The SBA recently released 11 pages of instructions and the application for completing the PPP loan forgiveness application. The new form is intended to help reduce compliance burdens and help simplify the process for borrowers. The form can be accessed…
Do you want to save more for retirement on a tax-favored basis? If so, and if you qualify, you can make a deductible traditional IRA contribution for the 2019 tax year between now and the extended tax filing deadline and…
Many states are beginning to reopen in phases and employees are being called back to work. In general, most states have provisions that require workers receiving unemployment benefits to be actively seeking work, but many states relaxed that requirement due to…
On May 13th, the SBA issued additional guidance on how it intends to review the good faith necessity certification for PPP loans to the FAQ document published on its website. This information was much needed and has helped calm the…
The coronavirus (COVID-19) pandemic has affected many Americans’ finances. Here are some answers to questions you may have right now. My employer closed the office and I’m working from home. Can I deduct any of the related expenses? Unfortunately, no.…
The IRS has issued new guidance addressing a question that has lingered since the launch of the Paycheck Protection Program (PPP) — whether expenses paid for with forgiven, tax-free PPP loan proceeds are deductible business expenses under Section 162 of…
The Internal Revenue Service urges taxpayers to use the Get My Payment tool to provide direct deposit information to receive their Economic Impact Payment by noon on Wednesday, May 13. If your 2019 tax return has been e-filed and included…
The $2.2 trillion Coronavirus Aid, Relief, and Economic Security (CARES) Act delivers good news to individuals and businesses, including valuable tax-relief measures. Some of that tax relief is retroactive. These provisions can affect 2018 and 2019 returns that have already been…
With much of the country currently on lockdown due to the novel coronavirus (COVID-19) crisis, many nonessential businesses have been shuttered. As a result, millions of small business owners find themselves on the brink of financial disaster. For those with business…
Zoom, WebEx and other video conferencing services are certainly helpful during the COVID-19 pandemic. And scammers are exploiting the tremendous growth of video conferencing services by launching phishing campaigns aimed at getting users to hand over login credentials. Another newer…