November 24

[Update] Nondeductibility of PPP Related Expenses

Reading Time: 2 minutes   As we reported back in May in a previous blog post (IRS Will Disallow Deductions Related to Forgiven Loans Under the Paycheck Protection Program), the IRS stated in Notice 2020-32 that no deduction would be allowed for expenses that result in the forgiveness of a PPP loan. While this appears to be contrary to.

November 12

A New Tax Election Could Mean Significant Tax Savings for Owners of Maryland Partnerships and S Corporations

Reading Time: 2 minutes   On Monday, the IRS and Treasury announced it will allow certain businesses the ability to take a deduction for elective entity-level (partnerships and S corporations) income taxes (IRS notice N 20-75). Several states have implemented entity-level income taxes as a way to circumvent the $10,000 cap on the state and local tax deduction for.

October 1

Lanigan, Ryan, Malcolm & Doyle Celebrates 30 Years!

Reading Time: 4 minutes   Thirty years ago, on this day, our firm was established after months of work and careful preparation by our founding partners David R. Malcolm, Frank Lanigan, and W. Kelly Ryan (pictured from left to right). After recognizing a need in the accounting community for CPAs that were strongly committed to excellence and sincerely cared.

September 1

President’s Executive Order On Payroll Tax Starts Today

Reading Time: 2 minutes   Last Friday, the Department of Treasury and Internal Revenue Service issued Notice 2020-65 implementing President Trump’s Executive Order allowing employers the option to defer withholding and payment of the employee’s portion of the Social Security tax* if the employee’s wages fall below a certain threshold.   The payroll tax deferral is available with respect.

July 30

PPP Loan Forgiveness

Reading Time: 3 minutes   For many borrowers, the Paycheck Protection Program (PPP) loan periods have now either ended or are well underway. With this milestone sparks interest in learning what expenses can be forgiven, as well as how to apply for forgiveness. Here are a few items to consider regarding ppp loan forgiveness. When Should You Apply? Right.

June 18

Last Chance to Apply for Paycheck Protection Program Loan

Reading Time: 2 minutes   Small businesses and other eligible organizations/individuals still have an opportunity to obtain a potentially forgivable Paycheck Protection Program loan to help fund their payroll costs and certain non-payroll costs (i.e. mortgage interest, rent and utilities) during this time of economic uncertainty. While there is still $129 Billion of funds available in the Paycheck Protection.

June 5

Paycheck Protection Program Flexibility Act Signed Into Law

Reading Time: 3 minutes     Today, the President signed into law the Paycheck Protection Program Flexibility Act of 2020. The provisions of the new bill significantly modify the Paycheck Protection Program and give borrowers greater flexibility in using loan proceeds as well as obtaining loan forgiveness. The new provisions include the following: Extension of the covered period from.

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