by John Boyle, CFP®, AIF®, EA | Oct 19, 2022 | Tax Planning
According to The Standard Federal Tax Reporter from the legal publisher Commerce Clearing House (CCH), the income tax code is over 70,000 pages in length when compiling the Internal Revenue Code along with IRS regulations, revenue rulings, tax court case precedence,...
by John Boyle, CFP®, AIF®, EA | Sep 12, 2022 | Business Planning, Tax Planning
You may have heard that the newly enacted Inflation Reduction Act includes expanded electric vehicle tax credits. Although this personal credit has gotten most of the publicity, the new law launched electric vehicle tax credits specifically for business use electric...
by John Boyle, CFP®, AIF®, EA | Jun 14, 2022 | Business Planning
The Corporate Transparency Act (CTA) was passed by Congress and became effective on January 1, 2021. The CTA is a new law that requires corporations, LLCs, and other business entities to provide information about their owners to the Department of the Treasury’s...
by John Boyle, CFP®, AIF®, EA | Jul 18, 2021 | Business Planning, Tax Planning
If your original income tax return was filed with errors, don’t fret; two IRS methods enable you to correct tax return errors. A superseding return; or A qualified amended return. A superseding return is an amended or corrected return filed on or before the...
by John Boyle, CFP®, AIF®, EA | May 15, 2021 | Business Planning, Tax Planning
Business meals tax deductions have been limited by lawmakers since 1986: first to 80%, and then to 50% (unless a limited exception applies). But on December 27, 2020, in an effort to help the restaurant industry due to the COVID-19 pandemic, lawmakers enacted a new,...
by John Boyle, CFP®, AIF®, EA | Apr 2, 2021 | Business Planning, Tax Planning
Most employers rarely considered the Employee Retention Tax Credit in favor of Paycheck Protection Program loans before the December 27, 2020 enactment of the new COVID-19 relief law. But now the game has changed. You may, as a PPP recipient, qualify to take the...
by John Boyle, CFP®, AIF®, EA | Jan 13, 2021 | Business Planning, Tax Planning
If you received an initial Paycheck Protection Program loan, you can qualify for a second round (called a “second draw”) of tax-free PPP cash. To qualify for the second-draw Paycheck Protection Program loan, you must: have 300 or fewer employees; have suffered a 25...
