The Small Business Administration (SBA) announced that PPP loans reopened the week of January 11. Here’s a look at the tax consequences.
PPP Loans Reopen: Tax Consequences Change
Tag: COVID-19
New Law Makes Favorable PPP Loan Changes and Increases Business Meal Deductions
Here are some highlights of the Consolidated Appropriations Act of 2021 (CAA), including business meal deduction and PPP loan forgiveness changes.
PPP Guidance Issued for Second-Draw PPP Loans
New guidance for the PPP program has been released related to second-draw PPP loans that were authorized by the Consolidated Appropriations Act.
Closing a Business? Don’t Forget to do These Things
If you are closing a business, we’re here to assist you in any way we can, including taking care of the various tax obligations that must be met.
3 CARES Act Modifications that Ease Rules for Some Tax Losses
The CARES Act eases the rules for claiming certain tax losses and liberalizes rules for NOL carryforwards. Here’s a look at the modifications.
Business Interest Expense Limitations Relaxed by CARES Act
The CARES Act temporarily relaxes the limitation on deductions for business interest expense. Here’s the story.
3 Year-End Tax Planning Tips
As the year draws to a close, year-end tax planning may be more important than ever before. Here are three strategies to consider.
Payroll Tax Deferral Guidance Released
Guidance on the Presidential Memorandum related to the payroll tax deferral was released late Friday. Here are the key points.
Excess Business Loss Limits Change with CARES Act
The CARES Act made changes to excess business losses, including some changes that are retroactive and some that may create opportunities to file an amended return.
What Does the Payroll Tax Deferral Mean for Your Business?
On August 8, President Trump signed four executive actions, including a Presidential Memorandum to defer the employee’s portion of Social Security taxes for some people.