The Coronavirus Aid, Relief, and Economic Security (CARES) Act’s many provisions provide emergency relief for businesses suffering financial hardships due to COVID-19. The most widely publicized provision has been the Paycheck Protection Program Loan (PPP Loan).
There are a number of tax obligations that must be met when a business closes its doors. Sadly, because of COVID-19, many businesses are facing this reality. Here are the basic requirements.
The IRS has issued guidance to implement the deferral of the employee share of Social Security tax. But employers still have questions and concerns about whether, and how, to implement the deferral.
If you hold an interest in a business, or may do so in the future, be aware that the CARES Act has made changes to excess business losses.
You may have heard the President has taken executive action to defer the employee portion of some workers’ Social Security taxes. Here’s a look at the issue.
Businesses that received PPP loans should be aware of the tax consequences. Here’s a look at the issue.