March of 2020, they gave business owners such as you, two choices. You could take advantage of the Paycheck Protection Plan (PPP) and get a fully reimbursed loan designed to help you stay afloat. (Free money!) Or You could get an “employee … [Read more...]