by Admin | Sep 19, 2023 | Business Taxes, PPP Loans & EIDL Loans, Tax Scams
Despite warnings from the IRS, AICPA, and other professional tax organizations many business owners are being misled into filing for the Employee Retention Tax Credit for which they do not qualify. Amid rising concerns about a flood of improper Employee Retention...
by Admin | Apr 16, 2021 | COVID-19, PPP Loans & EIDL Loans
UPDATED 7/21/22: All COVID-EIDL Loans approved in calendar years 2020, 2021 & 2022 now have a total deferment period of 30 months from the date of the Note. Interest will continue to accrue on the loans during the deferment. After the deferment period ends,...
by Admin | Nov 30, 2020 | PPP Loans & EIDL Loans
If you are the owner of a small business that obtained a Paycheck Protection Program (PPP) loan, you are most likely aware that the loan can be partially or totally forgiven if you used the loan proceeds for the required purposes. Loan forgiveness is not automatic and...
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...
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 | 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. ...
