Needless to say, the contemplation of free money had businesses scrambling to take out PPP loans, whether they were impacted by economic effects of COVID-19 or not. Therefore, the Treasury had initially indicated the need for all PPP loans to be audited, but later specified only those of $2 million or more would be subject to an audit.
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Clarifications on the Deductibility of Expenses for Businesses with a PPP Loan
The U.S. Treasury Department and Internal Revenue Service (IRS) released guidance on November 18th clarifying the deductibility of expenses where a Paycheck Protection Program (PPP) loan has not been forgiven by the end of the year the loan was received.
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Wealth Transition & Succession Planning: Best Practices for Businesses During COVID-19
Thanks in no small part to COVID-19, many private enterprises and family-owned businesses have been forced to dramatically rethink their points of view on these strategies and other important wealth transition and succession planning topics. As a result, below are some things to take into consideration.
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Here’s Why the IRS Still Hasn’t Cashed Your Check
During the COVID-19 pandemic, the Internal Revenue Service (IRS) furloughed many of its employees or had them work from home to mitigate the spread of the virus. Many IRS offices remained shuttered for months, thus a backlog of millions of pieces of unopened mail, including IRS checks, accumulated in trailers set up outside IRS facilities.
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How States are Reshaping Nexus Laws for Remote Employees Due to COVID-19
As more and more organizations make the decision that their staff members can work from home either permanently or on a long-term basis, they may need to take a closer look at how nexus laws will be addressed — especially as several state governments are beginning to address work-from-home employees in terms of nexus and on tax revenue.
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Individuals Have a New Opportunity to Receive $500 Economic Impact Payments for Their Children
The Internal Revenue Service (IRS) announced that it would reopen the registration period for federal beneficiaries with children who did not receive a $500 per child Economic Impact (stimulus) Payment earlier this year. Here’s what you need to know.
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A Year of Alphabet Soup: PPP Loan Forgiveness Clarifications for Owner Compensation
Beyond running and leading your business, you are required to have a bowl of alphabet soup, almost daily, to try to stay afloat in understanding how all of this impacts you as a business owner. In this blog, we focus on how business owners are compensated and how they fit into the Paycheck Protection Program (PPP) loan forgiveness computation.
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Here Comes the Math: Download the NEW 24-Week PPP Loan Forgiveness Templates
We’ve previously shared Paycheck Protection Program (PPP) Loan fund tracking spreadsheets for the eight-week covered period. Now, we have created templates for the 24-week covered period. You can click below to download weekly, bi-weekly, monthly, and semi-monthly workbooks.
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Guidance Issued on Deferral of Payroll Taxes
For the period between September 1 and December 31, 2020, employers can opt out of withholding the 6.2% payroll tax that is the employee’s share of Social Security taxes. The deferral is only available to employees that earn less than the equivalent of an annual salary of $104,000. If the employer chooses to defer collection, the taxes would then be due no later than April 30, 2021.
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Unique IRA Opportunities for 2020 as a Result of COVID-19
As hard as it has been financially for many individuals, the year has provided some unique tax opportunities for those who have traditional IRA accounts. These range from converting traditional IRAs to Roth IRAs, retirees making larger-than-normal IRA withdrawals and the decision whether to take advantage of the required minimum distribution suspension for 2020.
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