The new Tesla Model Y is introduced. Tesla has expanded its model range to include an SUV based on the current Model 3. Hannes Breustedt | picture alliance | Getty Images Tesla cut the price of its newest offering, the Model Y, by $3,000, just four months after starting deliveries to customers. On Sunday, CEO […]
Do I need a business bank account?
When you start a business one of the things you need to arrange is a bank account to enable you to keep your personal and business spending separate. If you are starting as a sole trader/self-employed with just a little income initially it is tempting to receive it into your personal bank account and to […]
These doctors and nurses volunteered to battle Covid-19 in the Navajo Nation, and came back with a warning
A group of medical providers gathering at the Gallup Indian Medical Center Source: Nate Teismann Dr. Jeanne Noble has worked all over the world as an emergency medicine physician. So when the hospital where she works, UC San Francisco, asked if anyone was willing to fly out to the Navajo Nation and help with an […]
Tax Implications for Businesses Receiving COVID-Related Financial Aid
In 2020, several new state and federal programs were created to help small businesses manage through the COVID-19 crisis. To date, we’ve been talking about what these programs are and how to apply for assistance. But with any new aid program comes new tax implications. So in this edition, I want to switch gears to […]
FDII and GILTI regulations finalized
The IRS issued final regulations on Thursday on determining the amount of the deduction for foreign-derived intangible income (FDII) and global intangible low-taxed income (GILTI) under Sec. 250 (T.D. 9901). The final regulations also detail how taxpayers coordinate the FDII and GILTI provisions with other provisions in the Code. The regulations finalize with revisions proposed […]
How to report coronavirus paid sick leave and family leave to employees
News Employee Benefits & Pensions By Sally P. Schreiber, J.D. {:else} {timeSince} {/if} {@if cond=”{isCGMA}”} {:else} {/if} {/.} On Thursday, the IRS explained how employers should report the amount of qualified sick and family leave wages paid to employees under the Families First Coronavirus Response Act, P.L. 116-127 (Notice 2020-54). The Families First Act, enacted […]
How I get paid to diagnose my clients’ QuickBooks problems
A lot of people ask me how I get paid to diagnose my clients’ QuickBooks problems. In recent blog posts and videos, I’ve shown you the Smart Review checklist I use for a quick (free) check up of how messed up a client’s books might be. Once potential problems are discovered during my Smart Review, […]
2020 depreciation limits for cars and trucks are issued
The IRS on Wednesday issued the limitations on depreciation deductions for passenger automobiles first placed in service in 2020 and the amounts of income inclusion for lessees of passenger automobiles first leased during 2020 (Rev. Proc. 2020-37). For these purposes, passenger automobiles include trucks and vans. The amounts in the revenue procedure are inflation-adjusted as […]
Op-ed: How the widening wealth gap became color-blind
Jamie Grill | Getty Images I was raised one and two sentences at a time, my father’s clichés serving up life lessons at the kitchen table, after baseball practice or on the way home from school. He didn’t have the patience for long-winded lectures and couldn’t find his voice after biting his tongue at work […]
Consolidated groups get NOL guidance
The IRS issued proposed (REG-125716-18) and temporary regulations (T.D. 9900) to provide guidance for consolidated groups on the treatment of net operating losses (NOLs) after recent statutory changes. Both the law known as the Tax Cuts and Jobs Act (TCJA), P.L. 115-97, and the Coronavirus Aid, Relief, and Economic Security (CARES) Act, P.L. 116-136, amended […]