On December 27, 2020, the President signed the Consolidated Appropriation Act (Act), which includes legislation offering $900 Billion in COVID-19 Relief. Many of the Act’s provisions were designed to help business owners who are struggling with the effect of the pandemic on their businesses.
Out with 2020 and in with 2021! It’s time to prepare 1099s!
That’s right, for us accounting geeks, we get to start focusing on getting those 1099s prepared and delivered – and we don’t need FedEx or UPS to get it done!
GREAT NEWS! As part of the federal stimulus act that was passed in Congress last night, eligible business expenses paid with forgiven PPP loans are tax-deductible. As we previously discussed, the Treasury guidance had indicated the opposite. This latest legislation reverses that and allows deductions for these business expenses.
On December 9, 2020, legislators released a Framework Summary of the Bipartisan COVID Relief Act of 2020. The framework calls for an additional $300 billion to be released to the Small Business Administration, providing additional funding that would allow the hardest hit small businesses to receive a second forgivable Paycheck Protection Program (PPP) loan.
With the countless challenges we have faced this year, it is understandable that tax planning may not have been top of mind for many of us. The good news is there is still time to consider tax-saving opportunities and develop a plan to reduce your tax and financial burden for 2020.
On November 18, 2020, the Internal Revenue Service doubled down on its position that businesses receiving PPP loan forgiveness cannot deduct the PPP-related expenses. Revenue Ruling 2020-27 addresses the timing of the non-deductibility of PPP related expenses.
As another tax year comes to a close, it is time to consider your tax planning opportunities and year-end tasks.
By Joshua Prince, CPA, MST - Manager November 16, 2020 The Paycheck Protection Program (PPP), a program that provided small-sized businesses with funds to pay up to 24 weeks of payroll and other nonpayroll business costs, officially closed to new loan applications on...
By Judy Mason, CPA, CVA - Partner October 14, 2020 As the 2020 Presidential election approaches, it is important to know how the results of the election may impact you. Below is our comparison of how Trump and Biden are positioned on key tax law issues that may impact...
By Harry A. Steindler, CPA - Partner September 4, 2020 On August 8th, the President issued a memorandum allowing, but not requiring, companies to defer the withholding and payment of the 6.2% employee share of social security taxes. The deferral payroll period runs...