In Notice 2020-32, the IRS has clarified that deductions for income tax purposes aren’t allowed for expenses that are otherwise deductible if the payment of the expense results in forgiveness of a covered loan.
Hiring independent contractors? Make sure they’re properly classified
During these tough times, your business may be saving money by using independent contractors, rather than hiring employees. Make sure to follow all the rules or you could hear from the IRS.
SBA extends the PPP repayment deadline for self-certification
May 14, 2020, is the revised deadline to repay Paycheck Protection Program loans for borrowers who have chosen the Small Business Administration’s “good faith” self-certification of eligibility option.
Congress expands small business COVID-19 relief
The just-passed $484 billion Interim Stimulus Plan, among other things, replenishes Paycheck Protection Program funds.
New COVID-19 law makes favorable changes to “qualified improvement property”
A drafting error by Congress meant that some improvements to interior parts of nonresidential buildings had to be deducted over 39 years. But a new law that provides COVID-19 relief fixes the error and may result in revenue for eligible businesses.
What are the key distinctions between layoffs and furloughs?
COVID-19 has forced many business owners to re-evaluate the size of their workforces. The choice between layoffs and furloughs brings up a variety of compliance issues.
COVID-19: IRS announces more relief and details
Expecting an Economic Impact Payment from the IRS? The tax agency has made a few new announcements about the financial relief the government is providing.
Relief from not making employment tax deposits due to COVID-19 tax credits
The coronavirus (COVID-19) crisis has resulted in unprecedented challenges for employers. Here are the details of some relief from the federal government.
Just launched: The SBA’s Paycheck Protection Program
Retaining employees and maintaining payroll has become difficult for many small businesses across the country. The SBA’s Payroll Protection Program offers relief for some.