On August 28, 2020, the Department of Treasury and Internal Revenue Service (IRS) issued official guidance for taxpayers on the payroll tax deferral ordered by President Donald Trump on August
You Have Received Your PPP Loan, Now What?
More than 4 million small businesses have applied for and received their Paycheck Protection Program (PPP) loan. The next logical question is: How do you account for it? There has
What does the Executive Action Deferring Payroll Taxes Mean for Employers and Employees?
On August 8, 2020, President Trump signed an executive memorandum that defers an employee’s portion of Social Security and Medicare taxes from September 1 through December 31, 2020. At this
Retroactive California Tax Hike Proposed by Legislature
Democrats in the California state legislature have proposed a significant tax hike on taxable income of $1 million and higher. Legislators say the tax hike would raise more than $6
PPP Loan Extension Gives Small Businesses 5 More Weeks
President Trump signed a bill into law on July 4, 2020 that extends the Paycheck Protection Program (PPP) deadline for five more weeks until August 8. The original deadline to
PPP Loan Flexibility & Maximizing Forgiveness
The Paycheck Protection Program Flexibility Act recently became law to provide additional flexibility on the use of Paycheck Protection Program (PPP) funds and make it easier for businesses to qualify
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
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
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
