The newest PPP changes announced by the SBA are intended to benefit the smallest of small businesses. PPP loans will be available exclusively to businesses with 20 or less employees and sole proprietors from Wednesday, February 24 through March 10, 2021.
While the flexibility offered by the CARES Act can alleviate short-term financial strains, employers have an important role to play in helping employees understand the long-term impact of CARES Act loans and Coronavirus-related distributions or CRDs on retirement savings and their overall retirement strategy.
In welcome news for nonproft organizations that were not eligible for the ERC in 2020 due to receiving a PPP loan, the Consolidated Appropriations Act, 2021 retroactively eliminates this limitation and extends and enhances the ERC through the first two quarters of 2021.
The CAA or Consolidated Appropriations Act, 2021 includes two tax relief acts that directly impact individual taxpayers. First is the COVID-related Tax Relief Act of 2020 (CRTRA), which provides an additional recovery rebate for individuals. The second is the Taxpayer Certainty and Disaster Tax Relief Act of 2020 (TCDTRA).
The Consolidated Appropriates Act, 2021 contains significant enhancements and improvements to the Employee Retention Credit (ERC).
The Consolidated Appropriations Act, 2021 addresses tax provisions related to the PPP which could have consequences for state and local tax.
With the upcoming inauguration, every nonprofit has the same question in mind: How will the shift in government affect my organization? A bipartisan panel will discuss in this upcoming webinar.
The PPP loan application window opens today, Jan 15 for both first- and second-draw PPP forgivable loans (for community lenders with $1 billion or less in assets).
Highlights from the BDO 4th Quarter 2020 ERISA Roundup, including important dates, COLA, documenting late 401(k) deposits, and more.
Coronavirus relief bill includes deductibility of expenses paid with proceeds of a forgiven PPP loan, direct payments, extension of federal unemployment benefits, extension and expansion of employee retention tax credit and more.
The CARES Act made a number of changes to the rules relating to employee fringe benefits; make sure you are up-to-date.
This year-end may not be the same as last year when it comes to 2020 payroll taxes and compensation and benefits matters.
In today’s business environment, you need a CFO who can rise to the challenge and bring more than a knack for financial analysis to the table.
Reap the benefits of a 2020 office lease audit by asking these questions and making the necessary preparations now.
IRS addresses the question “are PPP loan expenses deductible ?” in Revenue Ruling 2020-27 but many believe it contradicts intent of Congress.
If you received a Paycheck Protection Program (PPP) loan AND want to take advantage of the R&D tax credit, make sure you understand the potential impact of PPP loan forgiveness.
IRS taxpayer relief initiative expands as the wide-ranging impact of COVID-19 causes many Americans to struggle with tax debts.
Potential strategies for individuals to reduce income tax liability through 2020 year end tax planning.
On August 8, President Trump issued four Executive Orders, including Deferring Payroll Tax Obligations in Light of the Ongoing COVID-19 Disaster from September 1, 2020, through December 31, 2020
Many businesses have suffered financial losses due to the COVID-19 pandemic, and may even be on the verge of bankruptcy or otherwise looking for an exit strategy, creating opportunities for investors with access to capital.