Blog2019-10-21T16:13:14-06:00

Current IRS Guidance says NO DEDUCTIONS for expenses related to forgiven PPP loans

On April 30th, the IRS issued Notice-2020-32, stating the position that expenses funded by forgiven loan proceeds under the Paycheck Protection Program (PPP) are not tax deductible.  The CARES Act did not specifically address whether generally allowable deductions would still be permitted if the loan was later forgiven, but the act and public officials’ comments did imply that the forgiveness would be “tax-free”.  This IRS position effectively decreases the previously implied net value of the PPP Loan program to businesses [...]

By |May 1st, 2020|COVID-19, Tax|

MWB recorded a webinar on PPP, available free on Missouri Bar Association

On April 14th, 2020, Julie Welch, Steve Browne, Cara Smith, and Preston Herman recorded a webinar titled “CARES Act Cash & Business Interruption” which is available for free to all members of the Missouri Bar Association via rebroadcast on April 27th, 2020 and immediately for self-study at the below link.  The video recording, PowerPoint presentation slides along with MWB’s detailed notes, and the Paycheck Protection Program (PPP) calculator template in Excel mentioned are included below for your convenience.  Please don’t [...]

By |April 22nd, 2020|COVID-19, Tax|

The CARES Act – Tax Highlights

Phase 3 of the COVID-19 stimulus package (the CARES Act) was just signed by President Trump.  The CARES Act includes several income tax provisions that attempt to lessen the impact and encourage individuals and businesses to keep putting money back into the economy.  See  https://mwbpc.com/the-cares-act-business-highlights/ for the business highlights of the CARES Act.   Business Tax Provisions Provides a refundable payroll tax credit (the Employee Retention Tax Credit) for 50% of wages, including health benefits, up to $10,000 paid to [...]

By |March 27th, 2020|COVID-19, General, Tax|

The CARES Act – Business Highlights

Phase 3 of the COVID-19 stimulus package (the CARES Act) was just signed by President Trump.  This legislation is unprecedented in both size and scope. It is clear that the Federal government is pulling every lever possible to mitigate the economic ramifications of the coronavirus pandemic. It appears Congress is opening every liquidity spigot at their disposal and even creating new ones on the fly. The stimulus bill totals approximately $2.2 trillion and has provisions that will affect everyone in [...]

By |March 27th, 2020|Audit, COVID-19, General|

Business Response in Times of Crisis

As the COVID-19 global pandemic continues to alter society in unprecedented ways, it has become evident that, while necessary, the steps being taken by government officials to minimize the human lives lost will result in a severe economic contraction. What is unclear is the scope of those costs. Federal, state and local governments have already and will continue to implement unprecedented policies to deal with the disease and economic fallout it has caused. Here, we will identify areas that private [...]

By |March 23rd, 2020|COVID-19, General|

Families First Coronavirus Response Act

The Families First Coronavirus Response Act, the second coronavirus emergency aid package, was signed into law by President Trump on the evening of March 18, 2020.  Only a small part of the legislation contains tax provisions; while the rest of the bill primarily focuses on funding for increased COVID-19 testing, providing free testing for everyone, and continuing student lunch programs for schools that are closed.  The bill extends paid sick leave to employees, enhances unemployment benefits, and provides free COVID-19 [...]

By |March 20th, 2020|COVID-19, General, Tax|

April 15 – Still must file – but may be able to wait to pay income tax balance due and estimated taxes due

Secretary of the Treasury Mnuchin announced an extension of the April 15 tax payment deadline for most individuals and businesses, giving 90 extra days to pay 2019 income tax bills and quarterly income tax estimates.  Taxes due with individual income tax returns can be deferred up to $1 million in income tax payments (including self-employment taxes and regardless of the filing status).  Taxes due with regular corporate income tax returns can be deferred up to $10 million in income tax [...]

By |March 19th, 2020|COVID-19, General, Tax|

April 15 – Still must file – but may be able to wait to pay

Secretary of the Treasury Mnuchin announced an extension of the April 15 tax payment deadline for most individuals and businesses, giving 90 extra days to pay 2019 income tax bills.  Individuals will be allowed to defer up to $1 million in tax payments and regular corporations will be able to defer up to $10 million in tax payments interest-free and penalty-free for 90 days. At this point it appears that the tax returns must still be filed and/or an extension [...]

By |March 17th, 2020|COVID-19, General, Tax|

Coronavirus and how it affects your business continuity and/or disaster recovery

Now that COVID19 has been declared a pandemic, businesses must assure they have a continuity plan and/or disaster recovery plan in place.  As the situation escalates, we will continue to face emergency planning issues.  The health of ourselves and employees, while preserving business continuity, are key to navigating the issue.  Strong planning, the ability to adapt, and communication can help mitigate the virus’s consequences on you and your business.   Meara Welch Browne is continuing to monitor information issued by [...]

By |March 13th, 2020|COVID-19, General|

Julie Welch Quoted in the March 8, 2020 The New York Times

Meara Welch Browne’s Tax Partner, Julie Welch, was quoted Sunday in The New York Times – “Business” section.  The article was titled "The 8 Most Vexing Tax Questions, Answered” by Tara Siegel-Bernard and Ron Lieber. In the article, Julie answered the question about being confused by a new form that human resources uses to calculate tax withholdings.  She comments that the IRS’s tax withholding estimator tool online is pretty precise and there isn’t much “fluff” built into the IRS withholding [...]

By |March 8th, 2020|Tax|

It’s Not Too Late to Bring Down Your Tax Bill

Meara Welch Browne’s Tax Partner, Julie Welch, was quoted in CNBC's Grow.Acorns.com "It's Not Too Late to Bring Down Your Tax Bill From 2018 - Here's How" written by Sam Becker.  The article outlines the last-minute technique of contributing to an Individual Retirement Account. You can read her quotes and the entire article on CNBC's grow.acorns.com website at the following link: https://grow.acorns.com/last-minute-ira-contributions-can-lower-your-tax-bill/

By |April 11th, 2019|General, Tax|

Julie Welch Quoted in The Washington Post on April 4, 2019

Meara Welch Browne’s Tax Partner, Julie Welch, was quoted Thursday in The Washington Post – “Personal Finance” section.  In the article titled "The April 15 tax deadline is close. Why you should file on time.” by Michelle Singletary, Julie answered what has been frustrating people most during this tax season. You can read her quote and the entire article on The Washington Post website at the following link: https://www.washingtonpost.com/business/2019/04/04/april-tax-deadline-is-close-why-you-should-file-time/?noredirect=on&utm_term=.6becf2b648d6

By |April 4th, 2019|General, Tax|
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