Category Archives: 2020 Tax Stimulus

If you are the owner of a small business that was able to obtain a Paycheck Projection Program (PPP) Loan, you have probably already started worrying about how you are supposed to spend the loan proceeds to maximize loan forgiveness. When these loans were first offered, the keyword business owners heard was “forgiveness,” and thatContinue reading “Congress Liberalizes PPP Loan Forgiveness”

As of Tuesday, April 21st, the Senate has passed the Paycheck Protection Program and Health Care Enhancement Act (PPP & HCE Act), a $484 billion package which will now go to the House of Representatives for consideration. It is anticipated that this bill could pass the House as early as Thursday, and President Trump isContinue reading “Paycheck Protection Program and Health Care Enhancement Act: What’s In It?”

As part of the stimulus package to help offset the financial damage inflicted on businesses as a result of the COVID-19 crisis, Congress restored the ability of businesses that suffer a loss to carry those losses back and recover taxes paid in prior years. The limitation on business interest deductions has also been relaxed, asContinue reading “Businesses Score Big Tax Benefits with the CARES Act”

The IRS has launched a new, free, and easy-to-use online tool that enables those who don’t normally file a tax return (non-filers), or have too little income to file, to register for Economic Impact Payments (aka recovery rebates or stimulus payments) so they can receive their payments faster. The online site also allows those whoContinue reading “The IRS Provides Online Tools for Recovery Rebates”

The IRS is planning to create a new, online portal called “Where’s My Economic Impact Payment” where people can obtain details about their payment from the economic stimulus package and also provide their banking information. Background After the CARES Act passed through Congress, Treasury and the IRS had estimated there would be 171 million rebate payments under the ActContinue reading “Track Your Economic Impact Payment in the New IRS Portal”

During the coronavirus pandemic, it’s our goal to continue supporting the health, safety, and prosperity of our clients in any way we can. In this post, we’ve compiled some key resources for taxpayers and small business owners trying to stay up to date on the latest accurate information from trusted news sources. If you haveContinue reading “COVID-19 Resource Guide: Taxpayers & Small Businesses”

In the face of the growing COVID-19 pandemic, Congress has passed the Paycheck Protection Program, a $349 billion effort to support small businesses and facilitate their ability to continue paying their employees through the crisis period. The law authorizes the granting of forgivable loans, all of which will carry the same terms. In order forContinue reading “Paycheck Protection Program (PPP) Information Sheet: Borrowers”

With the impact of the COVID-19 crisis affecting people all over the country, the Internal Revenue Service and the Treasury Department have said that the monies promised to Americans will begin being distributed in the next three weeks, providing a lifeline to those whose financial lives have been upended by the pandemic, and the Washington Post providedContinue reading “The IRS Starts Issuing Coronavirus Payments April 9th: When Will You Get Your Funds?”

There are two different types of government business loans available to help small businesses stay afloat during the coronavirus emergency that are quite different in nature. The Paycheck Protection Program loans provide funding to continue paying employees during the crisis and the Economic Injury Disaster Loans provide vital economic support to help overcome the temporaryContinue reading “Side-By-Side Comparison of the Paycheck Protection Program and Economic Injury Disaster Loans”

The Coronavirus Aid, Relief, and Economic Security (CARES) Act, signed into law on March 27th by President Trump, includes an unemployment assistance program for individuals who under normal circumstances would not qualify for unemployment benefits, which traditionally have only applied to employees. Under the CARES Act, unemployment benefits are now available for self-employed individuals, independentContinue reading “Self-Employed and Independent Contractors Now Qualify for Unemployment Benefits”