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Tax tips for businesses during the coronavirus pandemic

Source: https://readingeagle.com/business-weekly/tax-tips-for-businesses-during-the-coronavirus-pandemic/article_9aeb9eec-2f2c-11eb-92b8-37bd4ebf70c0.html - Dec 1, 2020

When the roller coaster ride of 2020 comes to an end, small businesses still will need to deal with this year's taxes. The coronavirus pandemic has brought changes to both the workplace and the ledger.

While some businesses needed help maintaining their workforce via programs such as Paycheck Protection Program loans, others have had to clear out their offices and send employees out to work from home. According to Elizabeth Hassler, a Certified Public Accountant and partner at Herbein + Company Inc., Spring Township, business owners will have taken those things into account when working on their 2020 taxes.

For instance, Hassler said the IRS has ruled that expenses that are paid with funds from PPP loans are non-deductible.

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Category: General Business