As one of the largest independent public accounting firms in Florida, Gerson Preston is no stranger to being recognized by the media for its expertise and trusted reputation. But our commitment to continually expanding our knowledge and staying abreast of changes within our industry, and the industries that impact our diverse slate of clients, means that our firm’s opinion and insight can provide a valuable resource for understanding and anticipating economic, regulatory and related issues that can and may impact your business operation. Staying current is a must in today’s fast-moving business environment if you want to remain successful. Gerson Preston is here to help you keep pace.
This year, the optional standard mileage rate used to calculate the deductible costs of operating an automobile for business decreased by one-and-one-half cents, to 56 cents per mile. As a result, you might claim a lower deduction for vehicle-related expenses for 2021 than you could for 2020 or 2019. This is the second year in a row that the cents-per-mile rate has decreased. Deducting actual expenses vs. cents-per-mile In general,...Read more
The Biden administration has announced several reforms to the popular Paycheck Protection Program (PPP) to bring greater relief to the smallest and most vulnerable businesses. Among other things, the administration is imposing a two-week moratorium on loans to companies with 20 or more employees and focusing on smaller businesses. It’s also changing several program rules to expand eligibility for the 100% forgivable PPP loans. The PPP in a nutshell The...Read more
Life insurance has long provided a source of liquidity to pay estate taxes and other expenses. Even though for many families, federal and state estate taxes aren’t a concern, life insurance continues to offer many benefits for these nontaxable estates. For this reason, it’s important to properly account for your life insurance policies in your estate plan. Who should own the policy? If you own life insurance at your death,...Read more
If you’re like many Americans, letters from your favorite charities may be appearing in your mailbox acknowledging your 2020 donations. But what happens if you haven’t received such a letter — can you still claim a deduction for the gift on your 2020 income tax return? It depends. What is required To support a charitable deduction, you need to comply with IRS substantiation requirements. This generally includes obtaining a contemporaneous...Read more
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