Tax Credit Pays for Keeping Employees on Payroll
To help businesses retain employees and keep them employed during the COVID-19 crisis, Congress has provided a refundable employer retention credit available to all qualifying employers regardless of size, including tax-exempt organizations. To qualify for the credit, employers must fall into one of two categories: Business Operations Curtailed: Eligible employers were carrying out a trade or business during 2020, and the operation of that business is fully or partially suspended due to orders from an [Read More]
Businesses Score Big Tax Benefits with the CARES Act
As part of the stimulus package to help offset the financial damage inflicted on businesses as a result of the COVID-19 crisis, Congress restored the ability of businesses that suffer a loss to carry those losses back and recover taxes paid in prior years. The limitation on business interest deductions has also been relaxed, as has the business loss limitation for larger businesses. The legislative package also made a long-awaited beneficial retroactive correction to the [Read More]
New SBA Guidance Regarding Paycheck Protection Program
On May 13, the Small Business Administration (SBA) issued additional guidance regarding the Paycheck Protection Program (PPP). They added a highly anticipated new question to their lengthy FAQ: “How will SBA review borrowers’ required good-faith certification concerning the necessity of their loan request?” One of the requirements when submitting a PPP loan application is a self-certification by the applicant that the loan is necessary to support their ongoing operations in light of the current economic [Read More]
Playbook for Re-Opening Your Business
As the country and even the world shift their attention to the seeming long-lasting impact of the Coronavirus, updates appear to be coming out each day. Whether the impact is on a global, national, or individual industry level, this pandemic is already changing the way businesses are operating on a day-to-day basis. As we venture past the peak of the pandemic, businesses are going to have to adapt to the new world in which they [Read More]
How The Office of the Future Will Look After Coronavirus
As the country and even the world shift their attention to the seeming long-lasting impact of the Coronavirus, updates appear to be coming out each day. Whether the impact is on a global, national, or individual industry level, this pandemic is already changing the way businesses are operating on a day-to-day basis. Specifically, changes to the workplace such as wider corridors and better air filtration are occurring. To view this article, click HERE to access [Read More]
IRS Releases Notice Regarding Tax Deductions and PPP Loan Funds
On Thursday, April 30, the IRS released Notice 2020-32. The announcement effectively disallows a tax deduction for any expenses that are paid via a forgiven Paycheck Protection Program (PPP) loan. The PPP was created by the Coronavirus Aid, Relief, and Economic Security (CARES) Act, a historic $2.2 trillion stimulus package. The loan program allows small businesses to borrow funds equal to 2.5 months of their 2019 payroll from the Small Business Association (SBA). If their [Read More]
Employee Retention Tax Credits and Your Business
As the country and even the world shift their attention to the seeming long-lasting impact of the Coronavirus, updates appear to be coming out each day. Whether the impact is on a global, national, or individual industry level, this pandemic is already changing the way businesses are operating on a day-to-day basis. As a small business owner, it is important, now more than ever, to be familiar with the ins and outs of your business, [Read More]
President Enacts $484 Billion Virus Aid Bill
On Friday, April 24, President Trump signed the Paycheck Protection Program and Health Care Enhancement Act into law. The new aid bill boosting funding for various initiatives in response to the coronavirus pandemic was passed in the Senate on Tuesday and by the House on Thursday. The legislation includes the following: $310 billion in additional funding for the Paycheck Protection Program (PPP). The original $349 billion that funded the program was depleted last week. $60 [Read More]
Where’s My Recovery Rebate?
As part of the recently enacted Coronavirus Aid, Relief, and Economic Security (CARES) Act, direct economic recovery payments are being distributed to eligible American taxpayers. Distribution of recovery rebates began this week. If you are expecting a federal recovery rebate, but have not yet received it, visit the IRS website for more information. The IRS recently released a tool to provide information about: Your payment status Your payment type Whether the IRS needs more information [Read More]
CARES Act Guide: Loans
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