PPP loan forgiveness FAQs released

The Small Business Administration released this week its first round of FAQs regarding the loan forgiveness process for Paycheck Protection Program Loans. These FAQs, which serve as guidance on the provisions of the CARES Act, follow closely to what we have been advising our clients already as we prepare their applications for PPP Loan forgiveness. […]

CARES Act changes how business losses are treated

In addition to the relief offered to individuals and business owners impacted by the COVID-19 outbreak, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) also contains modifications for how business losses are treated for tax purposes. What is an NOL? Generally, a net operating loss occurs when your deductions for the year are […]