April 26, 2021/COVID-19, Business Planning
Is Your PPP Loan Forgiveness Deadline Fast Approaching?
If you have received a Paycheck Protection Program (PPP) Loan and have not yet submitted your application for forgiveness, your deadline may soon be approaching. The deadline to submit a PPP Forgiveness Application with your lender is 10 months after the last day of the borrowers covered period
March 12, 2021/Tax, Business Planning, COVID-19
American Rescue Plan Act of 2021 Becomes Law
President Biden signed the $1.9 trillion American Rescue Plan Act of 2021 (ARPA) into law on March 11, 2021. Key provisions of this act allow for additional stimulus funds and is the 6th bill enacted by the federal government that focuses on COVID relief. Relief from this bill impacts both businesses and individuals and provides […]
Employee Retention Credit Update
The Employee Retention Credit has become a hot topic for 2020 and into 2021. We provide general information regarding 2020 retroactive changes to the credit, as well as the credit’s extension through 2nd quarter of this year.
January 13, 2021/Tax, Business Planning, COVID-19
Employee Retention Credit Improvements
The Consolidated Appropriations Act of 2021 (Act), signed into law on December 27, 2020, contains significant enhancements and improvements to the Employee Retention Credit (ERC). Learn more about how these updates may impact your business.
2021 Changes to Paycheck Protection Program
The new Consolidated Appropriations Act includes a second draw of Paycheck Protection Program (PPP) loans. It also allows businesses to deduct ordinary and necessary expenses paid from the proceeds of PPP loans.
Trump Signs Consolidated Appropriations Act Into Law
The passing of the Consolidated Appropriations Act provides much-needed clarification on the tax deductibility of PPP loan forgiveness, a new round of PPP funds available for second- and first-time borrowers, and increases the simplified application forgiveness threshold to borrowers of $150,000 or less.
Consolidated Appropriations Act Addresses Key PPP Concerns
The passing of the Consolidated Appropriations Act provides much-needed clarification on the tax deductibility of PPP loan forgiveness, a new round of PPP funds available for second- and first-time borrowers, and increases the simplified application forgiveness threshold to borrowers of $150,000 or less.
IRS Releases Guidance Regarding Deductibility of PPP Loan-Related Expenses
Based on the most recent IRS guidance on the deductibility of PPP loan-related expenses, the taxpayer is allowed to deduct expenses originally thought to be non-deductible on a timely filed return or can amend the return in the taxable year. Extending 2020 calendar year returns might be advisable for some taxpayers who will be applying for loan forgiveness in 2021.
August 6, 2020/Tax, Financial Planning, COVID-19
Update to Required Minimum Distributions Rules for 2020
If you took a Required Minimum Distribution (RMD) in 2020, you now have until August 31, 2020 to rollover any RMD that was received in 2020, according to the latest IRS Notice 2020-51.
June 18, 2020/Tax, COVID-19, Business Planning
New PPP Loan Forgiveness Application Released
A new application and instructions to apply for tax-free forgiveness of the new small business loans is now available. Released June 17, the Form 3508EZ and instructions allow eligible borrowers that meet certain criteria to take advantage of a simplified forgiveness application process, which eliminates the complicated forgiveness calculations previously required.