Blog posts from: 2021

IRS clarifies which meals qualify for 100% deduction for 2021 and 2022

Under IRS Sec. 274(n)(1), any business expense of food or beverages is generally limited to 50% of the amount that would otherwise be deductible. However, a recently-enacted temporary exception allows 100% deduction of restaurant food and beverage expenses incurred after Dec....

Employer-offered Simplified Employee Pension (SEP) Plans: How to stay in compliance

Many small business owners establish a Simplified Employee Pension (SEP) plan as a retirement savings vehicle for themselves and, if qualified, their employees. We often think of these plans to be simple to implement and adhere to regulatory standards, because...

SR Client Question: Do I owe Michigan sales tax when I buy a vehicle from a business I own?

The transfer of vehicles from a business entity to the owner of the business is addressed in Revenue Administrative Bulletin 1991-1 and makes, in most instances, the transfer or "sale" of a vehicle from a business to its owner exempt from owing State...

PPP loan program extended two months for small businesses

President Joe Biden is expected to sign into law an extension to the Small Business Administration’s Paycheck Protection Program (PPP) approved by Congress just a week before it was slated to expire.  The new deadline for applications to be submitted...

Taxpayers won’t need to refile to get new $10,200 unemployment tax break in 2020

The IRS plans to automatically process refunds for taxpayers who had unemployment income in 2020 and filed their tax returns before legislation passed that made those benefits tax-free. The American Rescue Plan, which was signed into law by President Joe...

Shuttered Venue Operators Grant program to open April 8

The U.S. Small Business Administration (SBA) has set April 8 as the date it will begin accepting applications for the Shuttered Venue Operators Grant (SVOG) program. In a news release, the SBA said it has launched a splash page for...

State of Michigan will extend filing deadline to May 17 to match federal extension

The Michigan Department of Treasury will be extending the state tax filing deadline to match with the recently adjusted federal income tax deadline now set for May 17, 2021.  Because the extension is limited to the 2020 taxes, first quarter...

IRS postpones April 15 tax filing deadline to May 17

The IRS is postponing the deadline for all individual tax returns. Returns otherwise due April 15 will not have to be filed until May 17 this year. The postponement applies only to individual taxpayers, who can postpone their federal income tax...

Request a copy of filed 1040 or 1040 transcript with these IRS forms

Filers may seek a copy of a previously filed 1040 federal tax return in two ways: Request a copy of the tax return as filed (Form 4506).  This request will provide an exact copy of what filed and the return...

Larger Loans And Other Changes to PPP Rules For Sole Proprietors And Independent Contractors

New rules to the Paycheck Protection Program (“PPP”) were announced that raised loan limits for sole proprietors and independent contractors. In an Interim Final Rule announcement on Wednesday, March 3, 2021, the SBA issued new rules which provided a number of...