The IRS Issues New Procedures Affecting S Corporations

October 24, 2022

On October 10, 2022, the IRS issued a new revenue procedure allowing S corporations and their shareholders to resolve certain issues without having to request a private letter ruling (PLR). What is a Private Letter Ruling (PLR)? A private letter ruling (PLR) is issued by the IRS to a taxpayer in response to a written…

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IRS Announces Interest Rate Increases for the Fourth Quarter of 2022

September 30, 2022

Higher federal short-term interest rates have caused the IRS to increase its interest rate for over and under-payments of tax obligations. Learn more about the updated interest rates for Q4 of 2022.

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High Inflation Got You Down? LIFO is Worth a Look

September 29, 2022

Tired of hearing about inflation? Brace yourself: despite federal attempts to tamp it down, odds are we’ll be dealing with it a little while longer. According to the Bureau of Labor Statistics, inflation for 2022 hit 8.3% in August, its highest rate in 40 years. Supply chain issues, a strong labor market, rising energy prices,…

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Highlights of the Inflation Reduction Act of 2022

September 27, 2022

On Tuesday, August 16, 2022, President Biden signed the Inflation Reduction Act of 2022 into law. This sweeping legislation includes provisions aimed at combatting climate change, reducing healthcare costs, and raising tax revenue, among other initiatives. Its goals include reducing the deficit by around $300 billion, lowering carbon emissions by about 40% by 2030, and,…

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GBCC Small Business of the Year

June 9, 2021

We are pleased to share that Tonneson + Co has been named Small Business of the Year 2021 by the Greater Boston Chamber of Commerce. The annual Small Business of the Year Awards showcase the contributions of businesses to our communities, celebrating their vision in the categories of Diversity and Inclusion, Cultural Excellence, Community Impact,…

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GGI Member Firm of the Year 2020

November 10, 2020

Tonneson & Company is proud to have been named a Member Firm of the Year 2020 by Geneva Group International (GGI). Our firm was one of three firms worldwide to have been named Member Firms of the Year in 2020. The award was presented during GGI’s World Conference, which took place online on November 4,…

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New Guidance on Loan Forgiveness and SBA Loan Review Procedures

June 24, 2020

On June 22, the SBA issued the Loan Forgiveness Interim Final Rule (LF-IFR) and Loan Review Procedures Interim Final Rule (LR-IFR). These IFRs give new guidance to the PPP loan forgiveness provisions of the CARES Act and insight to the Loan Review Procedures for businesses. Much of the LF-IFR reiterates the changes made under the…

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House Approves Second Stimulus Package

May 16, 2020

On May 15, 2020 the House voted to approve a $3 trillion, 1800-page second stimulus package named the Health and Economic Recovery Omnibus Emergency Solutions Act (HEROES Act). This Bill would include allowing a deduction for the qualifying expenses paid with PPP loan proceeds, a second round of stimulus payments to individual Americans, and would extend…

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PPP Loan Application and Certification of Need

May 8, 2020

The Small Business Administration’s (SBA) Paycheck Protection Program (PPP) loan application required that applicants certify in good faith that “current economic uncertainty makes this loan request necessary to support the ongoing operations of the Applicant.” The SBA further released Question #31, providing additional guidance regarding the “need” and allowing for a return of the proceeds…

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Evaluating your company’s concentration risks

February 1, 2020

The word “concentration” is usually associated with a strong ability to pay attention. Business owners are urged to concentrate when attempting to resolve the many challenges facing them. But the word has an alternate meaning in a business context as well — and a negative one at that. Customer concentration A common problem among many…

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