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Profit Statements: The P&R Blog

IRS releases 2021 amounts for Health Savings Accounts

  The IRS recently released the 2021 inflation-adjusted amounts for Health Savings Accounts (HSAs). HSA basics An HSA is a trust created or organized exclusively for the purpose of paying the “qualified medical expenses” of an “account beneficiary.” An HSA can only be established for the benefit of an “eligible individual” who is covered under …read more.

COVID-19: A reminder of why cross-training your accounting staff is key

  Many companies benefit from cross training their employees. Small businesses can find cross training just as beneficial working with a smaller but highly adaptable team! Why cross-train? Whether due to illness, resignation, vacation or family leave, accounting personnel may sometimes be unavailable to perform their job duties. The most obvious benefit to cross-training is …read more.

Fortunate enough to get a PPP loan? Forgiven expenses aren’t tax deductible

  The IRS has issued guidance clarifying that certain deductions aren’t allowed if a business has received a Paycheck Protection Program (PPP) loan. Specifically, an expense isn’t deductible if both: The payment of the expense results in forgiveness of a loan made under the PPP, and The income associated with the forgiveness is excluded from …read more.

Business charitable contribution rules have changed under the CARES Act

  In light of the novel coronavirus (COVID-19) pandemic, many small businesses are interested in donating to charity. In order to incentivize charitable giving, the Coronavirus Aid, Relief and Economic Security (CARES) Act made some liberalizations to the rules governing charitable deductions. Here are two changes that affect small businesses: The limit on charitable deductions …read more.

Peeling Away the Secrets of PPP Loan Forgiveness (Webinar)



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