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Final Rules Clarify Business Meals and Entertainment Deductions

November 6, 2020 Tax Advisor

It’s been more than two years since the Tax Cuts and Jobs Act of 2017 was passed with stricter limitations on business meals and entertainment expenses. Our previous advisor from November 2018 noted the confusion with respect to separating. Read More >>

SBA to Release New Forms to Validate Paycheck Protection Program Loans in Excess of $2M

On October 26, 2020, the Small Business Administration (“SBA”) posted a notice stating that it intends to release two new forms relating to the infamous FAQ #31 relating to borrowers’ good faith certifications that “[c]urrent economic uncertainty makes this. Read More >>

2021 Cost-of-Living Adjustments (COLAS)

October 29, 2020 Tax Advisor

This week, the IRS announced the 2021 cost-of-living adjustments (COLAs), which impact retirement plans for more than 67 million Americans. In addition, the Social Security Administration announced the 2021 social security wage base will be $142,800, which reflects a. Read More >>

Forgiveness Simplified for Paycheck Protection Program Loans of $50K or Less

As U.S. taxpayers anxiously await potential movement on a new stimulus package, the Small Business Administration (SBA) and Treasury Department released a simpler loan forgiveness application for Paycheck Protection Program (PPP) loans of $50,000 or less. This effort aims. Read More >>

You’re in good hands

September 15, 2020 BMF InsightsBreaking News and Alerts BMF

For more than 60 years, our focus has always been on providing our clients, friends and community with the service and leadership essential for the continued success of their business, as well as to strengthen the fabric of our. Read More >>

Payroll Tax Holiday – Friend or Foe?

Remember the payroll tax deferral for employers we talked about a few months ago? In early August, President Trump signed a few executive orders to help people who are struggling financially, including payroll deferrals for employees. The Order says. Read More >>

BMF Named a 2020 Best of the Best Firm by INSIDE Public Accounting

We are excited to announce that we have named to the 2020 Best of the Best Firms list by INSIDE Public Accounting (IPA), an award-winning newsletter for the public accounting profession. These top performers within the profession are ranked. Read More >>

Keith Libman Receives 2020 Gries Family Award for Community Leadership

We are pleased to announce that Keith J. Libman, CPA, has received the 2020 Gries Family Award for Community Leadership by the Jewish Federation of Cleveland. This prestigious award is presented annually to an outstanding leader who has made. Read More >>

IRS Delays and Other Issues on 2019 Tax Filings

The Internal Revenue Service (IRS) has been experiencing several delays and other issues in connection with processing tax returns and payments. Below we’ve highlighted guidance around some of the more common items that our clients are experiencing related to. Read More >>

SBA and Treasury Address Owner-Employee Compensation and Rental Expenses in Latest Paycheck Protection Program Guidance

Following on the heels of the U.S. Small Business Administration (SBA) and Treasury’s recent issuance of 23 new FAQs addressing Paycheck Protection Program (PPP) loan forgiveness, additional guidance has been issued related to owner-employee compensation and the eligibility of. Read More >>