Cash is King…Especially Now
Cash flow has always been the lifeblood of any business. With COVID cases raging in some states and creeping upwards in our region, it is clear the pandemic will be with us for the foreseeable future. Whether your business remains on life support or has been on the road to recovery, managing cash flow is […]
Will PPP Loans and EIDL Advance be Taxable?
PPP Loans The IRS has clarified that if your loan money is forgiven, it won’t be considered taxable income. BUT, nor will it be eligible for tax deductions, even though you likely used it for expenses that normally would be tax deductible. This will leave you with a tax liability. For example, if you received […]
PPP Loan Forgiveness Applications Due Dec. 31, 2020 – But Please Don’t Wait Until the Last Minute!
While the deadline gives everyone some breathing room, there are several different permutations that will be calculated to determine the best way for you to file for forgiveness. And there will be a flood of applicants at the end of the year. For your sake (and your tax professional’s), don’t wait until the holidays to […]
More PPP Guidance Released by the SBA
Every Small Business Owner Needs a CFO – Especially Now
As a small business owner, you may not feel you can justify the expense of a full time CFO. But there are times you absolutely need someone with a trained financial mind to help you make big decisions, plan for the future – and ensure you are properly tracking your finances. Here are just […]
SBA Clarifies Last Week’s PPP Legislation
When the latest PPP legislation passed last week, it eased a number of restrictions, making far easier for businesses to qualify for loan forgiveness. While the 75% requirement for payroll had been reduced to 60%, the original wording implied that this 60% level would be a “cliff,” below which no forgiveness at all would be […]
Loan Forgiveness under PPP Loan Provisions
Well, you probably saw this coming… Turns out … if you received a PPP loan, the expenses you pay from the proceeds of this (forgivable) loan … are not deductible. Ouch. The IRS just released new guidance to this end (which is being protested by the AICPA and other accounting associations). This provision reduces the value of the […]
Understanding the Paycheck Protection Provision Loan Program
Yes, the CARES Act for the Paycheck Protection Provision loan program (PPP) was passed last Friday. It’s 800 pages and the banks are still feeling their way around to determine how to process these new loans. The complete guidelines have not been developed yet. We recommend starting your application with the bank you already have […]
3 Tips for 2020 Tax Returns
5 Tax Tips For 2020 Tax Season
2018 and 2019 were big years for tax changes. The Tax Cuts and Jobs Act had major implications for individuals and businesses. In 2020, overall, we will see much less change but it’s important to ensure you’re taking advantage of these changes properly in 2020. Here are 5 tax tips for 2020 tax season to […]