Update (6/30/20): The SBA has issued new guidance and a loan forgiveness application that clarifies that 100% of the PPP loan is now automatically forgiven for self-employed individuals with no employees. Consequently, we have deleted the prior blog on this subject.
Businesses that have been impacted financially by COVID-19 may be able to take advantage of a new, refundable tax credit called the Employee Retention Credit. The credit is designed to encourage businesses to keep employees on their payroll and is worth 50 percent of qualifying wages up to $10,000 that are paid by an [...]
An unprecedented "triple whammy" tax deadline is fast approaching. July 15 is the due date for the following: Individual income tax returns (Form 1040) and trust income tax returns (Form 1041); First quarter 2020 estimated tax payments; and Second quarter 2020 estimated tax payments Although an extension is available until October 15 to file [...]
Good news! Congress has passed, and the President is expected to sign, a bill that adds considerable flexibility to the rules for PPP loan forgiveness. Under the previous rules, forgiveness required that at least 75% of business expenses in the 8-week period after the loan closing be used for payroll expenses. The new rules [...]
