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...
There have been several additional developments over the last few weeks regarding the Paycheck Protection Program (“PPP”). Even after these developments, many aspects of the PPP are still uncertain, including how the amount of the loan forgiveness will be calculated. The CARES Act was clear...
There have been additional developments over the last several days regarding the Paycheck Protection Program (PPP) and the only thing we can say with certainty is that more changes will come! See below for key May 7, 2020 deadline. The amount of PPP Loan availability has...
Any affected person with a federal income tax return due on April 15th will now have until July 15, 2020 to file their return. This is a change from a prior IRS announcement. Affected persons include individuals, trusts, estates, partnerships and corporations. There are...
Key Updates on Recent Legislation Business Legislation: The Family First Coronavirus Response Act requires certain size employers to provide paid sick leave as well as paid family and medical leave to employees. The government then provides a fully refundable credit against payroll taxes to offset the qualified...
Individual Legislation: Certain withdrawals from retirement plans (up to $100,000) will not be subject to the 10% early distribution penalty Increase of maximum loan from qualified plans to $100,000 (up from $50,000 – check with your plan administrator) Temporary waiver of 2020 required minimum distribution...
The IRS has released guidance related to the postponement of certain tax payments as relief to taxpayers during the COVID-19 outbreak. This measure provides one of the first of what will likely be several measures to improve the liquidity of businesses and individuals. While taxpayers still...
More than ever, it is important for individuals and businesses to enter into detailed tax planning. Due to the complexity of the tax law, the details are often left to the tax advisor, but having a basic understanding of how the new tax reform may...
In the Tax Cuts and Jobs Act of 2017 (Tax Act), changes to business taxation are considerable and comprehensive. Because many of our clients are structured as pass-through entities and small businesses, we wanted to address several of the most significant changes for 2018 tax...