tppblog

United against the TaxMan.

Some say taxes are a fact of life. This blog says otherwise.

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Deduct 100 Percent of Your Business Meals under New Rules

As a reader, you know that we try to find multiple ways for you to legally deduct 100 percent of your business meal expenses versus the typical 50 percent. Nowe, you have fresh opportunities for writing off 100 percent of your business meals.

Christopher Ragain

ARPA Ends Dreaded Cliff for Health Insurance Premium Tax Credit

If you are self-employed or operate as a corporation, and you can’t get individual health insurance coverage through your spouse (or through Medicare), you can always obtain it through the premium tax credit (PTC) which comes from the Affordable Care Act.

Christopher Ragain

Most Recent

Deducting Business Casualty Losses: You Don’t Need a Disaster

Disasters are always bad news. But you may be able to deduct your losses. And you are not subject to many of the restrictions that apply to deductions for disaster losses to personal property such as your home, personal car, or personal belongings.

Christopher Ragain

QBI Update: Impact of Negative QBI and Previously Suspended Losses

This article explains the federal income tax impact of negative QBI, including negative QBI caused by deducting previously suspended losses.

Christopher Ragain

Boost QBI: Pay Partners and LLC Members Preferred Returns

This article explains why you should consider paying preferred returns instead of guaranteed payments.

Christopher Ragain

Business Tax Breaks Thanks to the Recently Enacted CAA

The legislation adds a few new federal income tax breaks for businesses and extends a bevy of other business breaks that were set to expire at the end of 2020.

Christopher Ragain

Congress Passes Corporate Transparency Act: What It Means for You

It’s likely that many shell LLCs and corporations were formed to obtain fraudulent PPP loans. This is about to change. In January 2021, Congress passed the Corporate Transparency Act.

Christopher Ragain

Breaking News: New PPP for the Self-Employed and Small Businesses

Christopher Ragain

COVID-19 Relief Law Turbocharged Employee Retention Credit

Now, retroactive to enactment of the CARES Act in March 2020, thanks to the new COVID-19 relief law, an employer who has or had the PPP in hand can do both the PPP loan and the employee retention credit.

Christopher Ragain

COVID-19 Relief Law Boosts Temporary Tax Deductions and Credits

As you would expect in these unusual times, some of the relief is in the form of direct government financial assistance and some is from tax benefits that can impact both tax year 2020 and tax year 2021.

Christopher Ragain

Lawmakers Extend the Tax Extenders with the COVID-19 Relief Law

Here’s what lawmakers did with the extenders when they enacted the new COVID-19 relief law on December 27, 2020.

Christopher Ragain

Who Qualifies for First Draw PPP Money Today?

Answer—you most likely—if you file a business tax return and have not yet received any Paycheck Protection Program (PPP) monies.

Christopher Ragain

Secrets to IRS Penalty Forgiveness Using Reasonable Cause

Uh-oh! In your mailbox, you found that dreaded envelope—the one from the IRS. Inside the envelope, you find a notice from the IRS informing you that it assessed additional tax, penalties, and interest on your tax return from two years ago!

Christopher Ragain

Handling Key Non-Tax Financial Issues When a Loved One Passes Away, Part 3

This article is the third and final installment of our series on what you as the executor need to know about both the most important federal tax issues and the most important non-tax financial issues.

Christopher Ragain

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