If your business was fortunate enough to get a Paycheck Protection Program (PPP) loan taken out in connection with the COVID-19 crisis, you should be aware of the potential tax …
What are the Tax Consequences of a PPP Loan?
Tag: CARES Act
CARES Act Provisions May Boost Cash Flow for Construction Companies
The CARES Act includes several provisions that can help boost cash flow for construction companies (and other businesses) as well as reduce their tax bills.
Four CARES Act Tax Relief Provisions for Business Owners
The Coronavirus Aid, Relief and Economic Security (CARES) Act, which passed earlier in 2020, includes some retroactive tax relief for business taxpayers.
PPP Loans: Forgiven Expenses aren’t Deductible
The IRS has issued guidance clarifying that certain forgiven expenses aren’t deductible if a business has received a Paycheck Protection Program (PPP) loan.
What to do if an Employee Refuses to Return to Work
While the CARES Act made several changes to unemployment, the normal rules and processes still apply if an employee refuses to return to work.
Charitable Contribution Rules for Businesses Change Under the CARES Act
In order to incentivize charitable giving, the CARES Act made some liberalizations to the rules governing charitable deductions.
The CARES Act and Construction: Keeping an Eye on Taxes
Let’s look at three issues that contractors should keep an eye on in light of the CARES Act: payroll, losses and qualified improvement property.
The CARES Act Makes Favorable Changes to Net Operating Losses
You may be able to benefit by carrying a net operating loss (NOL) into a different year — a year in which you have taxable income — and taking a deduction for it against that …
CARES Act Makes Favorable Changes to “Qualified Improvement Property”
The CARES Act contains a beneficial change in the tax rules for many qualified improvement properties.
COVID-19 Employment Tax Deposit Relief Guidance Issued by IRS
The IRS has issued guidance providing relief from failure to make employment tax deposits for employers that are entitled to the refundable tax credits provided under two laws …