On June 3, 2020, the Senate passed the House version of the Paycheck Protection Flexibility Act.  This bill will expand the provisions of the Paycheck Protection Program in several key ways to make it easier for small businesses to qualify for forgiveness.  Here is a quick summary of the changes: The 8-week forgiveness period can […]

The SBA has released their initial application and instructions to apply for forgiveness for the PPP loan.  Many of our clients have participated in this program.  There has been a lot of rumor and speculation about how the forgiveness process will work.  As formal guidance starts to come out, we want to make sure our […]

Many clients have been asking for information on how to update their personal information for the stimulus payments and to check on the status of their payment. There are two options to be aware of:   If you were not required to file for 2018 or 2019 click here. You can enter some basic information […]

Our last blog post delved into the parts of the CARES Act mostly affecting individuals. We continue our look at the CARES Act with some provisions impacting small business owners. Paycheck protection program and forgivable loans This is a partially forgivable loan program through the SBA.  Loans must be applied for by June 30, 2020 […]

Congress has just passed the largest stimulus package in U.S. history.  It’s an incredibly complicated law.  I’m going to try and focus on the areas that I think will benefit most of our clients. Recovery rebates for individuals Perhaps the provision drawing the most interest, this section provides a refundable income tax credit against 2020 […]

The FFCRA includes an expansion of the Family and Medical Leave Act. For qualifying employers, up to 12 weeks of leave must be provided to employees that qualify under this act.  A qualifying need is defined as an employee who is unable to work or telework because the employee needs leave to care for a […]

The Families First Coronavirus Response Act (FFCRA) includes provisions that help employers provide paid sick leave to employees.  Starting 4/2/20, and subject to some limitations and exceptions, employers with fewer than 500 employees must provide both paid and unpaid public health agency emergency leave to certain employees through December 31, 2020.  Many of these payments […]

Our previous blog post discussed April 15 extensions after IRS issued Notice 2020-17.  These relief provisions were expanded upon in IRS Notice 2020-18.  This notice again formally extends the 2019 tax season filing deadline until July 15, 2020.  This applies to all taxpayers with a due date of April 15.  The return itself, and any […]

As the impact of the Coronavirus has spread, many people have been asking for guidance about how this might impact your 2019 taxes. On March 13, the President issued an emergency declaration that empowered IRS to extend deadlines for affected taxpayers. In this instance, affected taxpayers are…everyone. However, it still falls to the IRS to […]

The SECURE Act was signed into law on December 20, 2019.  While the biggest news from this Act are the changes to retirement plans, including increasing the age at which RMDs begin and removing restrictions for IRA contributions, one of the lesser covered effects was the inclusion of so called “extender” deductions.  This is a […]