The latest stimulus bill gives businesses the ability to deduct expenses paid with forgiven PPP proceeds. This is good news, but is not what this post is about. The stimulus bill says deductions are allowed and “no basis increase shall be denied.” It’s the “basis” piece I want to address here. This seems like an […]
In tax terminology, a pass-through entity is a business where the end results of operations “pass through” to the owners and are reported on the owners’ personal tax returns.
The federal due date for partnership and corporate tax returns has changed, but the Iowa due date has not.
Choosing a business entity: a brief discussion of the tax characteristics of partnerships.
How to report a K-1 that shows a year-end other than December 31.