COVID-19 Resources

IRS guidance provides RMD rollover relief

IRS guidance provides RMD rollover relief

The CARES Act was enacted in an attempt to mitigate the economic effects of the COVID-19 pandemic. Among other things, it extends favorable tax treatment to qualified individuals who take so-called “coronavirus-related distributions” (CRDs) from IRAs, 401(k) plans and...

New Law Improves PPP Loan Flexibility & Forgiveness

New Law Improves PPP Loan Flexibility & Forgiveness

The recently approved Paycheck Protection Program Flexibility Act (PPPFA) provides businesses with much-needed flexibility regarding the use of Paycheck Protection Program (PPP) funds and eases the requirements for full loan forgiveness. Changes include: An expansion...

IRS Denies Deductions for Expenses Paid by PPP Loans

IRS Denies Deductions for Expenses Paid by PPP Loans

The IRS has recently confirmed that they will not allow taxpayers to claim tax deductions for expenses that were paid by PPP loans that were forgiven, even for recurring expenses like wages and rent that are normally deductible. The majority of each PPP loan is...

Good News for Small Businesses as Senate Passes PPP Reform Bill

Good News for Small Businesses as Senate Passes PPP Reform Bill

The U.S. Senate passed the House version of the Paycheck Protection Program Flexibility Act on June 3, 2020, easing restrictions on how small businesses can use their PPP loan funds and achieve maximum forgiveness. The legislation was developed after widespread...

SBA Clarifies Good Faith Certification for PPP Loans

SBA Clarifies Good Faith Certification for PPP Loans

On April 23, the Small Business Administration (SBA) issued a warning that businesses with substantial access to liquidity may not qualify for Paycheck Protection Program (PPP) loans. Concerned that their loans would be deemed inappropriate, some larger companies have...

CARES Act Alert – NOL Filing Deadline Now June 30, 2020

CARES Act Alert – NOL Filing Deadline Now June 30, 2020

The CARES Act has loosened the rules around net operating loss deductions (NOLs), in addition to other tax relief. The CARES Act provides a five-year carryback for losses earned in 2018, 2019, or 2020. Previously, the Tax Cuts and Jobs Act (TCJA) of 2017 eliminated...

House Proposes More Flexibility for PPP Program. Will Senate Follow?

House Proposes More Flexibility for PPP Program. Will Senate Follow?

The U.S. House of Representatives passed a bill on May 28, 2020 that would make it easier for businesses to have their Paycheck Protection Program (PPP) loans forgiven by reducing restrictions on how the money can be used and extending the time available to use the...

Missed or Denied a PPP Loan? Good News, Here Are Some Alternatives

Missed or Denied a PPP Loan? Good News, Here Are Some Alternatives

The Paycheck Protection Program (PPP) loan is anticipated to quickly run through its second round of $310 billion in funding due to high demand, which will leave many small business owners wondering what to do. However, there are several alternative programs for small...

New Funds Now Available for PPP and EIDL Loans

New Funds Now Available for PPP and EIDL Loans

On April 24 the Paycheck Protection Program (PPP) Increase Act of 2020 was signed into law. The Act is an interim stimulus plan designed to provide relief to small businesses impacted by COVID-19. This legislation raises the funding level for PPP loans from $350...

How to Achieve Maximum PPP Loan Forgiveness

How to Achieve Maximum PPP Loan Forgiveness

If you received a Paycheck Protection Program (PPP) loan, you have probably already started thinking about the next step – determining how much of the loan will be forgiven. Qualifying for maximum loan forgiveness is the goal. The following describes what expenses are...