COVID-19 has touched nearly every aspect of the lives of every American. It has even affected finances for most Americans as well, creating waves of economic stress. It will have some tax implications that many people have not considered. For some, it can mean simply reporting income or expenses differently. For others, it may mean […]
Covid-19
IRS Guidance: PPP Loan Expenses Not Tax-Deductible
Are PPP Loan Expenses Tax-Deductable? The IRS is giving guidance on the Payroll Protection Program loan expenses and the deduction treatment in question. On April 30th, the IRS released guidance announcing that expenses relating to Paycheck Protection Program forgivable loans will not be tax-deductible. Cares Act and Payroll Protection Program Loan Expenses The Paycheck Protection […]
Coronavirus Resource Guide: Small Businesses & Taxpayers
Covid-19 Resource Guide for Business This Coronavirus Resource Guide for Business is to keep you up to date during the coronavirus pandemic. It’s our goal to continue supporting the health, safety, and prosperity of our clients in any way we can. In this post, we’ve compiled some key resources for taxpayers and small business owners […]
Payroll Tax Credit Pays for Keeping Employees on Payroll
Tax Credit Pays for Keeping Employees on Payroll To help businesses retain employees and keep them employed during the COVID-19 crisis, Congress put in place a refundable Employer Retention Credit. This is available to all qualifying employers regardless of size, including tax-exempt organizations. To qualify for the credit, employers must fall into one of two […]
SBA Small Business Disaster Loans for Relief During Coronavirus Outbreak
During the Coronavirus Outbreak the Small Business Administration Provides Business Distaster Loans SBA Small Business Disaster Loans are available. The U.S. Small Business Administration (SBA) has never faced a challenge like the COVID-19 outbreak, but they’re stepping up to help small business owners who are suffering financially during these uncertain times. The SBA’s mission […]
