It has been more than eight months since the enactment of the CARES Act,[i] yet here we are, with the end of 2020 in sight, and we are still debating whether taxpayers should be allowed to claim a deduction for business expenses that were properly paid using the proceeds of a loan under the
HEROES Act
Taxing Cannabis During the Pandemic
By Farrell Fritz P.C. on
Posted in Federal
How Are You Doing?
How are you coping with social distancing? Are you working remotely? If so, has it been as “seamless” as you would have others believe? Have you snuck out to visit family or close friends, or have they asked you to stay away because they or a loved one suffer from a…
Forget Congress: The IRS Needs to Reverse Course On The Deduction of Business Expenses Paid with PPP Loan Proceeds
By Farrell Fritz P.C. on
Posted in Federal
Round Two
“Painful social lockdowns in Europe and some American states helped blunt the coronavirus. Now, amid a fitful reopening, the pandemic is once again surging.”
So begins an article on the front page of last weekend’s Wall Street Journal.[i] The article describes how governments – in response to the “economic strain” being…
The Election, the Democrats’ Tax Proposals, and Year-End Tax Planning: Caught Between Scylla and Charybdis
By Farrell Fritz P.C. on
Posted in Federal
What a Week
There is no denying that last week’s political events were historic; one can only hope they were aberrational.
The week began with the Sunday New York Times publishing a story in which it claimed to have obtained copies of Mr. Trump’s tax returns for several years, but not including 2018 and 2019.…
Deductions for PPP Covered Expenses – Almost There; How Will Your Business Use the Tax Savings?
By Farrell Fritz P.C. on
Posted in Federal
What Did You Do Last Night?
“Friday night, May 15 . . . You didn’t watch the roll call vote in the House? . . . On CSPN . . . The HEROES Act. . . . C’mon, seriously. . . . Really? . . . You had no interest whatsoever? . . . Foregone…