Scam artists seem to come out of the woodwork when there’s money involved — and taxes are no exception. Fortunately, if you familiarize yourself with common tax scams and understand what the IRS will and won’t do, it’s easy to avoid them. This article highlights...
Additional relief is on the way for individuals and businesses. Here are the key provisions of the additional round of stimulus in The Act passed by Congress and signed by the President. New Round of Recovery Rebate Payments[spacer height="20px"] These payments are limited to $600 per individual this...
To provide tax relief to businesses suffering during the COVID-19 pandemic, the Coronavirus Aid, Relief, and Economic Security (“CARES”) Act temporarily relaxes the limitation on deductions for business interest expense. Limitations under the Tax Cuts and Jobs Act[spacer height="20px"] Before the Tax Cuts and Jobs Act (TCJA),...
Two Important Tax Opportunities Are About to Expire The Coronavirus Aid, Relief and Economic Security ("CARES") Act provided numerous opportunities for tax relief, two of which are about to lapse: Required Minimum Distributions Required Minimum Distributions (RMDs) from retirement plans are waived for the 2020 tax year....
What Does the Executive Order Deferring Payroll Tax Mean For You? President Trump recently released a memorandum on deferring the withholding, deposit and payment of the employee’s share of the 6.2% social security tax on wages paid during the period of September 1, 2020 through December...
Paycheck Protection Program: Frequently Asked Questions There are many questions that still surround the Paycheck Protection Program (PPP) and loan forgiveness. The Small Business Administration (SBA) has released a list of the most frequent questions they receive along with general guidance. Included in this FAQ: • Which application...
On June 17, 2020, the Small Business Association (SBA) in consultation with the Department of the Treasury, posted a revised PPP loan forgiveness application and instructions (Form 3508 - revised June 16, 2020), which implements the PPP Flexibility Act of 2020 that was signed into...
What You Need to Know about Additional Opportunity Zone Relief Available due to COVID-19 Pandemic Qualified Opportunity Funds (“QOF”) and their investors have been working diligently to try and meet certain time-sensitive deadlines in order to comply with various Opportunity Zone rules. Due to the COVID-19...
New Law Provides Welcome Modifications to PPP Congress has acted to change the Paycheck Protection Program (“PPP”) including to relax PPP Loan Forgiveness rules with the goal of making it easier for many businesses to qualify for loan forgiveness on a larger portion of their loans....
Important PPP Loan Update: FAQ #46 Safe Harbor Guidance on Economic Uncertainty Certifications Additional guidance has been released related to how borrower’s certification of necessity for Paycheck Protection Program (PPP) loans will be evaluated by the Treasury. This topic has caused concern among borrowers since additional...