Michael Ceschini News Today : Breaking News, Live Updates & Top Stories | Vimarsana

Share it Tax season is upon us, and for contractors that borrowed money under the federal government's Paycheck Protection Program last year in order to help their businesses survive the economic hardships presented by the COVID-19 pandemic, there are a few issues worth noting. The biggest impact to their 2020 corporate tax returns filed this year will be that, after a lot of back and forth, those receiving forgiveness for the loans will be able to deduct the expenses allowed under the program. This is good news for loan recipients since deductibility was up in the air until the end of last y...

Share it As the end of 2020 approaches, even as many construction businesses are still struggling with the fallout from the COVID-19 pandemic, it’s time to close out the year financially. That means it's time for tax planning and the consideration of other financial issues, both of which will hopefully put contractors in the best position to take on 2021. While the smart move is to consult tax and accounting experts in order to properly address the situations that are unique to every business, there are some basic talking points that can help business owners and managers kickstart that conv...