News Articles

Fortunate enough to get a PPP loan? What you need to know about certain deductions that aren’t allowed.

The IRS has issued guidance clarifying that certain deductions aren’t allowed if a business has received a Paycheck Protection Program (PPP) loan. Specifically, an expense isn’t deductible if both: 1. The payment of the expense results in forgiveness of a loan made under the PPP. 2. The income associated with the forgiveness is excluded from … Continued

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20

May

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The CARES Act liberalizes net operating losses

The Coronavirus Aid, Relief, and Economic Security (CARES) Act eliminates some of the tax-revenue-generating provisions included in a previous tax law. Here’s a look at how the rules for claiming certain tax losses have been modified to provide businesses with relief from the novel coronavirus (COVID-19) crisis. NOL deductions Basically, you may be able to … Continued

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14

May

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Have tax questions related to COVID-19? Here are some answers!

The coronavirus (COVID-19) pandemic has affected many Americans’ finances. Here are some answers to questions you may have right now. My employer closed the office and I’m working from home. Can I deduct any of the related expenses? Unfortunately, no. If you’re an employee who telecommutes, there are strict rules that govern whether you can … Continued

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28

April

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PPP Data Collection Spreadsheet

*As of 4-28-20 View this updated PPP loan forgiveness workbook that can benefit your business. Consider gathering as much information as possible now by using the PPP loan forgiveness data collection form. Click here to download the spreadsheet.

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15

April

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What are the key distinctions between layoffs and furloughs?

As businesses across the country grapple with the economic fallout from the novel coronavirus (COVID-19) pandemic, many must decide whether to downsize their workforces to lower payroll costs and stabilize cash flow. If your company is contemplating such a move, you’ll likely want to consider the choice within the choice: that is, should you lay … Continued

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