Paycheck Protection Program – Loan Forgiveness

Updated Information – 5/13/2020 SBA issues new guidance on PPP loan necessity certification The CARES Act includes loan forgiveness provisions for loans received under the Paycheck Protection Program (PPP). The exact details are not yet clear. However, the Small Business Administration (SBA) has promised clarification of the forgiveness provisions at a future date. This Q&A[ … ]

Employee Retention Credit

NOTE: Credit not available to small businesses that receive a Paycheck Protection Program Loan. In addition, wages claimed for employees under the Work Opportunity Credit are exempt. The Employee Retention Credit is a refundable tax credit against certain payroll taxes equal to 50% of qualified wages a qualifying employer pays to employees after March 12,[ … ]

Economic Injury Disaster Loans

In response to the Coronavirus pandemic, the President signed H.R. 748, known as the Coronavirus Aid, Relief and Economic Security Act (CARES) on March 27, 2020. The Act includes a new Paycheck Protection Program (PPP) that seeks to provide short-term cash flow through federally guaranteed loans for small businesses impacted by COVID-19. These loans will[ … ]

Coronavirus – Employer Relief Measures and Tax Updates

In response to the COVID-19 pandemic, there are several changes to the traditional tax deadlines and new developments that impact you and your business. Below is a summary of the updates occurring at the federal and state level. Federal Developments – Summary Federal income tax filings and payments originally due on April 15, 2020 have[ … ]

Arizona Extends Tax Filing and Payment Deadline to July 15th

The Arizona Department of Revenue (ADOR) has extended the deadline for filing and paying state income taxes from April 15 to July 15, 2020 The announcement by ADOR includes individual, corporate and fiduciary tax returns. The new deadline means taxpayers filing state tax returns or submitting payments after the previous April 15 deadline but before[ … ]