by Admin | Nov 20, 2020 | Business Taxes, COVID-19, PPP Loans & EIDL Loans
We now have official guidance from the I.R.S. that the advice provided by our Firm related to not being able to deduct eligible expenses related to PPP loans in 2020 is confirmed. While most PPP loans will not be forgiven in 2020 due to the time provided between the...
by Admin | Nov 19, 2020 | Business Taxes, COVID-19, Individual Taxes, PPP Loans & EIDL Loans
To say COVID-19 has made 2020 a disastrous year for just about everyone would be an understatement. In response to the economic slowdown and losses of income, Congress passed several extensive laws to benefit individuals and businesses that suffered financial hardship...
by Admin | Nov 6, 2020 | Business Taxes, COVID-19
The IRS released guidance recently (IRS Notice 2020-65) that provides some clarification on the payroll tax deferral for employees that can be withheld starting September 1, 2020 through December 31, 2020. The Notice indicates that the employer would recapture this...
by Admin | Nov 6, 2020 | Business Taxes, COVID-19
This deferral, which was intended to put more money in people’s pockets, is troublesome for all. For example, an employee making $800 per week, would see an extra $49.60 in their weekly paycheck until December 31, 2020. Let’s assume their take home net pay was...
by Admin | Oct 23, 2020 | Business Taxes, COVID-19, Individual Taxes
If you’re wondering what happen to your completed tax return you mailed in months ago or the tax payment you made a few weeks ago hasn’t been cashed yet, do not fret. As of October 2, the IRS is experiencing an unopened mail backlog of around 5 million pieces of...
by Admin | Oct 13, 2020 | Business Taxes, COVID-19, PPP Loans & EIDL Loans
The US Small Business Administration & US Treasury Department released guidance this week clarifying that recipients of Paycheck Protection Program (PPP) loans of $50,000 or less will be able to apply for forgiveness using a simplified application form. ...
