While the COVID-Related Tax Relief Act has been passed, it is now up to other governmental agencies (the Treasury and SBA, notably) to write the regulations associated with the Act. As these regulations are written we will keep you informed of additional developments. In the meantime, please contact us today with any questions.
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Details on the COVID-Related Tax Relief Act (COVIDTRA) of 2020
On December 27, 2020, President Trump signed the COVID-Related Tax Relief Act of 2020 (COVIDTRA). Here are the main, time sensitive provisions of COVIDTRA. In a future blog we will review some of the non-time sensitive provisions.
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Congress Confirms Expenses Are Deductible and PPP Loan Is Not Taxable
If you received a PPP loan, and expect to receive loan forgiveness, you can breathe a sigh of relief. The loan proceeds are not taxable and you will not have phantom income tax due to your not being able to deduct expenses paid with PPP loans.
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VIDEO: “Navigating the Evolving Tax Climate” Webinar Takeaways – Tax Planning for 2021
On Thursday, December 3rd, Natalie McHugh, Deanna Salo, and Karen Snodgrass joined Private Vista LLC for a webinar, “Navigating the Evolving Tax Climate: What to Do Now & How to Prepare for 2021”. Below are a few of the key takeaways from the presentation. We invite you watch the full presentation to hear all of the insights shared.
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Stimulus Payment Text Scam: What You Need to Know
The IRS has warned taxpayers of a clever stimulus payment text scam by internet scammers that tricks taxpayers into revealing their bank account information under the guise of receiving the $1,200 Economic Impact Payment (EIP).
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Why the SBA is Questioning Borrowers with PPP Loans Over $2 Million
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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