Blog - Porterfield CPA, PLLC

IRS Guidance on 100% Deductibility of Meals

Tom G. Porterfield, CPA, CFE | April 15, 2021

Guidance on 100% Deduction for Food and Beverages The IRS released guidance on tax relief for deductions for food or beverages from restaurants. The Taxpayer Certainty and Disaster Tax Relief Act of ...

Understanding the Costs and Risks of Accounting Technology

Tom G. Porterfield, CPA, CFE | February 24, 2021

Understanding the Costs and Risks of Accounting Technology There’s no doubt that we live in the age of a technology boom. New apps emerge daily to solve very specific issues in all aspects ...

Paycheck Protection Program – Maximize Forgiveness

Tom G. Porterfield, CPA, CFE | April 11, 2020

Paycheck Protection Program - Maximize Forgiveness It is important that small businesses receiving the Paycheck Protection Program (PPP) loans manage the loan proceeds. For that reason, we are sharin...

COVID-19 Best Practices for Businesses

Tom G. Porterfield, CPA, CFE | March 17, 2020

COVID-19 Best Business Practices Dealing with COVID-19 There’s no doubt that COVID-19 is going to have significant impact on the U.S. economy for businesses small and large. Here, I share my thoug...

IRS Proposes New Rules on Meals and Entertainment Deductions (5 Minute Read)

Tom G. Porterfield, CPA, CFE | February 26, 2020

On February 21, 2020, the IRS released proposed regulations addressing the ability of businesses to take deductions for meal and entertainment expenses affected by the Tax Cuts and Jobs Act of 2017 ...

What is the best entity type for my Franchise? (10 Minute Read)

Tom G. Porterfield, CPA, CFE | January 22, 2020

What is the Best Entity Type for my Franchise? Allen replied “Great question Josh, but I am afraid I can’t give you an answer until I get some answers from you”. “Allen you’re the expert, j...

What is EBITDA and why is it important to franchise owners? (5 minute read)

Tom G. Porterfield, CPA, CFE | January 4, 2020

What is EBITDA? Do you intend to build a business to sell or to provide income for your family? In either case, measuring and managing EBITDA (Earnings Before Interest Taxes Depreciation and Amortiza...

Considering Admitting a New Partner into Your Partnership?

PorterfieldCPA | November 13, 2019

Admitting a new partner may be a simple matter, but tax planning can help avoid various tax problems associated with admitting a new partner. If your partnership has any unrealized receivables or ...

Applying Research Tax Credits to Payroll Taxes

PorterfieldCPA | November 10, 2019

Recent changes in the federal tax law now allow companies to offset payroll taxes with federal research tax credits. This situation most likely applies to startup companies that are incurring payroll ...

529 Education Savings Plans

PorterfieldCPA | November 6, 2019

Do you have a child or grandchild who is going to attend college or trade school in the future? Are you concerned with how to pay for their education? If so, you are like many of us that desire our ch...

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