EXPENSES PAID WITH FORGIVEN PAYCHECK PROTECTION PROGRAM LOAN NOT DEDUCTIBLE
In a Notice, the IRS has clarified that no deduction is allowed for an expense that is otherwise deductible if both The payment of the expense results in forgiveness of […]
The new COVID-19 law provides businesses with more relief
On March 27, President Trump signed into law another coronavirus (COVID-19) law, which provides extensive relief for businesses and employers. Here are some of the tax-related provisions in the Coronavirus […]
Answers to questions about the CARES Act employee retention tax credit
The recently enacted Coronavirus Aid, Relief, and Economic Security (CARES) Act provides a refundable payroll tax credit for 50% of wages paid by eligible employers to certain employees during the […]
Relief from not making employment tax deposits due to COVID-19 tax credits
The IRS has issued guidance providing relief from failure to make employment tax deposits for employers that are entitled to the refundable tax credits provided under two laws passed in […]
Paycheck Protection Program Loans: Frequently Asked Questions (FAQs)
The Small Business Administration (SBA), in consultation with the Department of the Treasury, intends to provide timely additional guidance to address borrower and lender questions concerning the implementation of the […]
The Small Business Administration launches the Paycheck Protection Program
The Coronavirus Aid, Relief and Economic Security Act (CARES Act) allocates nearly $350 billion to a new lending program through the Small Business Administration (SBA), aimed at helping employers cover […]
EEOC guidance addresses screening employees for COVID-19
The coronavirus (COVID-19) outbreak has changed the way most employers are interacting with their employees. Many organizations have sent employees home to work remotely, but this isn’t feasible in every […]
Prepare your business for disaster
Natural disasters can capsize your business. Small companies are especially vulnerable during this time. Comprehensive planning can help mitigate risks and keep your company functioning if disaster strikes. A strong […]
Coronavirus (COVID-19): Tax relief for small businesses
Businesses across the country are being affected by the coronavirus (COVID-19). Fortunately, Congress recently passed a law that provides at least some relief. In a separate development, the IRS has […]
Small business owners still have time to set up a SEP plan for last year
Do you own a business but haven’t gotten around to setting up a tax-advantaged retirement plan? Fortunately, it’s not too late to establish one and reduce your 2019 tax bill. […]