Unfortunately, the COVID-19 pandemic has forced many businesses to shut down. If this is your situation, we’re here to assist you in any way we can, including taking care of the various tax obligations that must be met. Of course, a business must file a final income tax return and some other related forms for …
By Christopher Davis, CPA As the last several months have shown, a lot can happen in a very short period of time. Congress has kept pace with these changes by passing several incentives designed to assist individuals and small businesses as we all continue to navigate through the COVID-19 pandemic. These new incentives range from …
Over the past few weeks, some critical changes have been made to the Paycheck Protection Program (PPP). The PPP Flexibility Act (the Act) and various guidelines issued by the Small Business Administration (SBA) provide relief to small businesses utilizing and preparing to seek forgiveness of their PPP loans. Here are questions and answers on some …
UPDATE 9-21-22: Improperly forgiven PPP loans are taxable On Friday, June 5, 2020, President Trump signed into law the Paycheck Protection Program Flexibility Act (the Act). The Act makes critical changes to the Paycheck Protection Program (PPP), which provides relief to small businesses utilizing PPP loans and now preparing to seek forgiveness of their loans. …
Around Memorial Day weekend, the Small Business Administration released the PPP Loan Forgiveness Application and Interim Final Rules, which provide clarification on obtaining PPP loan forgiveness. Here are questions and answers on some of the major issues: Do eligible costs have to be both incurred and paid during the eight-week covered period? No. Loan proceeds …
The Paycheck Protection Program, or PPP, was great news for business owners who needed a lifeline when the COVID-19 pandemic began sweeping the United States. The key benefit of the PPP is the opportunity for federal loans to be forgiven if certain conditions are met. But the program was enacted so quickly that some details …
By Jim Rice, CPA, and Christopher Davis, CPA As we all try to deal with the COVID-19 crisis, several economic relief programs have gotten a lot of attention but still call for a closer look due to their complexity. Cases in point: The Paycheck Protection Program (PPP), and the Small Business Administration’s Economic Injury Disaster …
WASHINGTON — To help taxpayers, the Department of Treasury and the Internal Revenue Service announced on April 9 that Notice 2020-23 (PDF) extends additional key tax deadlines for individuals and businesses. In March, the IRS announced that taxpayers generally have until July 15, 2020, to file and pay federal income taxes originally due on April 15. No …
If you’re an employer and concerned about helping your employees get through the COVID-19 crisis, there’s a tax-deductible way to do it that is also non-taxable to your employees. Congress passed IRC section 139 in 2002 in response to the 9/11 attacks. The law enables employers to make relief payments to employees in a federally …
Many of you operate businesses based in Texas. We want to make sure you are aware that the Texas franchise tax return and related payment due date has been changed from May 15, 2020 to July 15, 2020. The extension is automatic, so nothing needs to be filed to take advantage of the change. More …
