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The net investment tax is a 3.8 percent surtax on a portion of your modified adjusted gross income (MAGI) over certain thresholds. You might be subject to it even if you manage to avoid paying significant income taxes on your investment income by using deductions and credits. Here is what the IRS says: You’re liable for…

Do you run a company with an at-home workforce, leaving you with employees now working in another state? Are you such an employee yourself? You may be facing some tax confusion. Having some basic understanding of what happens will help businesses make the right decisions about classifying wages and avoiding penalties or amended filings later.…

The Small Business Administration (SBA), in consultation with US Treasury, has released a revised loan forgiveness application for the Paycheck Protection Program (PPP). In addition, the SBA released a new EZ application for forgiveness of PPP loans. The applications reflect recent changes to the PPP, in particular: new guidance on how to calculate employee and…

Uncertainty remains in the global market. While the impacts of COVID-19 continue to reverberate, market consolidation may present opportunities—in particular, for distressed acquisitions. As always, as these opportunities take shape, it is important to consider overall tax planning strategies, as well as the tax implications in the current climate. Market factors, along with legislative changes,…

Like many Americans, watching multiple incidents of deadly violence against black people unfold before our eyes has left us feeling horrified, distraught, and angry. We have been forced to confront the truth that, despite gains made in past decades, inequality and racial division are still deeply rooted in our culture. James Baldwin said, “Not everything…

June 5, 2020 – Congress recently passed legislation to loosen some of the restrictions that came with the popular Payroll Protection Program (PPP). The president signed the bill today. The new law runs only about 1,000 words, but contains several major changes that vastly extend the terms of the program: The new law lets PPP…

All of us at R&A hope you are faring well through the continuing COVID-19 pandemic. So many have been deeply impacted by this ongoing situation; we all look forward to a safe resolution and recovery. As Arizona begins to reopen—and some of our staff will return to the office on June 1—R&A remains vigilant about…

On Memorial Day weekend, the US Treasury and the Small Business Administration (SBA) released two new Interim Final Rules regarding the Paycheck Protection Program (PPP). Key updates and clarifications for PPP loan forgiveness include: Borrowers may seek forgiveness for payroll costs for the eight weeks beginning on either: The date of disbursement of the borrower’s…

In response to the COVID 19 pandemic, many businesses and their office operations have moved to the “remote world.” In a remote work environment, sustained access to data is crucial to continued business efficiency. Organizations fortunate enough to have received federal funds to assist during this situation—or that are in the process of applying for…

Prepare to Verify Your Certification, Potential for Audit On April 28, the US Department of Treasury issued updated guidance regarding loan forgiveness. The Small Business Administration (SBA) will audit all Paycheck Protection Program (PPP) loans exceeding $2 million on submission of a loan forgiveness application. Subsequent updated guidance provides that the SBA will audit not…