KEY UPDATE to the PPP Rulings Frequently Asked Questions (Questions 40 - 42 published May 3, 2020) Note: Key Updates to the ruling with an important question for most PPP loan recipients with respect to loan forgiveness. Question 40.: Will a borrower's PPP loan forgiveness amount (pursuant to section [...]
If you have outstanding loans to your children, grandchildren or other family members, consider forgiving those loans to take advantage of the current, record-high $11.58 million gift and estate tax exemption. Bear in mind that in 2026, the exemption amount will revert to $5 million ($10 million for married couples), indexed for [...]
As a result of the coronavirus (COVID-19) crisis, your business may be using independent contractors to keep costs low. But you should be careful that these workers are properly classified for federal tax purposes. If the IRS reclassifies them as employees, it can be an expensive mistake. The question [...]
Round two of the Paycheck Protection Program funding officially "went live" at 10:30AM (est) this morning. We anticipate this round of funding to be depleted quickly as was with the first round of the PPP, so do not delay submitting an application, if you have not done so already. [...]
The U.S. House of Representatives passed the $484 billion Paycheck Protection program and Health Care Enhancement Act yesterday, which includes the much anticipated $370 billion in additional pandemic-relief funding for small business. The President is expected to sign the bill quickly in order to get the much-needed funds into [...]
Massachusetts has issued a technical information release on tax implications for different aspects of employees working from home. The rules being adopted are for the time period beginning March 10th until the Governor gives notice that the state of emergency is no longer in effect. Here is a brief [...]
Want to know the status of your Stimulus Payment? If you have not received your Stimulus Payment yet, you might be wondering when you will receive it. You are not alone! As such, the IRS has launched a website where you can not only check on the status of [...]
As small businesses continue to flood lending institutions with their Paycheck Protection Program (PPP) applications, a second wave is coming as the SBA now opens the program on Friday April 10th to self-employed individuals and independent contractors. While we still await formal guidance regarding the program specific to the self-employed, [...]
Updates on Furloughed Employees and Closed Worksites - Disaster Relief Payments to Employees - Benefits of Section 139 The FAQ guidance makes it clear that employees who are furloughed are not active employees and, thus, are not eligible to receive Emergency Paid Sick Leave (EPSL) or Emergency Family Medical Leave (EFML) [...]
The Treasury announced today that they are extending the Tax Filing Deadline from April 15th to July 15, 2020. This follows the announcement earlier in the week, that tax payments were being deferred by 90-days, without interest or penalties. This latest change now sensibly aligns tax payments with the [...]
