PPP Deadline Extended through May 31, 2021

On the eve of the deadline, President Biden signed the Paycheck Protection Program (PPP) Extension Act of 2021.  The deadline for loan applications for forgivable loans under the Paycheck Protection Program was initially set to expire on March 31, 2021.  The extension provides an additional two months for borrowers to apply for first and second [...]

By |2021-03-31T15:40:24-06:00March 31st, 2021|COVID-19, Tax|Comments Off on PPP Deadline Extended through May 31, 2021

Masks, hand sanitizer, wipes, and other personal protective equipment now count as medical expenses

The IRS just announced that personal protective equipment will be treated as medical expenses if they were purchased primarily for the purpose of preventing the spread of COVID-19.  Thus, masks, hand sanitizer, and sanitizing wipes used to help stop the spread of the Coronavirus can be deducted as medical expenses as long as the taxpayer’s [...]

By |2021-03-28T18:12:10-06:00March 28th, 2021|COVID-19, Tax|Comments Off on Masks, hand sanitizer, wipes, and other personal protective equipment now count as medical expenses

Kansas and Missouri Announce That Individuals Have Until May 17th to File and Pay 2020 Taxes

Both Kansas and Missouri have announced they will follow the IRS extension until May 17, 2021 to file and pay 2020 taxes for individuals.   More details about the extension should be coming from the Internal Revenue Service, Kansas, and Missouri.  Also, the City of Kansas City has not yet made an announcement regarding its plans [...]

By |2021-03-20T21:14:07-06:00March 20th, 2021|Tax|Comments Off on Kansas and Missouri Announce That Individuals Have Until May 17th to File and Pay 2020 Taxes

Tax Day Extended Until May 17th for Individuals to Give Flexibility to File and Pay 2020 Taxes

The IRS just announced that the April 15th tax filing deadline for both filing tax returns and making payments for 2020 will automatically be moved to Monday, May 17th this year for individuals.  Similar to the extension in 2020 due to the pandemic, we will wait for the details to come from the Internal Revenue [...]

By |2021-03-17T17:16:11-06:00March 17th, 2021|Tax|Comments Off on Tax Day Extended Until May 17th for Individuals to Give Flexibility to File and Pay 2020 Taxes

Congress Passes American Rescue Plan Act of 2021

This afternoon, Wednesday, March 10th, Congress passed legislation designed as another stimulus to help those in need as a result of the COVID-19 pandemic.  The American Rescue Plan Act of 2021 is a $1.9 trillion economic stimulus package designed to provide additional relief to address the continued impact of COVID-19 on the economy, public health, [...]

By |2021-03-10T15:21:50-06:00March 10th, 2021|COVID-19, Tax|Comments Off on Congress Passes American Rescue Plan Act of 2021

Employers note – Kansas Governor Laura Kelley Issues Executive Order for Withholding on Telecommuters

States have been struggling with how to deal with telecommuters as a result of the COVID-19 pandemic.  This is especially interesting for employers in one state when the employee works from home in a different state. For 2020, Kansas had a temporary rule that applied from March 13, 2020 through December 31, 2020 that allowed [...]

By |2021-02-13T17:51:38-06:00February 13th, 2021|COVID-19, Tax|Comments Off on Employers note – Kansas Governor Laura Kelley Issues Executive Order for Withholding on Telecommuters

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
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