Tax consequences of unemployment insurance benefits
The additional unemployment insurance payments as a result of the COVID-19 pandemic are taxable and can have a substantial impact on 2020 tax returns.
IRS issues guidance on employee Social Security tax deferral
The IRS has issued guidance on President Trump's Executive Order to defer employee Social Security taxes. We have summarized the key points of the IRS guidance below.
Did you receive a Paycheck Protection Program loan? Don’t forget about the tax implications!
By now, you have received and spent some or all of your PPP loan funds. As you focus on forgiveness, make sure you are prepared for the tax implications.
President’s Executive Order defers employee Social Security taxes – Guidance is required before implementation
On August 8, President Trump issued an Executive Order directing the Secretary of the Treasury to defer the withholding, deposit, and payment of certain employee payroll taxes. There are many questions about how the Order will be implemented. In the meantime, we have summarized what we know about the Order below.
Thank goodness more time – The Paycheck Protection Program Flexibility Act
The Paycheck Protection Program Flexibility Act is relatively short, but it contains several key changes to the terms of the Program, including loan forgiveness.
Paycheck Protection Program (PPP) Loan Forgiveness
With hundreds of questions under our belt, we think we know the Top Ten issues currently irritating borrowers about Paycheck Protection Program (PPP) loans and their forgiveness. Here are our thoughts on the Top Ten.
Drum roll, please … the PPP Loan Forgiveness Application!
The Small Business Administration released a Loan Forgiveness Application for Paycheck Protection Program (PPP) loans on May 15. It's believed the application could be the final word on forgiveness.
Accounting for COVID-19 Pandemic Relief Packages
Updated: 05/21/2020 Accounting considerations for COVID-19 relief packages, an in-depth breakdown.
Finish your homework, but you don’t need to give back your PPP loan funds May 14
Additional guidance has been provided by the SBA and the Department of Treasury as we approach the "safe harbor" deadline for PPP loans.
