Personal vs. Business Goodwill

Personal vs. Business Goodwill

You cannot physically touch goodwill, but it is a significantly valuable asset for many businesses. Although it is most commonly associated with professional service firms, goodwill can also exist among manufacturers, retailers, contractors, and other types of...
IRS Guidance Addresses the Taxability of PPP Loan Forgiveness

IRS Guidance Addresses the Taxability of PPP Loan Forgiveness

Businesses that received Paycheck Protection Program (PPP) loans can apply for forgiveness once all loan proceeds for which they are requesting forgiveness have been used. On November 18, 2021, the IRS issued a series of three Revenue Procedures addressing the tax...