From a tax perspective, the distinction between hobbies and businesses is important because businesses can deduct losses, but hobbies cannot. The Tax Cuts and Jobs Act kept the itemized deductions for allowable mortgage interest and property taxes. However, by eliminating virtually all miscellaneous itemized deductions for tax years 2018-2025, the 2017 TCJA made it advantageous […]
On Aug. 8, the White House issued a series of memorandums and executive orders to provide relief while Congress continued to debate legislative action. However, there are limits regarding what can be done in the absence of congressional approval, and that has led to confusion about what exactly is being provided. The most significant and […]
Read More… from Payroll Tax Holiday and Unemployment Boost Are in Flux
When the COVID-19 pandemic begins to finally ease, will your business be ready to ramp up operations? The real question here, of course, is whether businesses will be able to operate the way they’ve traditionally operated. Company leaders must strategically plan for what’s next — the “new normal.” What Is the New Normal? What does […]
Many borrowers who received the Paycheck Protection Program (PPP) loans under the CARES Act are understandably restless to apply for loan forgiveness. There are are many factors affecting the forgiveness application process such as: Most lenders do not have the technology in place to process the forgiveness applications. Until the Small Business Administration and the […]
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Around the world, businesses are emerging from various pauses and lock downs, some in better shape than others. Many businesses continue to grow and prosper, and many likely are doing so through a merger or acquisition. Others are looking to merge into or be acquired by other businesses. The M&A market was active before the […]
The Small Business Administration has released the revised Paycheck Protection (PPP) Loan forgiveness application which reflects the changes made to the PPP made on June 5th. The revised PPP forgiveness application is linked below: https://www.sba.gov/…/sba-form-paycheck-protection-program-… […]
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Can an Employer that receives the Paycheck Protection Program loan receive the Employee Retention Credit as well? No, the provisions do not allow for an employer to receive the Employee Retention Credit if the employer also receives the PPP loan. Under the aggregation rules we are treated as a single employer. If one of the […]
Read More… from FAQ: COVID Related Retention Credits with Other Relief Provisions
Starting June 15th the Small Business Administration will begin accepting new Economic Injury Disaster Loan (EIDL) and EIDL advance applications. The loan advance of up to $10,000 is designed to provide economic relief to businesses that are currently experiencing a temporary loss in revenue. Both Small business owners and qualified agricultural businesses in all U.S. […]
Read More… from Economic Injury Disaster Loan Emergency Advance (EIDL)
One of the most significant features of the SBA’s Paycheck Protection Program is the forgiveness provision—the loans become grants for companies that use the loans to maintain their workforce levels. Companies that have met the stringent requirements need to fill out a form and follow instructions carefully—they include several measures to reduce compliance burdens and simplify the […]
Congress recently passed legislation to loosen some of the restrictions that came with the popular Payroll Protection Program. As of June 4, both the House and the Senate have passed these new provisions with near-unanimous approval and the president is expected to sign the bill. The new law runs only about 1,000 words, but contains […]