Mar 12, 2021 | COVID-19 Response, Firm Updates
The American Rescue Plan of 2021 was signed into law by President Biden on March 11, 2021 and provides many new tax provisions and funding to various sectors of the United States. The notable financial changes are listed below broken out between individual and...
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...
