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

COVID-19-Related Employee Retention Credits: General Information FAQs

This FAQ is not included in the Internal Revenue Bulletin, and therefore may not be relied upon as legal authority. This means that the information cannot be used to support a legal argument in a court case. 1. What is the Employee Retention Credit? The Employee Retention Credit is a fully refundable tax credit for employers equal to 50 percent of … 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

4.8.20 Reporting the New Employee Retention Credit

Reporting the New Employee Retention Credit: Thanks to the Coronavirus Aid, Relief, and Economic Security (CARES) Act, a refundable payroll tax credit is available for 50% of qualified wages paid by eligible employers to employees after 3/12/20 and before 1/1/21. The credit is available to employers, including nonprofits, (1) whose operations were fully or partially suspended due to a COVID-19-related … Read More