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Vacation Buy Back

  • November 23rd, 2020

2020 – 11/23 How should employers treat “vacation buy back” for tax withholding purposes? Some companies are offering employees the option of “cashing in” accrued vacation time because many are working remotely due to COVID-19. For payroll purposes, employers should treat the payments as regular wages. Whether the vacation leave is taken or not, the…

The importance of S corporation basis and distribution elections

  • November 23rd, 2020

2020 – 11/23 S corporations can provide tax advantages over C corporations in the right circumstances. This is true if you expect that the business will incur losses in its early years because shareholders in a C corporation generally get no tax benefit from such losses. Conversely, as an S corporation shareholder, you can deduct…

Deductible Expenses & PPP Loans Forgiveness

  • November 20th, 2020

2020 – 11/20 In a Revenue Ruling, the IRS clarified when a taxpayer that received a Paycheck Protection Program (PPP) loan may deduct otherwise deductible expenses if, at the end of the tax year, the taxpayer expects to receive forgiveness of the covered loan based on the otherwise deductible expenses. In a nutshell, the IRS…

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