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  • October 5, 2021
  • 8:52 pm

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…

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  • August 18, 2021
  • 9:11 pm

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…

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  • July 21, 2021
  • 9:02 pm

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….

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  • June 29, 2021
  • 5:05 am

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…

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  • June 29, 2021
  • 5:00 am

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…

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  • April 23, 2021
  • 10:41 pm

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.

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  • March 25, 2021
  • 9:33 pm

PPP extension passes House and Senate

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…

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  • March 15, 2021
  • 6:01 pm

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…

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  • March 12, 2021
  • 9:35 pm

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…

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  • March 12, 2021
  • 9:34 pm

American Rescue Plan Act signed into law

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…

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  • March 5, 2021
  • 5:30 pm

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…

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  • March 5, 2021
  • 5:28 pm

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…

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  • February 24, 2021
  • 10:10 pm

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…

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  • February 9, 2021
  • 8:03 pm

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…

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  • February 9, 2021
  • 6:55 pm

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…

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  • January 19, 2021
  • 8:49 pm

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…

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  • November 19, 2020
  • 9:00 pm

IRS clarifies tax implications of PPP funds

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.

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  • October 20, 2020
  • 5:51 pm

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…

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  • September 1, 2020
  • 3:37 pm

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…

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  • August 27, 2020
  • 5:49 pm

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…

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  • August 17, 2020
  • 7:45 pm

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…

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  • August 14, 2020
  • 5:10 pm

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…

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  • August 7, 2020
  • 3:09 pm

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…

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  • July 14, 2020
  • 6:08 pm

The role of CPAs during times of economic crisis

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…

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  • July 2, 2020
  • 5:58 pm

House, Senate approve 5-week PPP extension

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…

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  • July 1, 2020
  • 5:56 pm

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…

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  • June 23, 2020
  • 6:16 pm

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…

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  • June 22, 2020
  • 2:02 pm

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…

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  • June 18, 2020
  • 2:47 pm

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…

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  • June 11, 2020
  • 10:04 pm

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…

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  • June 11, 2020
  • 5:44 pm

Unemployment Insurance Benefits and the CARES Act

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…

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  • May 29, 2020
  • 5:28 pm

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…

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  • May 27, 2020
  • 9:18 pm

SBA issues interim final rule on PPP

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…

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  • May 20, 2020
  • 8:08 pm

Managing cash flow during a crisis and beyond

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…

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  • May 20, 2020
  • 7:57 pm

RECEIVED YOUR HHS STIMULUS, NOW WHAT?

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…

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  • May 19, 2020
  • 2:13 pm

PPP forgiveness form released by SBA

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…

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  • May 14, 2020
  • 8:10 pm

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…

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  • May 14, 2020
  • 8:09 pm

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…

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  • May 12, 2020
  • 2:13 pm

Received Your SBA PPP Loan. Now What?

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…

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  • April 29, 2020
  • 1:19 pm

SBA Paycheck Protection Program Updates

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…

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  • April 14, 2020
  • 9:54 pm

Option to Defer Payment of Payroll Taxes

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…

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  • April 14, 2020
  • 9:48 pm

Main Street Lending Program

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…

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  • April 7, 2020
  • 5:27 pm

COVID-19 Property Tax Penalty Relief

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…

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  • March 27, 2020
  • 7:59 pm

Tax Day Postponed from April 15 to July 15

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…

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  • March 25, 2020
  • 5:27 pm

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…

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  • March 19, 2020
  • 3:42 pm

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…

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