Mar 4, 2021 | COVID-19 Response, Firm Updates
In response to the changes that the Biden-Harris Administration made to the Paycheck Protection Program (PPP) in a press release on February 22, 2021, the U.S. Small Business Administration (SBA) issued new guidance with interim final rule titled “Business Loan...
Mar 3, 2021 | Firm Updates, Small Business, Tax Tips
If your business owns one building, but you want to replace it with another building, what should you do? You could sell the building, recognizing and paying tax on any gain, and then buy a new building. Alternatively, you could defer the gain by exchanging the old...
Mar 2, 2021 | COVID-19 Response, Firm Updates
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...
Mar 2, 2021 | COVID-19 Response, Firm Updates
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...
Feb 23, 2021 | COVID-19 Response, Firm Updates
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...
Feb 12, 2021 | COVID-19 Response, Firm Updates
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...
