by Admin | Apr 16, 2021 | COVID-19
Last year when the pandemic started, Congress created two loan programs to help small businesses and the self-employed mitigate the economic impact; The Paycheck Protection Program (PPP) and the Economic Injury Disaster Loan (EIDL). With the uncertainty surrounding...
by Admin | Feb 22, 2021 | COVID-19, Individual Taxes
Obviously, the still-ongoing COVID-19 pandemic has been a major challenge for all of us since it kicked into high gear in March of 2020. In the months since, millions of people have found themselves out of a job and the ones that remained were suddenly faced with...
by Admin | Feb 18, 2021 | Business Taxes, COVID-19
In order to help trades and businesses to retain employees and keep them employed during the COVID-19 crisis, the Coronavirus Aid, Relief, and Economic Security (CARES) Act created the Employee Retention Credit for 2020. As part of the Consolidated Appropriations...
by Admin | Feb 17, 2021 | Business Taxes, COVID-19
The Consolidated Appropriations Act, 2021 (CCA), which was passed by Congress and signed by the president late last December, included a very tax-beneficial provision that liberalized the interaction between PPP loans and the Employee Retention Credit (ERC). Prior to...
by Admin | Jan 11, 2021 | COVID-19, Individual Taxes
One of the more tax-troubling issues this year has been the distribution of what Congress referred to as the recovery rebates. You may know these payments as the Economic Impact Payments (EIPs) or stimulus payments, names that the IRS took the liberty of creating....
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...
