HomeArticles by: Bill Jacob

Bill Jacob

  • Extended tax filing deadline for individual taxpayers in 2021

    • March 18, 2021
    • Posted by: Bill Jacob
    • Category: COVID-19 Updates, Tax, Tax Legislation
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    The IRS has announced that the federal income tax filing deadline for individuals for the 2020 tax year is extended from April 15, 2021, until Monday, May 17, 2021. The IRS extended the deadline to provide relief to taxpayers facing challenges as a result of the pandemic and because it’s grappling with a rising backlog

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  • New law doubles business meal deductions and makes favorable PPP loan changes

    • January 27, 2021
    • Posted by: Bill Jacob
    • Category: COVID-19 Updates, Tax, Tax Legislation
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    The COVID-19 relief bill, signed into law on December 27, 2020, provides a further response from the federal government to the pandemic. It also contains numerous tax breaks for businesses. Here are some highlights of the Consolidated Appropriations Act of 2021 (CAA), which also includes other laws within it. Business meal deduction increased  The new law

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  • Application Period Opens for Minnesota Small Business Relief Grants

    • June 22, 2020
    • Posted by: Bill Jacob
    • Category: Accounting & Bookkeeping, COVID-19 Updates, Tax
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    June 23, 2020 through July 2, 2020 is the 10-day application period for the Minnesota Small Business Relief Grants Program approved by the Minnesota State Legislature and signed by Gov. Tim Walz on June 16, 2020. The Minnesota Department of Employment and Economic Development (DEED) will oversee the grant program. Individual small businesses that can

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  • Adjust your expectations of business interruption coverage

    • April 30, 2020
    • Posted by: Bill Jacob
    • Category: Business Management, COVID-19 Updates
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    A natural place to turn when disaster strikes is insurance. The very reason you pay premiums and deal with the paperwork is to have these risk management policies in place when necessary. But, when it comes to business interruption coverage, you may have to adjust your expectations if you intend to file a claim because

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  • Vehicle mileage deduction rate increases for 2019

    • March 21, 2019
    • Posted by: Bill Jacob
    • Category: Accounting & Bookkeeping, Tax
    No Comments

    Just about every family-owned and closely-held business relies on vehicles to get things done. From company cars for the bosses to service vehicles and delivery trucks, and of course your employee’s cars being utilized for business purposes, these vehicles can add up to be a considerable expense of the course of the year. Thankfully, the

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