Sciarabba Walker Blog
The information in these blog posts is provided for general informational purposes only and is not intended to substitute for accounting, tax, or financial advice from a professional accountant. While we use reasonable efforts to furnish accurate and up-to-date information, we do not warrant that any information contained in or made available through this blog is current or error free. No part of this communication is intended to be used for the purpose of avoiding penalties under U.S. federal tax law.
International Individual Tax Considerations
Individual tax returns with international issues are tough - don't go it alone. If you have been preparing your own taxes for years, you may have a certain level of confidence. With recent changes to tax laws, what you have been doing for years may have completely...
SBA Releases Additional PPP First Draw Guidance
On January 7, 2021, the SBA issued guidance regarding the extension of the Paycheck Protection Program (PPP) under the Economic Aid Act. Separate guidance was issued for first-time borrowers (First Draw) and borrowers seeking a second round of PPP funding (Second...
SBA Releases Additional PPP Second Draw Guidance
On January 6, 2021, the Small Business Administration released additional guidance relating to the Paycheck Protection Program (PPP) Second Draw Loans. This program was made available as part of the Consolidated Appropriations Act of 2021 under the Economic Aid to...
Christopher Hart Promoted to Partner at Sciarabba Walker & Co., LLP
Accounting and business consulting firm Sciarabba Walker & Co., LLP announces the promotion of Christopher Hart to Partner, effective January 1, 2021. Mr. Hart joined Sciarabba Walker in 2008 and currently serves as head of the firm’s Tax Department. He focuses on...
Employee Retention Credit Enhancements & Revisions
On December 21, 2020, the U.S. Senate and House of Representatives voted to approve the Consolidated Appropriations Act of 2021. Sections 206 and 207, Title II of Division EE, Taxpayer Certainty and Disaster Tax Relief Act (TCDTR) of 2020 modify and extend the...
Consolidated Appropriations Act of 2021
On December 27, 2020, the Consolidated Appropriations Act of 2021 was signed into law. Below, we've outlined some of the bill's key provisions. Additional PPP "First Draw" Guidance Provides guidance on how to calculate the maximum First Draw PPP loan amount and what...
“Second Draw” of Paycheck Protection Program
On December 21, 2020, the U.S. Senate and House of Representatives voted to approve the Consolidated Appropriations Act of 2021. Title III - Continuing the Paycheck Protection Program and Other Small Business Support in the Act provides for a “second draw” PPP loan...
New Round of Stimulus Checks
On December 21, 2020, the U.S. Senate and House of Representatives voted to approve the Consolidated Appropriations Act of 2021. Sec 272 of Subtitle B - COVID-related Tax Relief Act of 2020 in the Act confirms the payment of $600 for each taxpayer ($1,200 if married...
Simplified Forgiveness Application for PPP Loans Under $150,000
On December 21, 2020, the U.S. Senate and House of Representatives voted to approve the Consolidated Appropriations Act of 2021. The legislation added direction for a simplified application for Paycheck Protection Program (PPP) covered loans up to $150,000. Sec 307 of...
Paycheck Protection Program Expense Deductibility Update
On December 21, 2020, the U.S. Senate and House of Representatives voted to approve the Consolidated Appropriations Act of 2021. The legislation ensures tax deductibility for business expenses paid with forgiven Paycheck Protection Program (PPP) loans, as well as...