The long overdue PPP Forgiveness Application was released by the SBA on May 15, 2020, providing some much needed clarification for small businesses in calculating their potential forgiveness amount. Further PPP changes could be on the horizon in attempting to provide loan recipients with more time and flexibility to [...]
PPP- Tracking Your Payroll Costs and Eligible Expenses Timing of your payroll. Depending on your payroll schedule, you may want to adjust the timing of your payroll date to accommodate as many payroll cycles where possible. For example, if your PPP loan gets deposited in your bank account on [...]
Do you want to save more for retirement on a tax-favored basis? If so, and if you qualify, you can make a deductible traditional IRA contribution for the 2019 tax year between now and the extended tax filing deadline and claim the write-off on your 2019 return. Or you [...]
The novel coronavirus (COVID-19) pandemic has refocused people’s thoughts on the health and safety of their families. In addition to taking the necessary steps today to protect your loved ones, it’s equally important to consider their financial security in the future. If you don’t have a will, drafting one [...]
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 [...]
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. [...]
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adopted are for the time period beginning March 10th until the Governor gives notice that the state of emergency is no longer in effect.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 [...]
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) [...]
