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 [...]
While businesses struggle to maintain or bring back their workforce during these unprecedented times, the ambitious Paycheck Protection Program (PPP) continues to forge forward. The speed at which this massive program was rolled out brings with it a fair amount of challenges, areas of uncertainty and open questions for [...]
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adopted are for the time period beginning March 10th until the Governor gives notice that the state of emergency is no longer in effect.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 [...]
Now that you have successfully completed Phase 1 of the Paycheck Protection Program (PPP) and the bank has funded your account, the eight-week clock is ticking. Below we have included some recommended procedures, tips and best practices for tracking the activity so that you can provide your bank a [...]
The novel coronavirus (COVID-19) pandemic and the resulting economic fallout is dealing a crushing blow to charitable organizations. Indeed, during a time when food banks, disaster relief and other nonprofit services are needed most by the public, their funding is suffering due to cancelled fundraising events and other factors. [...]
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 [...]
