Tax Tips

Paycheck Protection Program (PPP) borrowers revenue reduction Guidelines

The U.S. Small Business Administration (SBA) and Treasury issued an 18-page document recently detailing how Paycheck Protection Program (PPP) borrowers should calculate revenue reduction and maximum loan amounts for second-draw PPP loans. The guidance also provided what documents borrowers must provide to support calculations. SBA and Treasury issued three pieces of guidance recently: A 12-page document detailing calculation processes […]

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Covid Relief Package Latest News

Covid Relief Package When Congress initially responded to the Covid-19 pandemic by passing the CARES Act on March 27th, 2020 — handing down individual stimulus payments, Paycheck Protection Program loans, supplemental unemployment benefits and a bevy of additional tax breaks to struggling businesses — many anticipated that if the virus continued to spread unabated, additional

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Congress is making Efforts to Move Forward Another Stimulus Bill

In recent months and as a result of long negotiations between Congress’s Democrats, Republicans, and the White House on another round of stimulus legislation, the possibility of a deal is becoming real. In May, the Democrats in the House released COVID-19 Phase 4 legislation, the Health and Economic Recovery Omnibus Emergency Solution Act (HEROES Act). In July,

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All Bonus Depreciation Rules Finalized by IRS

The Internal Revenue Service and the Treasury Department gave the last arrangement of definite guidelines Monday to actualize the 100% extra first-year devaluation derivation from the Tax Cuts and Jobs Act, empowering organizations to discount the expense of most depreciable business resources in the year they are placed in service. The 100% first-year reward devaluation

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