March 30

Employee Retention Credit Availability Extended by ARPA

Reading Time: 2 minutes   With the first quarter of 2020 coming to a close, businesses should consider the Employee Retention Credit (ERC) as they begin to prepare their quarterly payroll tax filing (Form 941). As a reminder, the ERC is a refundable payroll tax credit and is now available even if the business took a Paycheck Protection Program.

March 30

Business Tax Provisions of ARPA (The American Rescue Plan Act of 2021)

Reading Time: 5 minutes   The American Rescue Plan Act of 2021 (ARPA), signed by President Biden on March 11, 2021, is the latest major legislation that provides economic relief and stimulus, both tax and non-tax, during the Covid-19 pandemic. Below are brief summaries of the key aspects of the business tax provisions in ARPA. Payroll tax credits The.

January 11

New and Updated PPP Loan Applications

Reading Time: 3 minutes   The Department of Treasury and the Small Business Administration have released new updated applications for the Paycheck Protection Program (“First Draw”) loan as well as for the new (“Second Draw”) loan. The new applications reflect the changes from the recently enacted Consolidated Appropriations Act, 2021. The SBA has announced that they will begin accepting.

December 23

Congress Passed New Stimulus Package, $900B of COVID-19 Relief Provisions

Reading Time: 4 minutes     On Monday, December 21st, Congress passed a stimulus package providing $900B of COVID-19 relief provisions. While the massive bill includes a host of provisions and tax extenders, below is a summary of some of the more relevant provisions to closely-held businesses including long awaited clarification on the deductibility of Paycheck Protection Program (PPP).

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.