Author Archives: Cordasco
There’s still time to make a deductible IRA contribution for 2019
Do you want to save more for retirement on a tax-favored basis? If so, and if you qualify, you can make a deductible traditional IRA contribution for the 2019 tax year between now and the extended tax filing deadline and … Continue reading
Rioting damage at your business? You may be able to claim casualty loss deductions
The recent riots around the country have resulted in many storefronts, office buildings and business properties being destroyed. In the case of stores or other businesses with inventory, some of these businesses lost products after looters ransacked their property. Windows … Continue reading
Business meal deductions: The current rules amid proposed changes
Restaurants and entertainment venues have been hard hit by the novel coronavirus (COVID-19) pandemic. One of the tax breaks that President Trump has proposed to help them is an increase in the amount that can be deducted for business meals … Continue reading
Wayfair revisited — It’s time to review your sales tax obligations
In its 2018 decision in South Dakota v. Wayfair, the U.S. Supreme Court upheld South Dakota’s “economic nexus” statute, expanding the power of states to collect sales tax from remote sellers. Today, nearly every state with a sales tax has … Continue reading
3 best practices for achieving organic sales growth
Most business owners would probably agree that, when it comes to sales, there’s always room for improvement. To this end, every company should strive for organic sales growth — that is, increases from existing operations unrelated to a merger or … Continue reading
Year-end accounting recap
The Financial Accounting Standards Board (FASB) hasn’t issued any major new accounting rules in 2019. But there have been some important developments to be aware of when preparing annual financial statements under U.S. Generally Accepted Accounting Principles (GAAP). Deferral of … Continue reading
4 key traits to look for when hiring a CFO
Finding the right person to head up your company’s finance and accounting department can be challenging in today’s tight labor market. While it may be tempting to simply promote an existing employee, external candidates may offer fresh ideas and skills … Continue reading
Payroll Protection Program Flexibility Act of 2020 (PPPFA)
On Friday June 5, 2020, President Trump signed into law the Payroll Protection Program Flexibility Act of 2020 (PPPFA). The Bill was designed to address many of the concerns for recipients of Payroll Protection Program (PPP) loans. The Bill itself … Continue reading
Business charitable contribution rules have changed under the CARES Act
In light of the novel coronavirus (COVID-19) pandemic, many businesses are interested in donating to charity. In order to incentivize charitable giving, the Coronavirus Aid, Relief and Economic Security (CARES) Act made some liberalizations to the rules governing charitable deductions. … Continue reading
The CARES Act liberalizes net operating losses
The Coronavirus Aid, Relief, and Economic Security (CARES) Act eliminates some of the tax-revenue-generating provisions included in a previous tax law. Here’s a look at how the rules for claiming certain tax losses have been modified to provide businesses with … Continue reading