Antares Group donates Thanksgiving meals to Phoenix Pass
IRS clarifies position on PPP loan expenses
Please remember: Covid-19 pandemic is an unprecedented event and the PPP loans are a unique response to this crisis. Therefore, there is no prior precedent for taxability and the IRS is establishing its rationale for its decision. The IRS has issued a ruling this week that clarifies its position that expenses paid with PPP loan funds will […]
Antares Group donates to Barksdale Boys & Girls Club
Antares Group is a proud supporter of the Boys & Girls Clubs of Metro Atlanta. One of our partners, Heidi Pearson, CPA, is a board member of the A.R. “Gus” Barksdale Boys & Girls Club in Conyers, Ga. Antares Group donated Kroger gift cards recently to the club to include in Thanksgiving meal boxes for […]
Electric Honda, Volvo models eligible for vehicle credit
Electric vehicles are becoming more popular, and the IRS has added several 2021 model year Honda and Volvo vehicles to the already growing list of vehicles eligible for the plug-in electric drive motor vehicle credit. A tax credit of $2,500, plus an additional amount based on battery capacity, up to $7,500 is offered for qualified […]
5 things to know about bonus depreciation
Year-end tax planning is underway, and you may be eligible for a bonus. New and most used property placed in service in 2020 may be eligible for 100% bonus depreciation. In the past, used property did not qualify for bonus. It currently qualifies unless the taxpayer previously used the property and the property was acquired […]
Understanding the passive activity loss rules
Are you wondering if the passive activity loss rules affect business ventures you’re engaged in — or might engage in? If the ventures are passive activities, the passive activity loss rules prevent you from deducting expenses that are generated by them in excess of their income. You cannot deduct the excess expenses (losses) against earned […]
Year-End Planning: Prepare Forms W-2
As we near the end of 2020, it is time for employers to begin preparing Forms W-2 to send in January. All forms W-2, and W-3 for the 2020 tax year must be filed by January 31, 2021. Consequently, now is the time to begin gathering necessary information for W-2 reporting for various items such […]
SBA issues necessity questionnaire for PPP loans of $2 million or more
The Small Business Administration has issued a necessity questionnaire that must be completed by businesses who received a PPP loan of $2 million or more. Borrowers must complete the questionnaire and provide the supporting documents to the lender servicing the loan within 10 days of receiving from their lender. We will provide more information to […]
Why donor-advised funds are worth a second look
It goes without saying that 2020 has been a year unlike any other, which makes relying on your trusted business and tax adviser for year-end tax planning even more important. We have offered 10 year-end tax strategies that you can take advantage of now, but there is one in particular that we want to discuss […]
Sales tax on food delivery sales is a moving target
Delivery is quickly becoming an indispensable segment of food sales. With different delivery companies entering the market, restaurant owners need to be careful that they are keeping track of who is remitting sales tax on delivery sales each month. The best way for McDonald’s owner/operators to keep up with this is to review the delivery […]
