We recently provided guidance on how to spend your Paycheck Protection Program (PPP) loan funds in order to receive maximum forgiveness. However, we’re now being asked a new question: “Should I return the PPP funds I’ve received?”
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Is Cofounder Conflict Threatening Your Business?
If you asked entrepreneurs to make a list of everything they think might one day pose a threat to their company, you’d probably hear a variety of answers. Some might be (rightfully) worried about ultimately developing a product in search of a marketplace. Others may be worried about how they’re going to overcome cash flow issues. And some may still be worried about getting “taken for a ride” by the venture capital people they’re putting so much of their faith in. While all of these are understandable concerns, there’s one that’s often missing from the list: cofounders.
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Here Comes the Math: Download PPP Loan Forgiveness Templates
UPDATED 6/3: It’s now time to start tracking your use of the funds to determine the amount to be forgiven. To aid you in this process, we’ve prepared a few Excel workbooks which you can download by clicking the link below. Each workbook contains instructions, the loan forgiveness calculator, determination of your FTE (full time equivalent), actual tracking of costs template, a certification template and two examples so you can “see the math” in action.
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IRS Says Expenses Paid with Forgiven PPP Loans Are NOT Deductible
On Thursday, April 30 the IRS announced in Notice 2020-32 that expenses paid using forgiven Payroll Protection Plan (PPP) loans are not deductible. The IRS is clearly seeking to eliminate a potential double tax benefit.
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I’m Self-Employed. What Do I Need to Know About Taxes?
Self-employed individuals, unlike employees, don’t have an employer withholding federal (and state, where applicable), Social Security or Medicare (FICA) taxes tax from their wages during the year.
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Payroll Tax Deferral: More Relief for Employers and Self-Employed
We have been providing you many updates during the COVID-19 pandemic, with most centered around the Payroll Protection Plan and loan forgiveness. And rightly so! The prospect of tax-free funds to businesses is an extraordinary benefit. However, there is another provision available to employers and the self-employed that has not received as much attention: the deferral of employment tax deposits and payments.
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VIDEO: Meet Cray Kaiser’s 2020 Tax Interns
Even though the 2019 tax season isn’t quite behind us this year, the 2020 CK interns wanted to share what they’ve been up to the last few months and why CK was a great (and fun!) place to expand their skillsets.
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I’ve Received My PPP Funds, Now What?
Congratulations on receiving your Paycheck Protection Program (PPP) funds! You and your bank have worked hard to ensure that you have the funds available to maintain payroll and operations for the next eight weeks. But the hard work is far from over. And you’re likely asking, “What do I do now to qualify for loan forgiveness?”
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Additional Guidance on the PPP Loan Application Process
On April 6, 2020, The Small Business Administration (SBA), in consultation with the Department of Treasury, issued additional guidance and clarifications on Paycheck Protection Program (PPP) loans. Below is an overview of these clarifications. If you have further questions, please don’t hesitate to contact us at 630-953-4900.
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The Often-Overlooked Tax Issues Related to Hobbies
A hobby exists for pure enjoyment – there’s (typically) no goal to make money or make a living from a hobby. They are passion projects or fun activities that people choose to spend their time on because it makes them happy. But that doesn’t mean that hobbyists don’t make money from their hobby – sometimes they do! Tax law generally does not allow deductions for personal expenses except those allowed as itemized deductions on the 1040 Schedule A, and this also applies to hobby expenses.
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