What’s in the Covid relief bill: Recovery rebates, extended unemployment and more

The Consolidated Appropriations Act of 2021 includes a number of provisions beneficial to individuals and business owners, particularly in light of ongoing economic turmoil in the wake of the coronavirus pandemic. In addition to the extension of the Paycheck Protection Program, the CAA contains another round of direct payments to individuals, extended unemployment insurance and […]

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 […]

10 year-end tax strategies to take advantage of now

In just a few months, 2020 will come to a close. There is still time, though, for strategic tax planning before the end of the year. The following are the top 10 tax strategies you can take advantage of now. Qualified Improvement Property – Review your 2018 and 2019 reinvestments to see if additional depreciation […]

Changes to QIP May Prompt Adjustments to Some Georgia Tax Returns

Georgia business owners may need to adjust depreciation taken on qualified improvement property in 2019 now that the state has adopted 15-year recovery periods and does not allow 100% bonus depreciation. The QIP recovery period first became an issue with the adoption of the Tax Cuts and Jobs Act in 2017, when through a technical […]

Auto depreciation limits remain unchanged for 2020

The deprecation limits for passenger automobiles remain unchanged for 2020. The IRS issued this month the annual depreciation dollar caps for vehicles purchased after September 27, 2017, and first placed in service in 2020. Those limits for taxpayers eligible for bonus first-year depreciation deduction for qualified property under Section 168(k) are: $18,100 for the placed-in-service […]

What businesses need to know about the new CARES Act

The third coronavirus relief package – the Coronavirus Aid, Relief and Economic Security Act (CARES Act) – has been passed by Congress and signed by President Trump. The CARES Act contains provisions designed to help both businesses and individuals. Click here to read about the provisions affecting individuals. Below is a look at those provisions […]

Making business improvements before year-end may get you a bonus

Let’s talk bonus depreciation. It’s time for year-end tax planning, and under the Tax Cuts and Jobs Act, qualified new and used property that is acquired and placed in service in your business in 2019 is eligible for 100 percent first-year bonus depreciation. In other words, if you have been thinking about purchasing some equipment […]

To lease or to buy: What makes more sense for your business?

Recent changes to federal tax law and accounting rules could affect whether you decide to lease or buy equipment or other fixed assets. Although there’s no universal “right” choice, many businesses that formerly leased assets are now deciding to buy them. Pros and cons of leasing From a cash flow perspective, leasing can be more […]

‘Drafting error’ in tax law could impact bonus depreciation rules

McDonald’s Corp. is a part of a coalition of restaurants and retailers that has appealed to Congress to fix a “drafting error” in the Tax Cuts and Jobs Act that is deterring some business owners from investing in their stores. According to Reuters, the coalition states that lawmakers intended to change the tax reform law […]