The Consolidated Appropriations Act, 2021 (the CCA, 2021), signed into law on December 27, 2020, is a further legislative response to the coronavirus (COVID-19) pandemic. The CCA, 2021 includes non-tax provisions and tax provisions primarily affecting individuals, as well as numerous business tax provisions briefly summarized in this article. The provisions are found in two...Continue Reading
Changes made by the Consolidated Appropriation Act, 2021 (CAA, 2021) include a provision that removes the 50% limit on deducting business meals provided by restaurants in 2021 and 2022 and makes those meals fully deductible. Details Included in New Legislation In general, the ordinary and necessary food and beverage expenses of operating your business are...Continue Reading
Just in time for Christmas, the U.S. Senate and House of Representatives passed a $900 billion COVID-19 relief bill that provides additional stimulus payments to individuals, extends further weekly unemployment benefits and expands government aid to small businesses. The bill extends relief through mid-March of 2021 with the goal of providing support to help individuals...Continue Reading
Government contracting has a very specific issue we have to address with regards to how research is funded, and it’s an added level of due diligence for anyone who has government contracting as a business component. However, we’ve seen this due diligence missed in government contracting tax compliance, and it creates serious risks with claiming the R&D Tax Credit and...Continue Reading
Knowing the value of a business is important at many different stages, not just during merger or acquisition activity. Full business valuations may be appropriate when a business partner wants to be bought out or for an equitable division of assets during an owner’s divorce or estate settlement. However, there are times when it is appropriate for a business to save time and money...Continue Reading
Anglin hosted a ‘Serve Day’ to connect employees with local non-profits. Employees completed a variety of service projects in COVID-friendly ways to support the community in Huntsville and Pensacola, Florida. House of Harvest Canned Food Drive Employees collected canned food items November 1 – November 13 to benefit Food Bank of North Alabama. On November...Continue Reading
Businesses and Non-Profits May Need to Complete New SBA Loan Necessity Questionnaire If your business or nonprofit borrowed $2 million or more under the Paycheck Protection Program (PPP), be aware that the Small Business Administration (SBA) has released a Loan Necessity Questionnaire that borrowers may be required to complete as part of the loan forgiveness...Continue Reading
Anglin is pleased to announce the following promotions for employees in both our Huntsville, Alabama and Pensacola, Florida locations. In our Huntsville office: Earning promotions to manager, LeAnne Goode and Meg Hampton work in the firm’s Audit and Assurance team, while Andrew Labosier is now a manager in the firm’s Tax Advisory Services practice. In...Continue Reading
On October 1, 2020, the Alabama Department of Revenue (ADOR) officially alerted Alabama taxpayers of a new annual renewal requirement for certain ADOR-issued sales and use tax licensing. For the first time, Alabama taxpayers holding any of the following ADOR-issued licenses must renew that license between November 1, 2020 and December 31, 2020 — and annually thereafter....Continue Reading
As our firm looks to assist individuals and business owners with 2020 year-end tax planning strategies, it would be shortsighted to ignore the potential tax impact from the upcoming presidential election. The candidates have expressed starkly different positions on such issues as the COVID-19 pandemic, health care, the environment and taxes. With the election only...Continue Reading
