The Biden-Harris administration announced several reforms to further target the Paycheck Protection Program (PPP) to the smallest businesses and those that have been left behind in previous relief efforts. The following are specific changes: 1. Create 14-day period, starting Wednesday,…
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The US Small Business Administration (SBA) and Treasury have published updated Paycheck Protection Program (PPP) loan forgiveness guidance and forms, including a one-page application for borrowers that received a PPP loan of $150,000 or less – Form 3508S. Before the…
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Reopening of PPP Loan Program The SBA and Treasury announced that the new PPP will re-open the week of Jan. 11 with community financial institutions exclusively allowed to make first-draw PPP loans on starting Jan. 11 and second-draw PPP loans…
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If you received a first-draw PPP loan approved by Aug. 8, 2020 that has not been forgiven, you may be able to amend your original application to request a PPP loan increase. Borrowers can amend their original application to request…
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Under the Consolidated Appropriations Act, 2021, the employee retention credit, a provision of the CARES Act, is available through June 30, 2021 to eligible employers who retained employees during the COVID-19 pandemic. It is meant to help businesses offset the…
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IMPORTANT NOTE: On January 6, 2021 the SBA issued approximately 120 pages of new regulations regarding PPP loans. We have updated the below article on PPP Changes with significant new details, including:New methods to calculate a 25% reduction in…
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If you have a traditional IRA or tax-deferred retirement plan account, you probably know that you must take required minimum distributions (RMDs) when you reach a certain age — or you’ll be penalized. The CARES Act, which passed last March,…
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The IRS announced it is opening the 2020 individual income tax return filing season on February 12. (This is later than in past years because of the Consolidated Appropriations Act 2021 that was enacted late in December.) Even if you…
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The U.S. Department of Labor’s Inspector General estimated $26 billion in unemployment benefits could end up being pocketed by fraudsters. NortonLifeLock, which has 4.5 million customers, has seen a 6,140% spike in the number of unemployment insurance fraud claims from…
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The U.S. Senate and House of Representatives overwhelmingly passed a $900 billion COVID-19 relief bill Monday night that provides $600 stimulus payments to individuals, adds $300 to extended weekly unemployment benefits, and provides more than $300 billion in aid for…
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Congress is finally on the verge of passing a far-reaching $900 billion Covid relief package that promises to accelerate vaccine distribution and deliver much-needed aid to small businesses hit hard by the pandemic, Americans who have lost their jobs during…
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A questionnaire asking borrowers to justify their $2 million-plus Paycheck Protection Program loans is confusing and burdensome, says the AICPA. The U.S. Small Business Administration and the Treasury Department want to know more about businesses that borrowed $2 million or…
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Business owner who took a forgivable loan this year under the Paycheck Protection Program can’t write off certain expenses on their taxes if they expect the debt will be forgiven, according to the IRS and Treasury Department. The IRS recently…
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Recipients of Paycheck Protection Program (PPP) loans of $50,000 or less will be able to apply for forgiveness using a simplified application that was released Thursday by Treasury and the U.S. Small Business Administration (SBA). A new interim final rule…
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The US Small Business Administration released guidance Wednesday clarifying that lenders must recognize the previously established extended deferral period for payments on the principal, interest, and fees on all Paycheck Protection Program (PPP) loans, even if the executed promissory note…
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There is no question that PPP loan borrowers who wish to apply for forgiveness and release the burden of their PPP loan are eager to move forward. Uncertainty, however, remains. Although there is much talk about automatic forgiveness for PPP…
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Recent IRS guidance provides some explanation of how employers can defer withholding and remitting an employee’s share of Social Security tax when wages are below a certain amount. The guidance was issued to implement the presidential executive action signed in…
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More than 1 million Individual Taxpayer Identification Numbers are set to expire at the end of 2020 as the Internal Revenue Service completes the expiration of ITINs assigned prior to 2013. The IRS continues to urge affected taxpayers to submit…
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COVID-19 has created worldwide economic upheaval and many concerns for all of us. One question I hear frequently is how to adjust your investment strategy when there’s an unusual event such as a pandemic. Here are some tips for navigating…
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Here are some of the key tax-related deadlines affecting businesses and other employers during the fourth quarter of 2020. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to…
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