COVID-19

12 01, 2021

Paycheck Protection Program to Include Expenses

2021-01-12T02:49:09+00:00

Eligible Paycheck Protection Program expenses now deductible. WASHINGTON – The Treasury Department and the Internal Revenue Service issued guidance today allowing deductions for the payments of eligible expenses when such payments would result (or be expected to result) in the forgiveness of a loan (covered loan) under the Paycheck Protection Program (PPP). Today’s guidance, Revenue Ruling 2021-02, reflects changes to law contained in the COVID-related Tax Relief Act of 2020, enacted as part of the Consolidated Appropriations Act, 2021 (Act), Public Law 116-260, which was signed into law on Dec. 27, 2020. The COVID-related Tax Relief Act of 2020 amended the Coronavirus Aid, Relief, and [...]

Paycheck Protection Program to Include Expenses2021-01-12T02:49:09+00:00

12 01, 2021

COVID-19 Relief Bill

2021-01-12T02:45:49+00:00

Simplified application & other terms of note... The new COVID-19 relief bill: Creates a simplified forgiveness application process for loans of $150,000 or less. Specifically, a borrower shall receive forgiveness if a borrower signs and submits to the lender a certification that is not more than one page in length, includes a description of the number of employees the borrower was able to retain because of the loan, the estimated total amount of the loan spent on payroll costs, and the total loan amount. The SBA must create the simplified application form within 24 days of the bill’s enactment and may not require additional materials [...]

COVID-19 Relief Bill2021-01-12T02:45:49+00:00

17 03, 2020

Tax Appointments & #COVID-19

2023-12-12T03:30:38+00:00

SO it is official tax season’s deadline has been extended to July 15th 2020, however please confirm with your states to see if they are also going along with the new deadline. This is for 1040 (personal) taxes only the C corporations and time to make IRA’s was not specified so more to follow. This is truly a time to set back and breathe, officials are reminding all of us to stay away from postings on Facebook and twitter unless you know it’s from an official site there are so much panic and misinformation being spread. We need to have faith in our government to [...]

Tax Appointments & #COVID-192023-12-12T03:30:38+00:00

8 01, 2019

Government Shutdown & Your Tax Returns

2023-12-12T03:31:25+00:00

Despite the government shutdown, the Internal Revenue Service today confirmed that it will process tax returns beginning January 28, 2019 and provide refunds to taxpayers as scheduled. “We are committed to ensuring that taxpayers receive their refunds notwithstanding the government shutdown. I appreciate the hard work of the employees and their commitment to the taxpayers during this period,” said IRS Commissioner Chuck Rettig. Congress directed the payment of all tax refunds through a permanent, indefinite appropriation (31 U.S.C. 1324), and the IRS has consistently been of the view that it has authority to pay refunds despite a lapse in annual appropriations. Although in 2011 the [...]

Government Shutdown & Your Tax Returns2023-12-12T03:31:25+00:00

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Paycheck Protection Program to Include Expenses

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Tax Appointments & #COVID-19

Government Shutdown & Your Tax Returns

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