At Hamilton Tharp, Our responsibility to our clients goes beyond just accounting and financial consulting. We have gathered information that you may find helpful while navigating this challenging time.
IRS Temporarily Expands List of Tax Forms Eligible for E-signatures
In light of the COVID-19 pandemic, the IRS expanded its electronic signatures program to include many more forms that historically needed a wet signature. The expansion is intended to make things easier for tax professionals and their clients, while in-person interactions may…
Why you shouldn’t overlook the Employee Retention Credit
Note: We are closely monitoring H.R. 3684, known as the Infrastructure Investment and Jobs Act. The Senate has approved the infrastructure bill and now goes to the House of Representatives for…
HHS releases Provider Relief Fund (PRF) reporting portal for HHS Cares Act payments
Did your company receive funds from the Human Health Services (HHS) Cares Act stimulus? If so, you may be required to submit supporting documentation for how the funds were used….
Eligible Businesses: Claim the Employee Retention Tax Credit
The Employee Retention Tax Credit (ERTC) is a valuable tax break that was extended and modified by the American Rescue Plan Act (ARPA), enacted in March of 2021. Here’s a…
IRS releases website to manage child tax credit deposits
The IRS has released a website where parents, including eligible non-filer parents, may make their designations concerning the child tax credits and scheduled deposits. We’ll discuss what you need to know about…
IRS Fact Sheet provides new details about tax credits available to eligible employers who provide paid vaccine leave
The IRS released new information on how to take a tax credit for employee PTO related to COVID-19 and COVID-19 vaccinations. Learn what businesses and activities are eligible.
A measure to extend the Paycheck Protection Program (PPP) application deadline from March 31, 2021, to May 31, 2021, has passed the U.S. House of Representatives and the Senate. It…
Business highlights in the new American Rescue Plan Act
President Biden signed the $1.9 trillion American Rescue Plan Act (ARPA) on March 11. While the new law is best known for the provisions providing relief to individuals, there are…
Key tax provisions in the American Rescue Plan Act
The American Rescue Plan Act (ARPA) has been signed into law by President Biden and makes significant updates to several tax provisions to alleviate some of the pandemic’s financial burdens…
The American Rescue Plan Act (ARPA) of 2021 passed Congress and President Biden signed the bill into law on March 12, 2021. The ARPA approves $1.9 trillion in spending for…
IRS clarifies employee retention credit eligibility for PPP loans and 2020 claims
The IRS has released additional guidance in Notice 2021-20 on the Employee Retention Tax Credit (ERC) with clarifications on the retroactive changes for expanded eligibility applicable to 2020. Employers who…
New PPP calculation released for Form 1040, Schedule C filers
Form 1040, Schedule C taxpayers received an updated interim final rule (IFR) on the Paycheck Protection Program (PPP) from the Small Business Association (SBA). The IFR clarifies guidance released on…
Smallest businesses get PPP updates, special filing period
The nation’s smallest businesses are getting revamped Paycheck Protection Program (PPP) rules and a special filing period announced in recent changes from the Biden-Harris administration. Small businesses with fewer than…
Businesses closed due to COVID-19 restrictions may be eligible for the employee retention credit
Last spring, the CARES Act created the ERC for businesses that were affected by the COVID-19 pandemic. However, the CARES Act disallowed the credit for businesses that received a Paycheck…
Why virtual outsourced accounting is more important than ever
The coronavirus pandemic has forced many businesses and entire industries to move their operations remotely in the interest of employee and customer safety, and this has caused these businesses to change the…
Everything you need to know about the expanded ERTC
The employee retention tax credit (ERTC) is intended to provide liquidity to employers during the pandemic and was greatly expanded in the Consolidated Appropriations Act of 2021 thanks to Sections 206 and 207…
On November 18, 2020, the Internal Revenue Service issued Revenue Ruling 2020-27 which provides needed clarity on a taxpayers’ ability to deduct eligible expenses for Paycheck Protection Program (PPP) loan forgiveness.
PPP loans of $50,000 or less get simplified rules from the SBA
The Small Business Administration (SBA) and Treasury announced on October 8 that a simplified application (Form 3508S) for Paycheck Protection Program (PPP) loan forgiveness is now available for borrowers whose loans fall in the $50,000 or…
IRS issues guidance on payroll tax deferral from presidential executive order
Employers can now defer payroll tax withholding on employee compensation for the last four months of 2020 and then withhold the deferred amounts in the first four months of 2021, confirms…
Latest update to PPP provides guidance on owner-employee compensation, non-payroll costs
On Aug. 24, the Small Business Administration (SBA) and Treasury issued the latest interim final rule update to the Paycheck Protection Program (PPP) that seeks to clarify guidance related to…
Final regulations now available for business interest expense deduction limitation
In an effort to help businesses cope with the impact of COVID-19, the CARES Act passed by Congress in March of this year eliminated some of the restrictions on the…
What you need to know about the executive orders signed by President Trump
On August 8, 2020, President Trump signed an executive order extending certain aspects of COVID-19 relief in the absence of a new bill from Congress. The executive order includes several…
Latest PPP FAQ document provides clarity on some aspects of forgiveness
The Small Business Administration (SBA) and Treasury released an updated Paycheck Protection Program (PPP) FAQ on Aug. 4 in an effort to address PPP loan forgiveness issues that have arisen as borrowers begin…
Economic downturns are an almost inevitable reality for nearly every business owner. Decisions made far away from your community, catastrophic and unpredictable weather events, and even global pandemics as we’ve…
The U.S. Senate and House of Representatives have both unanimously agreed to extend the Paycheck Protection Program (PPP) by five weeks in an effort to continue providing relief for small…
Taxpayers may find pandemic relief in Section 165(i) deduction
In the midst of the uncertainty and instability that the COVID-19 pandemic has created for businesses and individuals, some relief is available for taxpayers in the form of deductible losses…
PPP Loan Forgiveness Application Update: Clarifications on Application Timeline and Owner Compensation
On June 22, 2020, the U.S. Small Business Administration (SBA) released the: Paycheck Protection Program (PPP) Revisions to Loan Forgiveness Interim Final Rule This guidance details two noteworthy changes impacting…
Coronavirus related retirement distributions expanded
The CARES Act includes provisions that allow individuals to take early retirement plan distributions within certain rules. These changes include provisions for people with COVID-19 or who have family members…
SBA Revises the Paycheck Protection Program Loan Forgiveness Application
On June 16, 2020, the U.S. Small Business Administration (SBA) released the updated Paycheck Protection Program (PPP) Loan Forgiveness Application (see link below) which supersedes the application previously released on…
SBA Update: First PPP Interim Final Rule for PPP Flexibility Act
On June 10, 2020, the Small Business Administration (SBA) issued an updated interim final rule for the Paycheck Protection Program (PPP) in response to the PPP Flexibility Act passed on…
Nothing is more important than the health and safety of you and your loved ones as you deal with the COVID-19 pandemic. The coronavirus crisis has had a wide-reaching effect…
House passes bill to extend, expand provisions of PPP
On May 28, 2020, in a nearly unanimous vote, the U.S. House of Representatives voted to extend certain provisions of the Paycheck Protection Program (PPP) to provide small businesses with…
On May 23, the Small Business Administration (SBA) issued an interim final rule for the Paycheck Protection Program (PPP) that included the loan forgiveness application guidance released May 15, as…
Your cash flow is the financial story of your business. It tells the story of your high points and low points, where the money comes in and goes out, and…
As part of the CARES Act, $100 billion was appropriated to the Department of Health and Human Services (HHS) to reimburse healthcare providers for expenses and lost revenue due to…
The Small Business Administration (SBA) has released its long-awaited Paycheck Protection Program (PPP) forgiveness form for borrowers. The release on May 15 brought with it significant changes to the interpretation…
IRS Grants Midyear Changes to Health, Dependent Care and Flex Spending Accounts
The COVID-19 pandemic has thrown a wrench into many employer-sponsored health, flexible health, and dependent care plans as employees are seeing increased or decreased need, depending on the impact of…
SBA Grants Safe Harbor to Borrowers with PPP Loans Less than $2 Million
In an update to the Small Business Administration’s (SBA) Paycheck Protection Program (PPP) FAQs, the SBA and Treasury have announced that borrowers with an original principal amount less than $2…
For those of our clients who have received their PPP loan and endured the painful application process, we have just one word to share – Congratulations!!!! Now what? Now, you…
Over the last several days, there have been some developments and clarifications related to the Paycheck Protection Program (PPP). The PPP program loan funds were increased by $310 billion to…
The CARES Act allows employers to delay the payment of the employer’s share of Social Security payroll tax, which is 6.2% of wages up to the annual wage base ($137,700…
On Thursday, April 9, the Federal Reserve introduced the Main Street Lending Program that will permit small and medium-sized businesses to obtain bridge financing through eligible lenders. This is the…
A reminder that your California property tax is due April 10, 2020. The penalty is a flat 10%. Most counties in California allow property owners to pay property taxes online. Please refer…
On Friday March 20, it was announced by Treasury Secretary Steven Mnuchin that Tax Day has been postponed from April 15 to July 15 to coincide with the delayed tax…
Small businesses eligible for disaster assistance loans from SBA
Small businesses are now eligible for up to $2 million in Economic Injury Disaster Loans from the Small Business Administration (SBA) after President Trump called for an additional $50 billion…
Tax payment deadline postponed 90 days, filing remains April 15
The April 15 tax payment deadline for individuals and corporations has been extended 90 days in an effort to provide relief by the U.S. government in the wake of COVID-19…
