The Internal Revenue Service (IRS) has recently announced a significant update for taxpayers, providing much-needed relief for those affected by the COVID-19 pandemic. Specifically, the IRS is offering automatic penalty relief for taxpayers who failed to pay their income taxes for the tax years 2020 and 2021. This relief is part of the IRS’s efforts […]
If you have received refunds through the Employee Retention Credit (ERC) and are concerned about its legitimacy, a recent development from the IRS could be good news for you. Earlier in 2023, we wrote about how many of the companies offering to help with ERC credits were scams, and how the fraud was so rampant
IRS Launches ERC Repayment Program Read More »
Back in mid-November, we wrote this article stating that expenses paid with Paycheck Protection Program (PPP) loan proceeds are not deductible. And it was true at the time. We also stated that Congress may act on this, since it was their intent to allow expenses to be deductible, but it was not clearly written into the CARES
PPP Updates from the Stimulus Package Read More »
Business owners have learned a lot during this year of the COVID-19 pandemic. One unexpected lesson is how to report the impact of a disaster on your company’s financial statements. Under U.S. Generally Accepted Accounting Principles (GAAP), the impact of events such as year’s crisis are referred to as “subsequent events,” and there are two types:
How to Report the Impacts of a Disaster on Your Financial Statements Read More »
Generally withdrawing retirement account funds can be an expensive endeavor due to the taxes you have to pay on the transaction. However, a provision of the CARES Act allows tax-favored treatment for retirement account distributions in certain situations in an attempt to alleviate some of the economic hardship many Americans are experiencing as a result
Retirement Plan Withdrawals Can Be Less Taxing Read More »
The Coronavirus Aid, Relief and Economic Security (CARES) Act created a number of relief vehicles to help business remain afloat. One that is not covered as much as some of the others is a new federal income tax credit to allow employers to keep paying their workers. The credit equals 50% of eligible employee wages
Retention Tax Credit Brings Financial Relief for Employers Read More »
We have been doing our best to keep you up-to-date on everything going on in relation to COVID-19 and its impact on businesses and taxes. As we start hearing rumblings of things starting to slowly reopen, we wanted to make sure you had the latest information with which to make decisions. Paycheck Protection Program (PPP)
Recent Developments and Observations Read More »
Yesterday, we posted details on the relief available to businesses impacted by COVID-19 and how to know if you are qualified to apply for it. Today, we have new information and links to sample applications that we can share as well. Starting April 3, small businesses and sole proprietorships can apply for and receive Paycheck Protection Program
Business Loan Application Released by Department of Treasury Read More »
Right now, your highest priority is your health and that of your loved ones, and we wish that all of you stay healthy and safe. But we realize that your next biggest concern may be where money is going to come from to pay your expenses during this pandemic. This is especially true if you
COVID-19 Tax & Business Relief Update Read More »