Good News! Business Owners Who Took PPP Will Get to Deduct Expenses After All

Erwin Oropesa

The 2020 tax season now looks a lot less bleak for those business owners who used Payroll Protection Program (PPP) money to cover their expenses to keep going during the coronavirus pandemic. On Dec. 21, Congress clarified rules on the program’s tax ramifications, leaving thousands of small-business owners the winners.

The months-long battle between the legislators who wrote the Coronavirus Aid, Relief, and Economic Security (CARES) Act and the IRS appears to be over. (To read about the fight and how it affected business owners, check out IRS Leaves Business Owners Who Took PPP in a Tax Quandary.) Both the House and Senate have voted to approve the “Consolidated Appropriations Act, 2021.” Now it awaits President Trump’s signature, and while there is renewed wrangling going on about the bill, the dispute is about the amount of the stimulus payments, not the deductibility of business expenses.

Among

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U.S. lenders score small business relief, accounting help in pandemic package

Erwin Oropesa

TipRanks

Goldman Sachs Says These 3 Stocks Could Surge Over 30% From Current Levels

After a true annus horribilus, we’re all ready for better times. The US equity strategy team at Goldman Sachs, led by David Kostin, sees those better time ahead, and in the near-term. The team is predicting a 25% gain for the S&P 500 within the next 24 months – or to put it in absolute numbers, they believe the index will hit 4,600 by December 2022. Kostin lays out four clear reasons for believing that we’re at the start of another prolonged bull run. First, he notes the generally improving economic conditions; second, he points out corporate earnings growth; third, are the historically low interest rates, as the Fed sticks to its near-zero rate policy; and finally, there’s TINA, or ‘there is no alternative.’ Stocks are entering a virtuous circle, Kostin believes, as they offer the

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5 states complete reforms in ease of doing business; eligible for Rs 16,728 cr extra borrowing

Erwin Oropesa


Anurag Thakur, Nirmala Sitharaman are posing for a picture: 5 states complete reforms in ease of doing business; eligible for Rs 16,728 cr extra borrowing


© India Today Group
5 states complete reforms in ease of doing business; eligible for Rs 16,728 cr extra borrowing

The Minister of Finance said today five states have completed stipulated reforms in the ease of doing business area, allowing them to avail additional financial borrowings worth Rs 16,728 crore. The states getting these benefits are Andhra Pradesh, Karnataka, Madhya Pradesh, Tamil Nadu and Telangana.

“Five states have so far completed the stipulated reforms in the Ease of Doing Business. These States have been granted permission to mobilise additional financial resources to the tune of Rs 16,728 crore through open market borrowings,” the ministry said.

Among these states, Tamil Nadu has received maximum Rs 4,813 crore; followed by Karnataka Rs 4,509 crore; Andhra Pradesh Rs 2,525 crore; Telangana Rs 2,508 crore; and Madhya Pradesh Rs 2,373 crore. The ease of doing business indicator reflects the investment-friendly business climate. The improvement

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