You may have seen in the news that President Biden has made important changes to the Paycheck Protection Program (PPP) rules. As businesses reopen, demand for PPP loans is declining, yet many small businesses have still been unable to receive aid. The new rules target small businesses with fewer than 20 employees to ensure said […]
I just wanted to take a few minutes to update everyone on an important tax opportunity called the Employee Retention Tax Credit. It can save you significant amounts of money if your business qualifies. The tax law introduced last spring created the credit, but many companies didn’t qualify because they had borrowed PPP money. However, […]
At the end of last year, the IRS announced its plans to ramp up small business audits by as much as 50% and by as early as February 2021. These plans come at a time when businesses’ books look even more complicated due to the pandemic and the numerous stimulus packages that have come with […]
In March, Congress passed the CARES Act, which offered many forms of economic relief from the pandemic. Late Monday night, they passed a new relief bill, which extended some of that relief. This is what you need to know. For Individuals The new act provides a refundable tax credit of $600 to eligible individuals, plus […]
Last night the U.S. Senate passed the House version of the Paycheck Protection Program legislation (called the Paycheck Protection Flexibility Act). Some of the changes that resulted from this new legislation The time allotted for loan recipients to spend the PPP proceeds and still qualify for loan forgiveness has increased from 8 weeks to 24 […]
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