“Patience is not the ability to wait, but the ability to keep a good attitude while waiting.” Patience is a virtue when it comes to PPP loans and forgiveness applications, it needs to be done right and that takes time. Matters have been complicated by changing guidance and regulations that continue to be published weekly,...
The IRS announced it will increase audits of small businesses by 50%. This news is shocking after years of low examination rates, and couldn’t come at more inopportune time since COVID tax law changes, paid leave programs, PPP Loans, and closures etc., have made operating a small entity more difficult. Starting in February of 2021...
The IRS and Treasury have put partnerships and pass-through entities under a magnifying glass right now. The IRS confirmed in October that partnerships would need to report partners’ capital accounts on the tax basis. After previous delays, tax basis capital reporting will be required on all Forms 1065, Forms 8865 and Schedules K-1 starting with...
2021 will be a year of continued uncertainty. Many risks exist to economic vitality and social stability besides COVID that investors should be aware of. Here are some trends to keep your eye on moving forward. 1. The vaccination “corona”-coaster continues. Once the vaccine is readily available, who gets it, who doesn’t, and will it...
Melvin Capital lost nearly $3 Billion this week from pulling out of a position in GameStop (GME). How is it that the internet and casual day traders were able to force a renowned hedge fund to suffer such an enormous loss? It all starts with the concept of a short squeeze…… Not unheard of, but...
