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Pinion Insights

work from home tax deductions

Personal Rentals for Business: What’s Considered Taxable Income vs. a Deduction, or Neither?

By K·Coe Editorial | September 17, 2020
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Reading Time: 2 minutes
The Internal Revenue Code provides guidelines for what activities constitute income or deductions for individual residences.  Below is a high-level overview for consideration. Residence rentals:  If an individual rents out a dwelling they use as a residence for fewer than 15 days per year, neither income nor deductions relating to …

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Leasing Standard

Leasing Standard Update: Effective Date, Balance Sheet and Call Reports Affected

By K·Coe Editorial | September 16, 2020
Reading Time: 2 minutes
Leasing Standard ASC 842 Overview This leasing standard (ASC 842) may not only affect a bank’s balance sheet, but also the balance sheet of its customers. Banks will be directly and indirectly affected by this new standard. No matter the asset size of the bank, almost all lease some type …

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Loan Origination Fees

PPP Forgiveness: Should Borrowers Apply Right Now?

By K·Coe Editorial | September 2, 2020
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Reading Time: 2 minutes
Now that the SBA’s forgiveness eligibility for Paycheck Protection Program (PPP) loans is now open, are you (and your borrowers) applying for forgiveness? K·Coe advisors have been closely assessing the rules and monitoring for potential changes, and we fully expect more SBA guidance to be released on PPP forgiveness for …

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What You Need to Know About Second MFP Payment

FSA Publishes Final Rule on Payment Limitation and Payment Eligibility: Key Takeaways for Producers

By Pinion Editorial | September 1, 2020
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Reading Time: 3 minutes
In a rather atypical fashion, the USDA published a Final Rule for Payment Limitation and Payment Eligibility on August 24, 2020.  The rule states that it was published to implement mandatory changes required by the Agriculture Improvement Act of 2018 (2018 Farm Bill).  Why atypical?  While the Farm Service Agency …

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Pro Tax Tips in a Strained Ag Economy

New IRS Guidance Released to Help Employers Make Payroll Tax Deferral Decisions

By K·Coe Editorial | August 31, 2020
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Reading Time: 3 minutes
You may remember that earlier this month, the President signed an executive order directing the Department of Treasury to defer withholding, deposit, and payment of employees’ social security taxes through the end of 2020.  At that point, K·Coe advisors recommended to hold tight as clarifications were needed to answer implementation …

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In Wake of Disaster, How to Minimize Taxes on Insurance Proceeds

How to Handle Property Casualties in the Wake of Disaster

By K·Coe Editorial | August 25, 2020
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Reading Time: 4 minutes
As fires rage and rampage through large areas of California, the destruction of residences, outbuildings, and commercial buildings has been widespread. K·Coe Isom has been fielding questions and concerns from many of our clients regarding their property casualties from the derecho, hurricanes, and fires. Our business advisors have created an …

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Secure Act

Employers with Retirement Plans Get Increase in Tax Credits

By K·Coe Editorial | August 24, 2020
Reading Time: 2 minutes
The Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE Act) includes increased tax credits for qualified costs incurred in the setup and administration of an eligible retirement plan. Eligible employers may be able to qualify for a tax credit up to $5,000 for each of the first …

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Economic Disruption

5 Tips to Move Ag Business Forward During Economic Disruption

By K·Coe Editorial | August 20, 2020
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Reading Time: 3 minutes
While production agriculture is no stranger to facing adversity and adaptation, no one could argue that the Economic Disruption caused by the COVID-19 pandemic has required unprecedented response and strategy. As business advisors, K·Coe has been on the front lines of hearing concerns, navigating issues and fielding questions during these …

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