The latest $1.9 trillion stimulus package creates a new tax break for tens of millions of workers who received unemployment benefits last year after businesses were forced to close and lay them off during the coronavirus pandemic. Many Americans who were potentially left with a surprise tax bill on that jobless aid are poised to …
February 26, 2021
Starting yesterday the SBA will make companies with less than 20 employees a PRIORITY for processing PPP loans.This means if you are already in process with us to get a First or Second PPP, you will move up the list !!If you are considering a PPP for first or second time, then NOW IS THE …
October 24, 2020
Click the buttons below for instructions and the form for full forgiveness of any PPP loan below $50,000. PPP Loan Forgiveness Application Form Instructions No numbers ($) are required. Just simple statements. If you need any help in completing this form, contact us.Please share this page with any friends and relatives that may benefit from …
July 31, 2020
Over a hundred members of Congress are asking the Internal Revenue Service to resolve a number of issues preventing the remaining Economic Impact Payments from gomg_ out to taxpay ers who desperately need the money as they struggle through the novel coronav1rus pandemic. Read the full article by Michael Cohn on AccountingToday.com
...July 28, 2020
There are lots of questions about the Paycheck Protection Program loan forgiveness. Question: I am an independent contractor who uses a single household checking account only. No payroll account or separate business account. How do I document that my PPP loan was used for ‘payroll’?Answer: As an independent contractor, sole proprietor, or self-employed individual, if …
May 19, 2020
The Boy scouts in Colorado did not buy any flags in bulk. At least the Denver Metro Council did not. I am suggesting that each of us reach out to as many friends as possible.I recently talked to the staff at Ft Logan, confirming the “no organized group rule”, see the notice, from the Veterans …
May 7, 2020
The IRS ruled that a Paycheck Protection Program (PPP) borrower who spends PPP funds on normal business expenses cannot deduct those expenditures for federal tax purposes. But its position, which left many in congress wondering if the IRS missed the 335-page memo, may not be the last word. Today, a bipartisan group of congressional leaders …
May 5, 2020
On Thursday, April 30th the IRS issued Notice 2020-32 which clarified the treatment of expenses paid with funds forgiven through the Paycheck Protection Program (PPP).Most taxpayers incorrectly assumed that businesses receiving a PPP loan which was forgiven would not have to pay tax on the loan forgiveness and would also get the benefit of deducting …
April 29, 2020
The Congress passed and the President signed legislation allocating more funds for the PPP (Payroll Protection Plan) loans and the Economic Injury Disaster Loan(s) for $10,000. Some of you may have already applied and I know some of my clients have received the loan. Please let us know if this is the case. Tomorrow the SBA is opening …
April 23, 2020
Check on the status of your Economic Impact PaymentThis application will give you information about:Your payment statusYour payment typeWhether we need more information from you, including bank account informationYou May Need:Your 2019 return, if filed, andYour 2018 returnData is updated once per day overnight, so there’s no need to check back more than once per …