The U.S. Small Business Administration (SBA) and Treasury issued guidance Wednesday night for the reconstituted Paycheck Protection Program (PPP). The guidance included two interim final rules (IFRs). The 82-page IFR “Business Loan Program Temporary Changes; Paycheck Protection Program as Amended” consolidates the rules for PPP forgivable loans for first-time borrowers and outlines changes made by the Economic Aid to Hard-Hit Small Businesses, … Read More
12.22.20 NEW Pandemic Relief Update
From the American Institute of Certified Public Accountants (AICPA) Yesterday afternoon, Congress released the text of its $900 billion pandemic relief bill. With over 5,500 pages, there’s a lot we still need to review. However, a few key provisions impacting small businesses and the profession are immediately apparent. One big success? PPP loan-related expenses will be deductible. We’re still working … Read More
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
4.14.20 IRS grants widespread tax deadline relief, extending time for most payments, filings and actions until July 15
Expanding on its earlier notices in response to the COVID-19 pandemic, the IRS and Treasury Department said in Notice 2020-23 (Notice) that almost all taxpayers with a filing or payment deadline falling on or after April 1, 2020, and before July 15, 2020, have until July 15, 2020, to file returns and make payments without penalties or interest. The relief … 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