Congress Approves Round 3 of Stimulus Payments
The American Rescue Plan Act has passed and includes a third much-anticipated economic impact payment (EIP). This is one of several...
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Mar 5, 20211 min read
New PPP benefits for Schedule C business owners
On March 3, SBA released the latest guidance, benefitting specifically Schedule C filers (NOT S corps or partnerships). Here it is, in a...
Mar 2, 20211 min read
Concerns about unused FSA balances? IRS offers expanded flexibility
The Internal Revenue Service has recently announced that, due to the pandemic, they would extend greater flexibility to employee benefit...
Feb 28, 20214 min read
Employee Retention Credit Extended
In order to help trades and businesses to retain employees and keep them employed during the COVID-19 crisis, the Coronavirus Aid,...
Feb 22, 20211 min read
Biden-Harris modifications to PPP program
Today, the Biden-Harris administration announced the following modifications to the PPP program: Institute a 14-day period, starting...
Feb 5, 20212 min read
Don't throw away that Notice 1444
The IRS is mailing all recipients of Economic Impact Payments a Notice 1444 that provides information about the amount of their payment,...
Jan 22, 20211 min read
Solar (REEP) Tax Credit Phaseout
After several months of the Republicans and Democrats not being able to agree on additional COVID-related tax relief and other matters,...
Jan 21, 20211 min read
PPP Simplified Loan Forgiveness
Congress passed, and President Trump signed, the Consolidated Appropriations Act, 2021. Included in its approximately 5,600 pages is a...
Jan 20, 20212 min read
PPP Loan Forgiveness
Congress passed, and President Trump signed, the Consolidated Appropriations Act, 2021. Included in its approximately 5,600 pages is a...
Jan 19, 20212 min read
PPP Maximum Loan Amounts
The Paycheck Protection Program (PPP) now allows certain eligible borrowers that previously received a PPP loan to apply for a Second...
Jan 16, 20211 min read
Flexible Spending Arrangements Carryover
After several months of the Republicans and Democrats not being able to agree on additional COVID-related tax relief and other matters,...
Jan 14, 20212 min read
Clarification of Tax Treatment of Covered Loan Forgiveness Expenses
After several months of the Republicans and Democrats not being able to agree on additional COVID-related tax relief and other matters,...
Jan 12, 20212 min read
Paycheck Protection Program (PPP) Loans & Small Business Support
After several months of the Republicans and Democrats not being able to agree on additional COVID-related tax relief and other matters,...
Jan 9, 20212 min read
Additional 2020 Recovery Rebates
An additional round of economic impact payments (EIPs) is included in the legislation but the amount is substantially less than the first...
Dec 22, 20201 min read
COVID-19 Relief Bill Update
On December 21, Congress passed a much needed COVID-19 relief bill and the President is expected to sign the bill today. The key points...
Dec 9, 20201 min read
IRS denies blanket relief of tax penalties
The IRS’s response to the COVID-19 pandemic has included focused relief from tax penalties, but taxpayers and tax professionals should...
Nov 22, 20201 min read
IRS doubles down on nondeductibility of PPP-funded expenses
In guidance issued on Wednesday, November 18, IRS reiterated its position that taxpayers cannot claim a deduction for any otherwise...
Oct 31, 20206 min read
Don’t Miss Out on Year-End Tax-Planning Opportunities
2020 has given rise to more than the usual tax-planning opportunities.
Oct 29, 20203 min read
The SBA Issues a Simplified PPP Loan-Forgiveness Application
The whole process of obtaining a PPP loan and applying for forgiveness has been complicated from the start...
Oct 20, 20204 min read
Actually, a Recession is a Great Time to Launch That New Startup
There are definitely factors that will determine whether or not a startup will succeed, but they have less to do with the coronavirus...
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