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.
As the 2019 tax season gets underway, tax professionals are working with a complex set of changes to the tax code as a result of the The Tax Cuts and Jobs Act. Amidst the many uncertainties of the new regulations, specific changes afford small business owners some important planning opportunities.