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.
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...
Changes in Kiddie Tax Rules for 2019 and 2020
The purpose of the kiddie tax is to prevent the abuse of transferring income-generating assets to your children in order to benefit from lower tax rates. Per the Internal Revenue Service, the kiddie tax applies if: The child has unearned income, such as interest and...
2020 Year-End Estate Tax Planning Tips
President-Elect Joe Biden has proposed reducing the lifetime estate and gift tax exclusion. Whether you should act now to preserve the larger current exclusion depends on your personal situation. The lifetime estate and gift tax exclusion is higher than it has ever...
IRS Confirms and Issues Expanded Guidance on PPP Expense Non-Deductibility
On April 30, 2020, the IRS released IRS Notice 20-32 which provided guidance that the expenses used to document and earn forgiveness for the Paycheck Protection Program (PPP) loan would be considered nondeductible for tax purposes, as discussed in our firm update from...
Tax Withholding on Foreign Payees
On April 25, 2017, we posted the first part of a blog series entitled “Tax Withholding When Business Activities Involve International Entities and Individuals”. In this blog, we would like to expand on the issue of withholding taxes on payments made to foreign payees....
Tax Implications of Working From Home
Working from home, or telecommuting has become a standard work practice amidst the coronavirus pandemic. Employers with employees who are working in states other than the state in which the company is physically present must be aware of a variety of problems related...
SBA Simplifies PPP Forgiveness for Loans of $50,000 or Less
The United States Small Business Administration (SBA) has issued an interim final rule which states that Paycheck Protection Program loan borrowers of $50,000 or less are exempted from any reductions in forgiveness based on reductions in full-time-equivalent (FTE)...
Net Operating Losses After the CARES Act of 2020
The Coronavirus Aid, Relief, and Economic Security (CARES) Act of 2020 made significant changes to the deductibility of net operating losses (NOL) and non-corporate business losses in hopes of providing economic relief to individuals and businesses impacted by the...