Thanks to the PPP, small business owners could face a huge tax bill this year.

Many businesses have suffered during this economic downturn caused by the coronavirus pandemic. You’ve read about them in the media. But what you don’t read about as often are the many other businesses around the country that haven’t suffered as much. It probably hasn’t been a very profitable year for those businesses, but they’ve kept things going. Sure, they’ve faced … Read More

6.19.20 – NEW SBA Interim Final Rules for PPP Loan Forgiveness

The CARES Act was enacted to provide immediate assistance to individuals, families, and businesses affected by the COVID-19 emergency. Among the provisions contained in the CARES Act are provisions authorizing SBA to temporarily guarantee loans under a new 7(a) loan program titled the “Paycheck Protection Program.” Loans guaranteed under the Paycheck Protection Program (PPP) will be 100 percent guaranteed by … Read More

6.9.20 PPP Forgiveness Changes Coming!

On June 5, 2020, the Paycheck Protection Program Flexibility Act (PPPFA) was signed into law. The PPPFA modifies the PPP to allow businesses whose PPP loans are forgiven to continue to defer Social Security taxes through the end of 2020. Prior to the passage of the PPPFA, PPP loan recipients were required to stop deferring Social Security taxes as soon … Read More

IRS Launches “Get My Payment” Tool

IRS Launches “Get My Payment” Tool:  The IRS has launched its “Get My Payment” tool, which allows taxpayers to check the status of their economic impact payment. The tool provides information about a taxpayer’s payment status, payment type, and whether the IRS needs more information, such as a bank account and routing number. To use the tool, taxpayers will need … Read More

4.13.20 IRS launches new on-line tool to help non-filers register for Economic Impact Payments

How to use the on-line tool: To locate the tool, users will need to go to Non-filers: Enter Payment Info here, and provide basic information, including Social Security number, name, address, and dependent information and banking information for direct deposit. The IRS will use this information to confirm payment eligibility and calculations. Taxes, information security and other concerns: The IRS states that using … Read More

4.10.20 Federal Tax Updates

IRS extends more tax deadlines to cover individuals, trusts, estates, corporations In a Notice, the IRS has extended more tax deadlines to cover individuals, estates, corporations and others. This extension includes a variety of tax form filings and payment obligations that are due between April 1, 2020 and July 15, 2020, including estimated tax payments due June 15 and the … Read More

We are all in this together!

We all are feeling this crisis and we are offering our support to any small business that needs guidance. We, therefore, are offering complimentary one on one assistance to provide recommendations for you and your business. We will assess your current books/financials and cash flow and provide some guidance on how to move forward. Although our clients remain our top … Read More

4.3.20 Plan Documents and Termination vs. Furlough vs. Lay-Off

Plan Documents and Termination vs. Furlough vs. Lay-Off  Termination, furlough, and lay-off are not defined terms under ERISA or the Affordable Care Act. A furlough is generally considered to be a mandatory leave with limited or no pay, with the expectation that employees return to work once regular business resumes. A termination and a lay-off are more similar, but an … Read More

United States — Accounting Methods & Inventories — Mergers & Acquisitions — State & Local Taxation — International Taxation (U.S.) — Federal coronavirus law, CARES Act, has state tax implications

On March 27, 2020, President Trump signed into law the Coronavirus Aid, Relief, and Economic Security Act, P.L. 116-136 (CARES Act), which provides over $2 trillion in economic relief in response to the coronavirus (COVID-19) pandemic. The CARES Act also modifies sections of the Internal Revenue Code of 1986, as amended (IRC).1 Certain IRC modifications relax limitations on deductions, which … Read More