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.
Paycheck Protection Program & Employee Retention Credit Interaction
Qualified wages for which the employer claims the employee retention credit are excluded from payroll costs paid during the covered period that qualify for forgiveness under PPP. Section 2301(g)(1) of the CARES Act, as amended by the Relief Act, permits an eligible...
Clarifications Made Under Notice 2021-20
Clarifications Made Under Notice 2021-20 The CARES Act provided similar rules to section 51(i)(1) of the Internal Revenue Code, that apply to the Employee Retention Credit (ERC). Wages paid to “related individuals” may not be taken into account for determining the...
Biden Administration Extends PPP to Additional Small Businesses
On February 22, 2021, the Biden-Harris Administration announced changes being made to the Payroll Protection Program (PPP) to ensure distributions are happening equally. The measures put in place are to target relief to America’s smallest businesses and those left...
Credits for Sick Leave and Family Leave for Certain Self-Employed Individuals
Eligible self-employed individuals, including partners in partnerships with SE income, are entitled to claim qualified sick and family leave equivalent credits under the Families First Coronavirus Response Act. To be an eligible self-employed person, both the...
Investing in a Qualified Opportunity Fund
Qualified Opportunity Funds (QOFs) were created as part of the Tax Cuts and Jobs Act of 2017 in order to provide tax incentives to investors who invest capital gains in economically distressed communities. A QOF is defined as an investment vehicle organized as a...
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...