Since your business has received an SBA Paycheck Protection Program (PPP) loan, now is the time to begin planning how you will allocate and document your spending over the eight-week covered period to ensure you receive the maximum loan forgiveness. Work with our PPP Loan Task Force We have designed flat-fee consulting packages to help[ … ]
I received my Paycheck Protection Program Loan. Now what do I do? Many of our clients have received their Paycheck Protection Program (PPP) Loan and are asking us for procedures on accounting for the loan, maintaining the documentation, and navigating all the related twists and turns involved with the program’s requirements and ultimate loan forgiveness.[ … ]
There have been many questions regarding Paycheck Protection Program (PPP) loans and the borrowers’ required good-faith certification concerning loan necessity. Concerns over the possible ramifications of applying for the loan and then having the Small Business Association (SBA) evaluate the certification after the fact have been front and center in the national dialogue. Today, the[ … ]
Do you want to save for retirement on a tax-advantaged basis? It’s not too late to make 2019 IRA contributions (if you’re eligible) just because it’s 2020. And this year, the IRS extended the deadline three months due to COVID-19. Here are the rules and who can make contributions.
The Arizona economy and our local businesses are suffering significant distress in these uncertain times. A business’ going concern premise is compromised as growth and cashflows decline and risk increases. Financial distress is a condition in which a company or individual cannot generate revenue or income resulting in challenges in paying its financial obligations. This[ … ]
Stimulus checks are already arriving in mailboxes and bank accounts, but not everyone who receives a stimulus check needs the money. Part of the recent CARES Act, these stimulus checks include $1,200 for single filers or $2,400 for joint filers, plus $500 for each dependent child under age 17. The amount of the payment is[ … ]
If you’re like most Americans, the coronavirus (COVID-19) pandemic has led to many questions. Health issues are of utmost concern but you may also have many financial questions. Here are some answers.
As a result of the coronavirus (COVID-19) crisis, your business may be using independent contractors to keep costs low. But you should be careful that these workers are properly classified for federal tax purposes. If the IRS reclassifies them as employees, it can be an expensive mistake. The question of whether a worker is an[ … ]
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[ … ]
The IRS recently published FAQs that clarify payment of the employer’s share of FICA from March 27, 2020 through December 31, 2020. In the IRS FAQs (linked below), the IRS has clarified that all employers may defer payment of the Employer’s share of FICA (i.e. the 6.2%) for deposits and payments otherwise due beginning March[ … ]