May 19, 2021

The Internal Revenue Service (IRS) is experiencing a ‘perfect storm’ of factors that are almost certain to lead to extensive delays in the processing of tax returns and, as a result, the delivery of refunds to taxpayers to whom funds are owed. The Taxpayer Advocate Service, an agency within the IRS that is independent and […]

February 12, 2021

Solutions for small businesses to offset the disruptive effects of COVID-19, such as the Paycheck Protection Program, provided much-needed relief to business owners, but will also result in the 2020 tax season is unlike any we have experienced. In this article, we’ll explore the tax implications of this assistance for a better understanding of how to prepare for this year’s tax season.

January 25, 2021

Thanks to a slew of changes in the existing Employee Retention Credit (ERC), businesses can be eligible for both ERC and PPP loans. In this article, we’ll discuss how businesses can get both PPP loans and the ERC.

January 21, 2021

The Consolidated Appropriations Act, 2021, has brought a few changes to the employee retention credit. In this article, we’ll explain how the new changes in the employee retention credit differ from previous guidelines and what that means for small business owners.

January 21, 2021

The forgivable PPP loan was introduced to revitalize struggling businesses but it came with a tax caveat. In this article, we’ll explore how the new changes impact eligible expenses and deductible tax.

January 15, 2021

The Small Business Association (SBA) issued a fresh set of Paycheck Protection Program (PPP) guidelines on January 6, 2021 with new guidelines expanding the scope of the original PPP to help small businesses hit worst by the pandemic. In this article, we’ll explore the implications the new rulings have for small businesses.

December 28, 2020

All basic eligible expenses from PPP1 will transfer to PPP2. A few exceptions might include forgiveness for worker protection and PPE, and other necessary expenses such as software and account services.

December 17, 2020

Small business owners will not be able to claim a deduction for otherwise deductible expenses if they were paid for by funds from a PPP loan. However, Congress says they are committed to addressing this issue by the end of the year.

November 30, 2020

While the Paycheck Protection Program (PPP) has been a lifeline for small businesses, it also comes with a variety of tax implications including questions surrounding whether or not forgiven loans are taxable or can be counted as grants.

September 2, 2020

The new IFR can greatly impact PPP loan forgiveness for rent or mortgage interest as well as S- and C-corporation employee-owners’ payroll compensation.