The year 2020 introduced many new tax issues that our country has never seen before. We’ve experienced destructive economic repercussions and harm to business activity, uncertain gross receipts, and new expenses born out of pandemic accommodations. To combat the harmful effects of these, the government introduced a variety of aid programs. These included Economic Injury Disaster Loans (EIDL) and Paycheck Protection Program (PPP) loans and other CARES Act provisions to help individuals and small businesses cope in the new and challenging business environment. These all come with tax implications.
The year 2020 brought about significant changes in the basic economy of our country, as well as globally. Let’s take a look at how to map out the rest of your year before December 31 to put yourself and your small business in the strongest possible tax position.
This popular blog post was first published early in the pandemic of 2020. We have made some updates and offer it again as conditions continue, worsen, and in some cases improve. Always changing. We expect that there will be more changes to come in the months ahead and we'll do our best to help you stay on top of things and navigate the solutions that are best for you.