Tax & Accounting Update
December 31st Deadline is right around corner
Please keep in mind that less than two weeks are left before we step into a New Year. We are approaching the final few days to make any necessary adjustments and purchases that would qualify for depreciation deduction for tax purposes for your business. For more details, please check out Issue 6 “Tax & Financial Year End Planning”.
Second Stimulus Package is on its way!
The second round of stimulus package has finally been approved. Additional $900 billion COVID-19 stimulus deal is on its way after months of failed negotiations. Click on the link below for more details as to what provisions have been secured.
PPP Loans Forgiveness Update
With the new stimulus package on its way, there will be a second draw from PPP with possibly stricter restrictions as to who would qualify. The legislation, the Consolidated Appropriations Act, 2021, also ensures tax deductibility for business expense paid with forgiven Payroll Protection Program loans. This is huge from a tax standpoint. The measures now go to the Senate, which is expected to vote before going home for the Christmas holidays. For more details click on the link below.
Merry Christmas & Happy New Year!
This year has been one of the hardest years for many of us. Many have faced COVID -19 and directly or indirectly felt an economic impact though our jobs or our own business. I believe that better days are ahead. We have to stay positive and believe, and each of us should do their due diligence in making this world be a better place to live. I want to wish you all and your families A Merry Christmas and a prosperous, successful and healthy New Year.
P.S. If you are looking for a CPA who will save you more time and money than they cost you, here are two ways we can get started:
1.Join my newsletter: current news from world of accounting & tax will be shared that you and your business can benefit from.
2.Work with me privately: Feel free to reach out to me and we can schedule a meeting to see what value I can bring to the table for you. My e-mail is: dragana@dcmtax.com