Mark Gleason's Taxation of Small Business Blog

Ten Top Tax Issues

This is the sequel to my recent blog post, The IRS is Still Broken. The recent Annual Report to Congress issued by The National Taxpayer Advocate, includes an interesting list of the ten tax issues most frequently litigated in federal … Continue reading

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The IRS is Still Broken

On January 15, 2021 Erin M. Collins, The National Taxpayer Advocate, issued her Annual Report to Congress outlining the IRS’s most distressing taxpayer service problems. The 2020 National Taxpayer Advocate Annual Report to Congress has a single overriding theme – … Continue reading

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Get Ready for 2021 Paycheck Protection Program

The new funds allocated for this program will not last long. Because many of the flaws in the SBA’s forgivable PPP Loan program have been cured by the new stimulus bill, I believe this round of funding will go as … Continue reading

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Self Employed Individuals May Qualify for up to $5,110 Sick and Family Leave Pay Tax Credits

This tax credit is worth up to $5,110 can be claimed by self employed individuals. The IRS recently issued updated guidance on how self-employed individuals can cash in on this special COVID-related tax break. Eligible self-employed individuals are allowed an … Continue reading

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How Does an Employer Substantiate Eligibility for COVID-related Sick and Family Leave Credits?

Section 286 of the COVID-related Tax Relief Act of 2020 (passed by Congress on December 21, 2020 but not yet signed into law by the President) extended and expanded paid sick and family leave credits that were originally put in … Continue reading

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Another Round of Cash Stimulus Payments

Eligible individuals will receive $600 ($1,200 for a married couple) plus $600 for each qualifying child. Eligibility phases out for families with 2019 adjusted gross incomes above $150,000 ($75,000 single). Nonresident aliens and dependents are not eligible. When will the … Continue reading

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PPP Second Draw Loans

The Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act, in Section 311, provides a new round of PPP loans for eligible “Hard-Hit Businesses”.  Borrowers must have suffered a 25% reduction in gross receipts during the first, second, third … Continue reading

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The Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act

The Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act (part of the recently enacted Consolidated Appropriations Act, 2021) includes several important provisions affecting small business owners, especially Paycheck Protection Program loan recipients. For short, I’ll call it EAHSBNVA.  … Continue reading

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Congress Sets the IRS Straight on PPP Deductibility

Yesterday, Congress overruled the IRS on the issue of the deductibility of expenses paid with PPP loans.  The expenses are now clearly fully deductible. Section 278 (Page 2004) of The Consolidated Appropriations Act, 2021 leaves little question that the IRS … Continue reading

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Deductibility-IRS Gets It Wrong Again

Earlier this year, in IRS Notice 2020-32, the IRS took the position that business expenses paid with forgiven PPP loans are not deductible. This flys in the face of the language in the CARES Act that designates the PPP loan … Continue reading

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