Keep all records related to PPP loans and forgiveness application
“Uncertainty” is a word that defines the era of coronavirus, but there is one thing that is certain: You must keep documentation of everything you do. Guidance continues to emerge, and more legislative changes have been made to the Paycheck Protection Program with the PPP Flexibility Act. How this will impact your loans or your […]
SBA: Any PPP loan less than $2 million deemed ‘necessary’
The Treasury Department and Small Business Administration clarified its rules today regarding small business owners’ need to certify the necessity of receiving loans through the Paycheck Protection Program One requirement to qualify for forgiveness of a PPP loan is that all borrowers must certify in good faith when submitting their applications that “current economic uncertainty makes […]
Families First Coronavirus Response Act provides paid sick and family leave, employer tax credits
President Trump signed today the Families First Coronavirus Response Act (H.R. 6201) to provide affected individuals with paid sick and family leave and create tax credits for affected employers, expand food and nutrition services, allow for emergency state unemployment insurance grants, and increase Medicaid funding to states, among other things. The leave provisions go into […]
April 15 tax payment deadline extended
Treasury Secretary Steven Mnuchin announced that individuals can defer tax payments up to $1 million and corporations can defer tax payments up to $10 million for 90 days. The $1 million limit for individuals was established to cover small businesses and pass-through entities. The payment deadline extension is in response to the COVID-19 outbreak. At the time […]
New Treasury Department rules clarify ‘specified service trade or business’
In some ways the sweeping tax reform law that was passed at the end of 2017 left as many questions unanswered as it answered. Just last week, the Treasury Department issued rules that seek to clarify some issues related to qualified business income. The Tax Cuts and Jobs Act created a new provision, Section 199A, which […]
‘Drafting error’ in tax law could impact bonus depreciation rules
McDonald’s Corp. is a part of a coalition of restaurants and retailers that has appealed to Congress to fix a “drafting error” in the Tax Cuts and Jobs Act that is deterring some business owners from investing in their stores. According to Reuters, the coalition states that lawmakers intended to change the tax reform law […]
