Payroll Protection Program Loan Forgiveness and Tax Implications You May Not have Considered.

Late into calendar year of 2020, one that none of us will soon forget, the IRS issued additional guidance on the deductibility of expenses paid with proceeds from PPP loans.  Under Revenue Ruling 2020-27, the IRS states that expenses covered by PPP loan proceeds, whether paid or incurred, are not deductible if the taxpayer reasonably expects […]

Is a Roth IRA conversion right for you this year?

The COVID-19 pandemic has been causing havoc in the global markets and the U.S. economy. In these uncertain times, it’s important to stay on top of your financial status, including taking measures to protect your retirement nest egg over the long term. One idea to consider is converting a traditional IRA to a Roth IRA.  […]

KEY PROVISIONS OF THE CARES ACT AIMED AT INDIVIDUALS

The Coronavirus Aid, Relief, and Economic Security (CARES) Act introduced a variety of assistance to businesses, industries and individuals. Perhaps the most talked about assistance was the establishment of the Paycheck Protection Program and the Payroll Protection Loans offered through that program. Here we will focus on provisions of the CARES Act aimed at providing […]

PPP Loan Update: Payroll Protection Program Flexibility Act

On June 8, 2020, President Trump signed The Payroll Protection Program Flexibility Act into law, which allows the following changes to the PPP loan program. The SBA, in consultation with Treasury, will issue rules and guidance, a modified borrower application form, and a modified loan forgiveness application implementing the amendments to the PPP made in the new […]

Paycheck Protection Program – Loan Forgiveness Summary

Clients are beginning to receive funding from their Paycheck Protection Program loans and there are things you need to know to ensure forgiveness of these loans. Once the Paycheck Protection Program proceeds are received, the eight week period begins and a business must document how the proceeds were used and provide a computation of the number of equivalent full time employees […]