For our own accounting and tax firms, as well as the client businesses we advise, we have had a year like no other.
First, we had the tax-filing extension last April. Then government stimulus money was mailed out, PPP loans were made available, and the forgiveness process for those loans has begun. While having all receipts organized continues to be important, this year also has shown us that business can’t go on as usual when something very unusual is going on. With that in mind, below is my list of the obvious and not so obvious year-end tax tips to consider as we prepare ourselves and our clients for the new year.