Insights
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?
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
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
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
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...
New COVID-19 law makes favorable changes to “qualified improvement property”
The law providing relief due to the coronavirus (COVID-19) pandemic contains a beneficial change in the tax rules for many improvements to interior parts of nonresidential buildings. This is referred to as qualified improvement property (QIP). You may recall that...
The IRS announces new COVID-19-related assistance for taxpayers
The IRS and the U.S. Department of Treasury have announced new relief for federal taxpayers affected by the coronavirus (COVID-19) pandemic. The IRS had already extended certain deadlines to file and pay federal income taxes and estimated tax payments due April 15,...
Answers to questions about the CARES Act employee retention tax credit
The recently enacted Coronavirus Aid, Relief, and Economic Security (CARES) Act provides a refundable payroll tax credit for 50% of wages paid by eligible employers to certain employees during the COVID-19 pandemic. The employee retention credit is available to...
Paycheck Protection Program Analysis Tool
RJI CPAs has developed a tool to simplify the application process when applying for a Paycheck Protection Program loan. The tool includes the total amount for which you qualify and the amounts that the SBA may forgive. Contact RJI CPAs today for your custom analysis....
The CARES Act and What it Means to You
The $2 trillion Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law on Friday, March 27, 2020. The Act aims to provide economic relief through a multitude of provisions including tax breaks, unemployment benefits, loan forgiveness, and...
