PPP Update: SBA Issues Loan Forgiveness Application

On Friday afternoon, the SBA released additional guidance on several key elements related to PPP forgiveness, as well as a PPP Loan Forgiveness Application. Some areas that have been better defined, include: Alternative Payroll Covered Period Added For payroll [...]

By |2020-05-16T15:17:45-04:00May 16th, 2020|Categories: Blog, Consulting, COVID-19, Frank Balestreri, Small Business Services|Tags: , , , , , , |Comments Off on PPP Update: SBA Issues Loan Forgiveness Application

Business Charitable Contribution Rules Have Changed Under The CARES Act

In light of the novel coronavirus (COVID-19) pandemic, many businesses are interested in donating to charity. In order to incentivize charitable giving, the Coronavirus Aid, Relief and Economic Security (CARES) Act made some liberalizations to the rules governing charitable [...]

By |2020-05-11T14:07:55-04:00May 11th, 2020|Categories: Blog, COVID-19, Tax|Tags: , , |Comments Off on Business Charitable Contribution Rules Have Changed Under The CARES Act

PPP Loan Forgiveness Isn’t a Given

One of the most attractive elements of the Small Business Administration’s Paycheck Protection Program (PPP) is the potential forgiveness of funds advanced that small business owners use for payroll and other eligible expenses. Obtaining that forgiveness, however, may not [...]

By |2020-05-14T14:47:37-04:00May 8th, 2020|Categories: Blog, Consulting, COVID-19, Frank Balestreri, Small Business Services|Tags: , , , |Comments Off on PPP Loan Forgiveness Isn’t a Given

The CARES Act Liberalizes Net Operating Losses

The Coronavirus Aid, Relief, and Economic Security, or CARES Act, eliminates some of the tax-revenue-generating provisions included in a previous tax law. Here’s a look at how the rules for claiming certain tax losses have been modified to provide [...]

By |2020-05-04T13:24:29-04:00May 4th, 2020|Categories: Blog, COVID-19, Tax|Tags: , , |Comments Off on The CARES Act Liberalizes Net Operating Losses

Paycheck Protection Program: Forgiveness Checklist

If you've secured funding from the Paycheck Protection Program – now is the time to get a head start on gathering the documents you'll need to apply for forgiveness. Our checklist provides: A quick overview of what to expect [...]

By |2020-05-14T14:48:55-04:00April 24th, 2020|Categories: Blog, Consulting, COVID-19, Frank Balestreri, Kevin Shives, Small Business Services|Tags: , , , , |Comments Off on Paycheck Protection Program: Forgiveness Checklist

New COVID-19 Law Makes Favorable Changes To “Qualified Improvement Property”

The law providing relief due to the Coronavirus (COVID-19) pandemic contains a beneficial change in the tax rules for many improvements to interior parts of nonresidential buildings. This is referred to as qualified improvement property (QIP). You may recall [...]

By |2020-04-20T17:57:32-04:00April 20th, 2020|Categories: Blog, COVID-19, Tax|Tags: , , , |Comments Off on New COVID-19 Law Makes Favorable Changes To “Qualified Improvement Property”

Adjusting Your Financial Statements For COVID-19 Tax Relief Measures

The Coronavirus Aid, Relief, and Economic Security (CARES) Act, signed into law on March 27, 2020, contains several tax-related provisions for businesses hit by the novel coronavirus (COVID-19) crisis. Those provisions will also have an impact on financial reporting. Companies [...]

By |2020-04-17T20:11:01-04:00April 17th, 2020|Categories: Audit, Blog, COVID-19|Tags: , , |Comments Off on Adjusting Your Financial Statements For COVID-19 Tax Relief Measures

IRS Opens Direct Deposit Portal to Speed Up Your Stimulus Payments

On April 15, the federal government started the process of depositing the first economic stimulus checks to individuals who have a direct deposit set up with the IRS. Eligible taxpayers could receive up to $1,200 of stimulus money, and [...]

By |2020-04-16T16:11:57-04:00April 15th, 2020|Categories: Blog, COVID-19|Tags: , , |Comments Off on IRS Opens Direct Deposit Portal to Speed Up Your Stimulus Payments

Answers to Questions about the CARES Act Employee Retention Tax Credit

The recently enacted Coronavirus Aid, Relief, and Economic Security (CARES) Act provides a refundable payroll tax credit for 50% of wages paid by eligible employers to certain employees during the COVID-19 pandemic. The employee retention credit is available to [...]

By |2020-04-06T12:48:33-04:00April 6th, 2020|Categories: Blog, COVID-19, Tax|Tags: , , |Comments Off on Answers to Questions about the CARES Act Employee Retention Tax Credit

Student Loan Relief for Many

A great sigh of relief for many individuals wondering how they are going to pay their student loans during this time. The new CARES act includes a deferral for six months on federally backed student loan payments and interest. [...]

By |2020-04-03T19:16:43-04:00April 3rd, 2020|Categories: Bill Abel, Blog, COVID-19|Tags: , , |Comments Off on Student Loan Relief for Many