Business Tax

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,…

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…

If your company was approved for a Paycheck Protection Program (PPP) loan, congratulations! Now, you need to use those funds correctly and accurately account for them. The Small Business Administration (SBA) restricts how PPP funds may be used and requires the lender to collect supporting documentation in order to process forgiveness requests. Now is the…

Tax Relief Provided by the CARES Act In addition to IRS actions and earlier-enacted federal tax law, the Coronavirus Aid, Relief, and Economic Security (CARES) Act, Congress’s gigantic economic stimulus package that the President signed into law on March 27, 2020, contains numerous tax-related provisions. Tax Relief for Individuals Provided by the CARES Act Recovery…

The COVID-19 pandemic is affecting all aspects of finances, including retirement savings. The CARES Act contains provisions affecting these plans that will remain in effect for 2020. They include the following: The act specifically aligned the due date for contributions to IRAs and retirement plans with the extended due date for individual tax returns. Accordingly,…

The CARES Act—a collection of pandemic-related provisions—has good news for small businesses struggling to stay afloat during the COVID-19 pandemic. The act provides relief to US-based businesses with (1) 500 or fewer employees that are unable to pay their bills because of the coronavirus pandemic or (2) the standard number of employees established by the…

The Tax Cuts and Jobs Act of 2017 (TCJA) made major changes that affect how individual taxpayers can claim deductions. For individual taxpayers, the biggest changes were (1) the increase in the standard deduction, which significantly raised the threshold for claiming itemized deductions; (2) the elimination of some itemized deductions (e.g., moving expenses) and the…

Benjamin Franklin once said “to fail to plan is to plan to fail.” This adage certainly applies to tax planning. Although the Tax Cuts and Jobs Act of 2017 (TCJA) eliminated many deductions outright, there are exceptions. Certain deductions still exist but are being phased out, whereas others will expire after a set time. This…

With scam artists hard at work all year, taxpayers should be on the lookout for a surge of evolving phishing emails and telephone scams. Taxpayers should watch for new versions of two tax-related scams. One involves Social Security numbers related to tax issues. The other threatens taxpayers with a tax bill from a fictional government…