Our Blog

  • PPP borrowers get concessions, additional guidance on forgiveness

    • June 8, 2020
    • Posted by: Jen Gostovic
    • Category: COVID-19 Updates, Tax, Tax Legislation
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    The U.S. Senate has passed the bipartisan Paycheck Protection Program Flexibility Act of 2020, which loosens several of the Paycheck Protection Program’s (PPP’s) more onerous restrictions regarding loan forgiveness. President Trump has signed the bill into law. The new law follows the May 22, 2020, release of an interim final rule from the U.S. Department

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  • The IRS clarifies the deductibility of PPP-funded expenses

    • May 11, 2020
    • Posted by: Jen Gostovic
    • Category: COVID-19 Updates, Tax
    No Comments

    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 Code (IRC). The guidance in IRS Notice 2020-32 doesn’t provide the answer

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  • SBA extends the PPP repayment deadline for self-certification

    • May 7, 2020
    • Posted by: Jen Gostovic
    • Category: COVID-19 Updates, Tax, Tax Legislation
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    The Small Business Administration (SBA) has extended the repayment deadline for Payroll Protection Program (PPP) borrowers that wish to take advantage of the “good faith” self-certification of eligibility option. The deadline is now automatically extended from May 7, 2020, to May 14, 2020. Companies that repay their loans by that date preempt the possibility of

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  • The CARES Act liberalizes net operating losses

    • May 5, 2020
    • Posted by: Jen Gostovic
    • Category: COVID-19 Updates, Tax, Tax Legislation
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    The Coronavirus Aid, Relief, and Economic Security (CARES) Act eliminates some of the tax-revenue-generating provisions included in a previous tax law. Here’s a look at how the rules for claiming certain tax losses have been modified to provide businesses with relief from the novel coronavirus (COVID-19) crisis. NOL deductions You may be able to benefit

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  • Adjust your expectations of business interruption coverage

    • April 30, 2020
    • Posted by: Bill Jacob
    • Category: Business Management, COVID-19 Updates
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    A natural place to turn when disaster strikes is insurance. The very reason you pay premiums and deal with the paperwork is to have these risk management policies in place when necessary. But, when it comes to business interruption coverage, you may have to adjust your expectations if you intend to file a claim because

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  • Interim Stimulus Plan: Congress expands small business COVID-19 relief

    • April 24, 2020
    • Posted by: Jen Gostovic
    • Category: COVID-19 Updates, Tax, Tax Legislation
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    Congress recently passed the latest in a series of federal measures intended to provide relief in response to the novel coronavirus (COVID-19) pandemic. The $484 billion legislation, which is being referred to as the Interim Stimulus Plan, amends the Coronavirus Aid, Relief and Economic Security (CARES) Act enacted in late March. Among other things, it

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  • IRS extends some (but not all) employee benefit plan deadlines

    • April 24, 2020
    • Posted by: Jason Schilling
    • Category: Audits, COVID-19 Updates, Tax, Tax Legislation
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    The IRS recently issued Notice 2020-23, expanding on previously issued guidance extending certain tax filing and payment deadlines in response to the novel coronavirus (COVID-19) crisis. This guidance applies to specified filing obligations and other “specified actions” that would otherwise be due on or after April 1, 2020, and before July 15, 2020. It extends

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  • IRS Issues Clarification FAQs for deferred employer tax deposits and payments allowed by the CARES Act

    • April 17, 2020
    • Posted by: Jen Gostovic
    • Category: COVID-19 Updates, Tax, Tax Legislation
    No Comments

    The IRS has clarified several details regarding the deferral of Employer’s Social Security tax, a provision included in the CARES (Coronavirus Aid, Relief, and Economic Security) Act enacted March 27, 2020. The payroll tax deferral period begins on March 27, 2020 and ends December 31, 2020. This list of frequently asked questions provides much-needed clarification

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  • The IRS announces new COVID-19-related assistance for taxpayers

    • April 13, 2020
    • Posted by: Jen Gostovic
    • Category: COVID-19 Updates, Tax, Tax Legislation
    No Comments

    The IRS and the U.S. Department of Treasury have announced new relief for federal taxpayers affected by the coronavirus (COVID-19) pandemic. The IRS had already extended certain deadlines to file and pay federal income taxes and estimated tax payments due April 15, 2020, without incurring late filing penalties, late payment penalties or interest. The additional

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  • The SBA launches the Paycheck Protection Program

    • April 8, 2020
    • Posted by: Peter Maddalena
    • Category: Business Management, COVID-19 Updates, Tax, Tax Legislation
    No Comments

    The Coronavirus Aid, Relief and Economic Security Act (CARES Act) allocates nearly $350 billion to a new lending program through the Small Business Administration (SBA), aimed at helping employers cover their payrolls during the coronavirus (COVID-19) pandemic. The loans under the Paycheck Protection Program (PPP) are subject to 100% forgiveness if certain criteria are satisfied,

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