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Profit Statements: The P&R Blog

Business meal deductions: The current rules amid proposed changes

  Restaurants and entertainment venues have been hard hit by the novel coronavirus (COVID-19) pandemic. One of the tax breaks that President Trump has proposed to help them is an increase in the amount that can be deducted for business meals and entertainment. Undoubtedly this would benefit small businesses as well as the restaurant/entertainment industry. It’s …read more.

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.

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Frequently Asked Questions

Q.

My lender is requesting financial statements prepared by a CPA.  Why can’t they accept my income statement from my accounting software?

A.

If you approached a lender to obtain a loan for your business, they may request CPA-prepared financial statements. The terms and amount of your loan will depend on the financial...

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