Proceeds that are forgiven will generate reduced income tax deductions. The IRS has just released IRS Notice 2020-32 that informed the public if a taxpayer requests and is approved some or all of the PPPL to be forgiven, then that amount that we used for expenses...
During 2008/2009, the Great Recession, we learned some things. When the economy is hurt, there are some things we can do to be better prepared, and there are some actions we can take to benefit from the financial stress. During those times, the banks took steps...
In preparing for receipt of any funds from the Paycheck Protection Program Loan (PPPL), one should consider setting up a separate bank account to deposit the PPPL funds in and then to pay out expenses that qualify for loan forgiveness. First, let’s review section 1106...
SBA has stopped accepting EIDL applications based on Lapse in Appropriations. Seems like SBA ran out of funding. You can read about it at https://lnkd.in/d92qPPW We feel each affected individual should contact their Congress person and request they approve additional funding without non-coronavirus items. There are discussions...
In the midst of the coronavirus (COVID-19) pandemic, Americans are focusing on their health and financial well-being. To help with the impact facing many people, the government has provided a range of relief. Here are some new announcements made by the IRS. More deadlines extended As you...
The IRS and the U.S. Department of Treasury have announced new relief for federal taxpayers affected by the coronavirus (COVID-19) pandemic. The IRS had already extended certain deadlines to file and pay federal income taxes and estimated tax payments due April 15, 2020, without incurring...
April 8, 2020 Dear Clients and Friends, The IRS and the Tax Foundation have released some facts, and Q&A regarding the CARES Act and Employee Retention Credits. Please note, we have provided some write ups about application of the CARES Act specific to our client base, but some of...
Dear Clients & Friends, This letter is to alert you to a beneficial change in the tax rules for many improvements to interior parts of nonresidential buildings (''qualified improvement property'' or ''QIP''). You may recall that following the 2017 Tax Cuts and Jobs Act (''TCJA''), any...
Every company has faced unprecedented challenges in adjusting to life following the widespread outbreak of the coronavirus (COVID-19). Small businesses face particular difficulties in that, by definition, their resources — human, capital and otherwise — are limited. If this describes your company, one place you...
In many industries, offering a 401(k) plan is a competitive necessity. If you don’t offer one and a competitor does, it could mean the difference in a job candidate’s decision to accept their offer over yours. It could even send employees heading for the door. Assuming...