After making the hard decision to close your doors, it’s not as easy as just walking away. Unfortunately, the current pandemic and subsequent restrictions have forced many small businesses to decide to shutter, and with this decision, additional steps need to be taken to properly close your business. Items to be addressed include, but not limited to, filing final tax returns and forms, ensuring proper Medicare and Social Security taxes and employment wages have been paid, pro

I pay maintenance, is it deductible? Whether or not you can claim maintenance as a tax deduction depends on when your divorce was finalized. If your divorce was finalized after January 1, 2019 maintenance is no longer deductible. However, if your divorce was finalized prior to January 1, 2019 you may deduct maintenance payments. If your divorce was entered prior to January 1, 2019 and was thereafter modified after January 1, 2019, you may still be able to deduct your maintena

In response to the economic impact of Covid-19 on businesses, the U.S. Small Business Administration administers the Paycheck Protection Program (PPP) to provide loans to businesses to keep their workforce employed. A business that obtained a First Draw or Second Draw PPP loan can seek forgiveness of the loan if certain requirements have been met, such as employee and compensation levels were maintained during the covered period, 60% of the proceeds were spent on payroll cost