The SBA has released the PPP loan forgiveness application as well as interim final rules pertaining to the same. We summarize the key takeaways from the application and the regulatory guidance and highlight some key questions that remain.
Read MoreThe Small Business Administration and the Treasury have issued the Paycheck Protection Program loan forgiveness application, answering many questions in the process. However, Congress is reportedly considering expanding the “covered period” for forgiveness. And, many questions still remain unanswered, which could help businesses maximize the forgiveness of their PPP loans.
Read MoreThe SBA and Treasury announced a safe harbor for businesses who, with affiliates, borrowed less than $2 million through the PPP. For those businesses, “necessity” is assumed, without having to consider whether you had access to liquidity or other capital.
Read MoreIf your PPP loan is forgiven, the loan forgiveness amount is explicitly not taxable. However, the IRS has clarified that the expenses paid with those funds are not deductible, either.
Read MoreSo, you received your PPP loan. . . now what? We offer some practical advice and best practices to maximize your potential PPP loan forgiveness until further guidance is issued by the SBA or Treasury Department.
Read MoreA United States Senator has stated that the SBA is implementing a $1,000 per employee limit for those seeking EIDL grants. But, there is also a lot of misinformation floating around the web related to the CARES Act. With all of it, the reader needs to beware, as responsibility for compliance ultimately falls on the small business.
Read MoreThe IRS has released information on how to make sure that you quickly receive your coronavirus stimulus payments. Read here for more information.
Read MoreThere are several immediate and significant ways that the “CARES” stimulus legislation could apply to your small or mid-sized business. Read this article to understand some of your basic options.
Read MoreWe summarize the key provisions Paycheck Protection Program included in the Coronavirus Aid, Relief, and Economic Security Act.
Read MoreThe Internal Revenue Service has extended the 2020 tax deadline for most filers in light of COVID-19. Read here for more information.
Read MoreThe Families First Coronavirus Response Act was signed into law this morning. We detail relevant provisions for employers seeking out information on how this affects them.
Read MoreThe IRS released a formal announcement today extending the tax payment deadline of April 15th for many taxpayers. Read the article to see more details.
Read MoreDoes the coronavirus pandemic affect your income tax filing responsibilities?
Read MoreDo you know the possible impact of political changes from the 2020 elections? Are you taking pro-active steps to update your estate plan?
Read MoreIs your future "SECURE"? Important updates on the new SECURE act legislation is included in this article, including key provisions that could affect your retirement savings.
Read MoreAs if we didn’t have enough change over the last few years, it appears that we will imminently have yet more legislation that will make changes to our tax laws. As of this writing, Congress has passed budget legislation that has tax provisions wrapped into it, and the President is expected to sign.
Key provisions include:
“Tax Extenders” - these are the various credit and deduction preferences that are perennially renewed by Congress
The “SECURE” act, which makes many changes to IRAs and 401(k) plans
Disaster relief for federally declared disaster areas in 2018 and 2019
Repeal of certain “Obamacare” taxes on high cost insurance and medical devices
Click this link for a good summary of the changes that this legislation makes.
Please contact us if you have any questions on how this may apply to you.
The 2017 tax year is in the books, but it doesn't mean you've missed your time window to make some savvy tax saving moves! Understand a few of the common ways that you can do something to impact your 2017 taxes. Most of these planning ideas need action by April 17, 2018, so make sure you evaluate this now!
Read MoreDo you currently itemize your deductions? Do you understand the impact that tax reform may have on your itemized deductions?
Understand the new rules, and determine if you may be able to take proactive action to increase your tax benefits under the new law.
Read MoreDoes your business currently use the accrual method of accounting for income tax purposes? New tax reform legislation has expanded the availability of the cash method of accounting, which could give you great opportunities to potentially defer income.
Read MoreDo you own an entity taxed as an S corporation, partnership, or sole proprietorships? If so, the new tax reform legislation contains a new pass-through entity deduction that may impact you. Learn important details and understand this new provision better.
Read MoreFreidel & Associates, LLC provides its blog for informational purposes only and no post constitutes accounting or tax advice rendered by Freidel & Associates, LLC to the reader. All accounting and tax advice rendered by Freidel & Associates, LLC is personal to each client and simply viewing a post on this website does not form an accountant-client relationship between you and Freidel & Associates, LLC. For all current clients of Freidel & Associates, LLC, if you are not sure how a topic posted here affects you, please contact Paul or a member of the team for further information.
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