Payroll Protection Program Second Round Funding (PPP2)

The Coronavirus Response and Relief Supplemental Appropriations Act (the Act) was signed into law on December 27, 2020. On January 6, 2021, the Treasury/SBA issued IRS revenue ruling 2021-02 regarding PPP loans. Second Round Funding (PPP2) The Act provides additional PPP funding for small businesses. The last day to apply for second draw funding is…

Read More

Payroll Protection Program 2 Updates – December 2020

The Coronavirus Response and Relief Supplemental Appropriations Act (the Act) was signed into law on December 27, 2020. The following information summarizes the major provisions of the Act regarding the Paycheck Protection Program (PPP): Second Round Funding (PPP2) The Act provides an additional $267.5 billion in new PPP funding for small businesses. This funding is available to…

Read More

Tax Planning: Tips for 2020 Year-End Planning

200 tax time

Tax planning shows the most benefit when it is done throughout the year. 2020 is and was such a disruptive year that tax planning went on the back burner for many taxpayers. Now that we are approaching year end, it is time focus on some of the steps you can take to lower your taxes.…

Read More

Avoid “Past Due” Situations with the Proper Procedures

businesses-avoid-late-payments

Put procedures in place to avoid “past due” situations COVID-19 has caused many businesses and individuals to be strapped for cash and experiencing difficulty paying their bills. If you’re running your own business, outstanding invoices can play havoc with your own cash flow. Some businesses are offering payment extensions to their customers. But if your…

Read More

PPP Loan Forgiveness is Taxable in 2020

A picture of the word tax and american flag

In guidance issued on November 18, 2020, the IRS reiterated its position that taxpayers cannot claim a deduction for any otherwise deductible expense if the payment of the expense results in forgiveness of a Paycheck Protection Program (PPP) loan because the income associated with the forgiveness is excluded from gross income under the Coronavirus Aid,…

Read More

Remote Workers May Be Liable for Multiple State Taxes

income taxes

Remote work can be taxing The COVID-19 pandemic has required many people to work remotely, either from home or a temporary location. One potential consequence of remote work may surprise you: an increase in your state tax bill. During the pandemic, it’s been fairly common for people to work remotely from another state — across…

Read More

Fraud Awareness and Prevention

fraud prevention

November 15 – 21, 2020 is International Fraud Awareness week. Being aware of fraud and implementing good practices in your organization should not be reserved for one week per year, but practiced all year long. Learn more about our Forensic Accounting Services. Organizations worldwide lose an estimated 5 percent of their annual revenues to fraud,…

Read More

Buy-Sell Agreements Help Business Owners Prepare for the Unexpected

man reading document

When a business is owned by more than one person, it’s generally advisable for the owners to enter into a contractual agreement that prescribes what will happen if an owner dies, becomes disabled, retires or otherwise leaves the company. Some market analysts predict that the COVID-19 crisis may trigger an increase in buyouts. For example,…

Read More

Home Office Deductions in the COVID-19 Era

home office

Have you been working from home during the COVID-19 crisis? Join the club. Approximately 42% of the American workforce is currently working from home full-time, according to a recent study by the Standard Institute for Economic Policy Research. Only 26% are working on business premises – and many of those are essential workers, such as…

Read More