PPP Round 2

The second round of Paycheck Protection Program (PPP) funding is ready to be released.  The Consolidated Appropriations Act of 2021 allocated $284 billion to the PPP program allowing second draws for hardest hit businesses.  It is expected the SBA will begin taking application next week (January 11-15).  Qualifications for a second draw include borrowers that: [...]

By |2021-01-08T15:51:32-06:00January 8th, 2021|COVID-19, Tax|Comments Off on PPP Round 2

It’s Year-End Tax Planning Time!

The economic situation due to the coronavirus (COVID-19) pandemic, as well as the magnitude of the tax law changes in the stimulus packages known as the CARES Act (The Coronavirus Aid, Relief, and Economic Security Act) and the FFCRA (The Families First Coronavirus Response Act), emphasizes the need for tax planning.  Moves you make now [...]

By |2020-12-23T15:46:05-06:00December 23rd, 2020|Tax|Comments Off on It’s Year-End Tax Planning Time!

Congress passes Consolidated Appropriations Act of 2021 – including PPP Modifications and COVID-Related Tax Relief

Happy Holidays!  2020 has been an extremely challenging year for many, but overnight (Monday night, December 21st) Congress passed legislation designed as one more stimulus to help those in need as a result of the COVID-19 pandemic.  The Consolidated Appropriations Act, which includes the Paycheck Protection Program (PPP) timeframe modification and extensions and other COVID-related [...]

By |2021-01-08T12:47:12-06:00December 23rd, 2020|COVID-19, Tax|Comments Off on Congress passes Consolidated Appropriations Act of 2021 – including PPP Modifications and COVID-Related Tax Relief

IRS Disallows 2020 Expenses for PPP Loans Forgiven in 2021

As with much of what has been issued regarding PPP loans and ever-changing guidance, the following analysis of deductibility is subject to legislative change.  At the end of April, the IRS issued guidance precluding deductions for expenses paid with PPP funds.  The Small Business Expense Protection Act would reverse that and allow the expenses to [...]

By |2020-11-23T12:19:00-06:00November 23rd, 2020|COVID-19, Tax|Comments Off on IRS Disallows 2020 Expenses for PPP Loans Forgiven in 2021

UPDATE on Employee payroll tax deferrals

President Trump issued an executive order on August 8, 2020 providing that employers could defer (but not forgive) the employee’s portion of Social Security taxes for certain employees for wages paid between September 1, 2020 and December 31, 2020.  The Social Security tax is the 6.2% portion of the employment taxes taken out of employees’ [...]

By |2020-08-31T15:58:47-06:00August 31st, 2020|Tax|Comments Off on UPDATE on Employee payroll tax deferrals

Should Employers wait for Treasury guidance before making employee payroll tax deferrals?

President Trump issued an executive order on August 8, 2020 providing that employers could defer (but not forgive) the employee’s portion of Social Security taxes for certain employees for wages paid between September 1, 2020 and December 31, 2020.  The Social Security tax is the 6.2% portion of the employment taxes taken out of employees’ [...]

By |2020-08-30T09:45:41-06:00August 30th, 2020|Tax|Comments Off on Should Employers wait for Treasury guidance before making employee payroll tax deferrals?

SBA issues 23 FAQs on PPP Loan Forgiveness

In anticipation of PPP borrowers beginning to file applications for PPP loan forgiveness, the SBA issued 23 new FAQs. While they do not cover all needed guidance, answers were provided in the following categories: General Payroll costs Nonpayroll costs Wage and headcount reductions Meanwhile, legislation has been introduced to expand and extend the PPP loans. [...]

By |2020-08-06T15:49:01-06:00August 6th, 2020|COVID-19, Tax|Comments Off on SBA issues 23 FAQs on PPP Loan Forgiveness

PPP Loan Application Deadline Extended Until August 8, 2020

Congress extended the Paycheck Protection Program (PPP) loan application deadline from June 30, 2020 until August 8, 2020.  PPP loans are potentially forgivable loans designed to provide businesses with funds primarily to cover payroll costs during the 24 weeks following the loan (originally 8 weeks, but the program has been revised numerous times since its [...]

By |2020-07-02T14:41:15-06:00July 2nd, 2020|COVID-19, Tax|Comments Off on PPP Loan Application Deadline Extended Until August 8, 2020

SBA issues REVISED PPP Loan Forgiveness Application

On June 16th, the SBA issued the REVISED Paycheck Protection Program (PPP) Loan Forgiveness Application and a new EZ Forgiveness Application.  Generally, a borrower can apply to have PPP Loan amounts forgiven related to certain payroll and non-payroll costs paid during the “covered” period (generally either 24 weeks, or, if the loan was made before [...]

By |2020-06-17T14:46:47-06:00June 17th, 2020|COVID-19, Tax|Comments Off on SBA issues REVISED PPP Loan Forgiveness Application

Expect Changes & Flexibility to the Paycheck Protection Program

Wednesday evening, June 3rd, the Senate passed the House’s version of Paycheck Protection Program Flexibility Act of 2020 and now awaits President Trump’s signature.   The bill passed unanimously Wednesday evening in the Senate and 471-1 last week in the House.  Designed to make it easier for borrowers to get full, or almost full, forgiveness, the [...]

By |2020-06-09T09:22:51-06:00June 4th, 2020|COVID-19, Tax|Comments Off on Expect Changes & Flexibility to the Paycheck Protection Program
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