Join us as our team shares their knowledge and expertise on the various relief programs offered in response to the Coronavirus pandemic. Topics of discussion include PPP loans and forgiveness, tax updates due to the CARES Act, SBA loan programs, and much more. Click here to register. There is no fee to attend the webinar, […]
The Treasury Department announced today that stimulus checks made in error should be returned to the IRS. In this newly released guidance, the IRS confirmed on Wednesday that some economic impact payments were indeed sent by mistake to nonresident aliens, incarcerated people, and deceased taxpayers. It’s now asking those recipients, or their family members, to […]
IRS Disallows Tax Deductions for Eligible PPP Expenditures On April 30th, the IRS issued Notice 2020-32, providing guidance regarding the deductibility for federal income tax purposes of certain otherwise deductible expenses incurred in a taxpayer’s trade or business when the taxpayer receives a covered loan pursuant to the Paycheck Protection Program (PPP). The PPP was […]
SBA issued an Interim Final Rule regarding the Paycheck Protection Program as it relates to the self-employed filing a Schedule C this week. Below is a summary of the guidance and we have also linked a copy of the Interim Final Rule here for reference. Individuals with Self-Employment Income who File a Form 1040, Schedule […]
Stimulus checks have begun hitting bank accounts. While some taxpayers may have breathed a sigh of relief after checking their accounts this week, others may be left wondering where their payment is. The IRS has set up an online system taxpayers can use to check the status of their payment, if it will be mailed […]
The IRS recently announced more extensions in response to the COVID-19 pandemic. In IRS Notice 2020-23, the new extensions now cover individuals, estates, corporations, and others. It was just last month that the IRS extended the filing and payment deadline for federal income taxes. Normally due on April 15, taxpayers now have until July 15, […]
Within weeks, several new laws and programs offering Coronavirus relief have gone into effect. While these measures to protect those hit hardest by the pandemic are important, it can be a somewhat confusing process for individuals and businesses to decide which route is best for their situation, and for what they qualify. Information is updated […]
The Paycheck Protection Program (PPP) is part of “The Coronavirus Aid, Relief, and Economic Security Act” (CARES Act) that was recently passed. The PPP provides short-term cash flow assistance to small businesses to support their employees during this time of economic distress. The PPP loans are provided by the SBA through their certified lenders guaranteed […]
On March 27th, 2020, President Trump signed into law the Coronavirus Aid, Relief and Economic Security (CARES) Act, which provides relief to taxpayers affected by the coronavirus (COVID-19). The CARES Act is the third round of federal government aid related to COVID-19. We have summarized the top provisions in the new legislation below, with more […]
In response to the coronavirus (COVID-19) pandemic affecting the small business community across the country, the U.S. Small Business Administration (SBA) is offering low-interest federal disaster loans for working capital to small businesses suffering substantial economic injury. Substantial economic injury means the business is unable to meet its obligations and pay its ordinary and necessary […]
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