While much attention has been focused on the Paycheck Protection Program, there are two additional programs designed to help COVID-19 affected businesses retain employees: Employee Retention Tax Credit (ERTC) and Employer Social Security Tax Deferral. The Employee Retention Tax Credit …
SBA Issues New PPP Loan Guidance: What You Need To Know And FAQs
SBA Issues New PPP Loan Guidance: What You Need To Know And FAQs On June 22 the Small Business Administration (SBA) issued new Interim Final Rules (IFR) on the recently passed Paycheck Protection Program Flexibility Act (PPPFA), clarifying some issues …
Required Minimum Distributions from Retirement Accounts in 2020 are Waived Under the CARES Act
Anyone who already took a required minimum distribution (RMD) in 2020 from certain retirement accounts now has the opportunity to roll those funds back into a retirement account following the CARES Act RMD waiver for 2020. The 60-day rollover period …
Relief for Taxpayers Affected by COVID-19 Who Take Distributions or Loans from Retirement Plans
The CARES Act provides that qualified individuals may treat as corona virus-related distributions up to $100,000 in distributions made from their eligible retirement plans (including IRAs) between Jan. 1 and Dec. 30, 2020. A corona virus-related distribution is not subject …
Economic Impact Payments to individuals
Commonly referred to as “stimulus checks” or “recovery rebates”, Economic Impact Payments to individuals are a key provision of the Corona virus Aid Relief, and Economic Security (CARES) Act legislation that Congress passed to help reduce the financial burden of …
Important COVID-19 Updates
2019 Taxes and Payments Are Due As the 2019 tax filing and payment deadline approaches, the IRS reminds taxpayers and businesses that 2019 income tax liabilities as well as postponed April 15 and June 15, 2020 estimated tax payments are …
5 Ways Your Accountant Can Help You Profit In a Down Economy
In a down economy, making good decisions is critical. These informed decisions should come from accurate financial numbers. Numbers determine which levers to pull to increase your profits. Businesses need to review and analyze their numbers periodically. Many business owners …
Payroll Protection Plan Forgiveness
Were you one of the lucky companies who received Paycheck Protection Program (PPP) funds? If you want to have those funds forgiven, you are required to spend those funds over the next 8 weeks on employee and office costs. Below …
Paycheck Protection Program
There is a new emergency loan program that will provide cash-flow assistance to those small businesses impacted by the current COVID-19 quarantine situation. The Paycheck Protection Program, commonly referred to as the PPP, is a program that is structured to …
Payroll Tax Credits Surrounding the Paid Leave related to Coronavirus
Coronavirus-related paid leave for workers and payroll tax credits for small and midsize businesses Under the Families First Act, small and midsize employers will be able to take advantage of refundable payroll tax credits. This credit will enable employers to …