Understanding Qualified Disaster Relief Payments
Business owners and employees alike have endured possibly the most stressful year of their careers thus far. With the end of 2020 fast approaching, we are focused on identifying tax strategies for our business owners to take advantage of. A tax … Read more…
NEW Stimulus Bill Signed Into Law!
On December 20th, Congress finally came to an agreement on a new stimulus bill for individuals and small businesses. Here is a summary of the significant updates contained in the bill voted on by Congress: A second round of stimulus … Read more…
Family First Coronavirus Response Act (FFCRA): Small Business Exemption
The Families First Coronavirus Response Act (FFCRA) requires that employers provide paid sick leave or expanded family and medical leave for certain COVID-19 related situations through December 31, 2020. Generally, the act provides that employees of covered employers are eligible … Read more…
Timelines for PPP Forgiveness Causing Confusion for Tax Planning
The Paycheck Protection Program (PPP) has provided businesses with much needed relief from the economic impact of the COVID-19 pandemic by providing over $525 billion of forgivable loans to small businesses. While these funds have provided a much needed sigh … Read more…
New PPP Guidance and Next Steps
August was another very busy month in the world of PPP loan forgiveness. This is the timeline of the information provided by the Department of the Treasury and the SBA. 8/11/20: New and updated PPP loan frequently asked questions were published. 8/11/20: … Read more…
Guidance Provided on Payroll Tax Deferral
Late on Friday, August 28th, the Internal Revenue Service issued guidance on the payroll tax deferral ordered by the President on August 8th. The IRS Notice 2020-65 allows employers to suspend withholding and paying to the IRS, eligible employees’ Social Security … Read more…
PPP Loans: Accounting & Financial Reporting Considerations for Business Entities
The Paycheck Protection Program (PPP) has been a savior to many companies, but it has also certainly come with its complexities. Questions regarding loan eligibility, the application process, and calculation of qualifying expenses quickly arose. And then, there is the … Read more…
Tax Filing & Payment Deadline Update
Updated: 4/10/20, 5:10PM PST On April 9th, the IRS issued Notice 2020-23, which provides even more expansive filing and payment relief than what has previously been given. Now, essentially every IRS filing that is due between April 1 and July … Read more…
Donor Advised Funds – A Tax Efficient Way of Giving
The new complexities and depth of changes in the new tax law have created the need for clients to implement different planning strategies to achieve their goals with greater tax efficiency—and we have been working with many of them to … Read more…
New Tax Incentives through Qualified Opportunity Funds
Recent tax reform has provided business owners with many new and unique opportunities. One of the more unique sections of the new code relates to Qualified Opportunity Funds (QOF). A QOF is an investment vehicle which provides the opportunity to … Read more…
