COVID-19

March 2, 2021/Tax, COVID-19

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.

December 31, 2020/Tax, COVID-19

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. 

December 28, 2020/Tax, COVID-19

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.

December 22, 2020/Tax, COVID-19

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.

November 20, 2020/Tax, COVID-19

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, Business Planning, COVID-19

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.

June 4, 2020/Tax, Business Planning, COVID-19

PPP Forgiveness Changes Signed into Law

On June 4, 2020, the Paycheck Protection Program Flexibility Act that adjusts several PPP loan forgiveness provisions was signed into law. These changes clarified several questions that remained and could make loan forgiveness more attainable for certain business owners. 

May 19, 2020/Tax, Business Planning, COVID-19

PPP Forgiveness Application and Guidance Issued

The much-anticipated PPP forgiveness application and related guidance have now been released. As many anticipated, the steps to securing forgiveness may be challenging. We break down the key components for you as you seek to apply this to your business.

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