New Year’s Day might have brought a chaotic calendar year to a close, but it didn’t close the book on 2020. As always, that happens during tax season, which is going on right now.
As a result of the desperate economic measures set into motion to save the economy during COVID shutdowns, tax filing for last year will be more complex than it has ever been before for most businesses.
There are the tax implications of new government programs such as the Paycheck Protection Program (PPP) to deal with, along with reporting massive losses for some businesses (and getting money back), and dealing with the tax consequences of an explosion of working at home.
This eBook from CPA and noted small-business expert Gene Marks lays out 8 tax issues for 2020 returns every business owner—and CPA—should be aware of this tax season.
In this eBook, discover:
- How to work with your accountant (or your clients) to minimize tax liability and maximize refunds
- What NOL Carrybacks, Employee Retention Tax Credits and FFCRA Tax Credits are and why they should matter to your business
- How to deal with PPP tax implications and more
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