PPP - Paycheck Protection Program Tax Insights
Finding the Winning Strategy For Your IRS Audit
If you are undergoing or about to be audited by the IRS audit, you should know how your tax positions stack up against the IRS examiners’ positions. In most cases, you are discussing the facts, not the law, and you prove your facts with ... (continued)
Employer Retention Credit-Potential Example
With the Consolidated Appropriations Act, 2021, millions of small-business owners like you now qualify for the employee retention credit (ERC), thanks to three big changes: You can now obtain the ERC and the Paycheck Protection Program loan, but not ... (continued)
More On The Employer Retention Credit
First, say thanks to the Consolidated Appropriations Act, 2021 (CAA), enacted December 27, 2020. It opened the door (retroactively and going forward) for Paycheck Protection Program (PPP) participants to also claim the employee retention credit (ERC). Reminder. Tax credits are the best. They usually reduce ... (continued)
PPP Extended-Please read the Details!
This is likely it—your last chance to obtain first- and second-draw Paycheck Protection Program (PPP) monies. A new law, the PPP Extension Act of 2021, extends the expiration date to the later of May 31 or when the money runs out. Note the phrase ... (continued)
ERC-Employee Retention Credit-In Addition to PPP
Before the December 27, 2020, enactment of the new COVID-19 relief law, you may have chosen the Paycheck Protection Program (PPP) loan and given no thought to the employee retention credit. Remember, under the original law, you had to choose between the retention credit ... (continued)
Loan Payments MADE by the SBA-Taxable?
Are you one of the millions of businesses that have an outstanding non-disaster Small Business Administration (SBA) loan? These include 7(a) loans (general small business loans of up to $5 million),504 loans (loans of up to $5.5 million to provide financing for major fixed assets ... (continued)
PPP First Draw Law Requirements
Two things to know about the Paycheck Protection Program (PPP) first draw enacted on December 27, 2020: The first draw is for those who missed getting in on the original PPP, which expired on August ... (continued)
Are SBA Loans Taxable?
Are you one of the millions of businesses that have an outstanding non-disaster Small Business Administration (SBA) loan? These include 7(a) loans (general small business loans of up to $5 million),504 loans (loans of up to $5.5 million to provide financing for major fixed assets ... (continued)
Employer Retention Credit-New Law!
Before the December 27, 2020, enactment of the new COVID-19 relief law, you may have chosen the Paycheck Protection Program (PPP) loan and given no thought to the employee retention credit. Remember, under the original law, you had to choose between the retention credit ... (continued)
2020 Medical Expenses for Your Business
All small-business owners with one to 49 employees should have a medical plan in their business. Sure, the tax law does not require you to have a plan, but you should. Most of the tax rules that apply to medical plans are straightforward when you have ... (continued)
PPP New Loans-Don’t Miss Out
Did you miss out on the first two opportunities to receive your tax-free Paycheck Protection Program (PPP) cash? Many did miss out. Why? One reason: the word “loan.” Who wants a loan? No one. Well, almost no one. But who wants a cash gift, tax-free? If you do, read ... (continued)
PPP Tax Rules Past & Present
Good news. The new Paycheck Protection Program (PPP) law enacted with the stimulus package adds dollars to your pockets if you have or had PPP money. Before we go further, please note the PPP money comes to you in what appears to be a loan. We ... (continued)
8 New Tax Breaks Under New Stimulus Act
As you doubtlessly know, Congress recently passed a massive new stimulus bill that was enacted into law on December 27, 2020. Most of the public’s attention has been focused on the bill’s authorization of additional stimulus checks and new PPP loans and other ... (continued)
New PPP Monies on the Table
Did you miss out on the first two opportunities to receive your tax-free Paycheck Protection Program (PPP) cash? Many did miss out. Why? One reason: the word “loan.” Who wants a loan? No one. Well, almost no one. But who wants a cash gift, tax-free? If you do, ... (continued)
8 Tax Breaks under COVID-19
As you doubtlessly know, Congress recently passed a massive new stimulus bill that was enacted into law on December 27, 2020. Most of the public’s attention has been focused on the bill’s authorization of additional stimulus checks and new PPP loans and other ... (continued)
Year-End Medical Tax Strategies
All small-business owners with one to 49 employees should have a medical plan in their business. Sure, the tax law does not require you to have a plan, but you should. Most of the tax rules that apply to medical plans are straightforward when you ... (continued)
PPP- 2 New Rules for S and C Corporations
The Payroll Protection Program (PPP) rules—they keep a-changin’. During the past month, the Small Business Administration (SBA) issued a new set of frequently asked questions (FAQs) and a new interim final rule, which in combination create the following good news for the Payroll Protection ... (continued)
7 Significant Considerations for EIDL Loan
Small Business Administration (SBA) Economic Injury Disaster Loans (EIDLs) can be a great source of low-interest funding for businesses struggling with the economic impact of the COVID-19 pandemic. Unlike Payroll Protection Program (PPP) loans, EIDLs are not forgivable—borrowers have to pay them back. But ... (continued)
PPP- 4 Questions Resolved For S Corporations
Tax law definitions do not apply to much of the Payroll Protection Program (PPP), making it new ground for owners of S corporations. Here are answers to four questions of concern to many S corporation owners. Spouse Owns S Corporation Question. My wife owns ... (continued)
PPP Questions For Sole Proprietors Resolved Here!
If you report your business income and expenses on Schedule C of your Form 1040, your PPP loan forgiveness is straightforward, as you see in the four answers below. Paying Myself Question. I know that I can achieve full forgiveness based solely on my ... (continued)
4 Insights into the PPP Loan & Its Forgiveness
I receive many questions about the Payroll Protection Program (PPP). Here are two of them with our answers. Good Faith at the Time Question. What are your thoughts on the repercussions for business owners who acted in good faith based on the information available ... (continued)
4 Insights into the PPP & Forgiveness
I receive many questions about the Payroll Protection Program (PPP). Here are two of them with our answers. Good Faith at the Time Question. What are your thoughts on the repercussions for business owners who acted in good faith based on the information available ... (continued)
Raise Hell- Make the PPP Expenses Deductible
As you read this, it’s likely that your lawmakers are working on the next Payroll Protection Program (PPP) package. And hopefully, in this next package they will include a provision that allows you to deduct business expenses that you pay with your PPP money. Let’s ... (continued)
Sole Proprietorship PPP -How to Pay Yourself
If you report your business income and expenses on Schedule C of your Form 1040, your PPP loan forgiveness is straightforward, as you see in the four answers below. Paying Myself Question. I know that I can achieve full forgiveness based solely on my ... (continued)
PPP Loan Forgiveness Rules for Corporations & Partnerships
If you operate your business as a partnership or an S or C corporation, you face entity-specific Payroll Protection Program (PPP) loan forgiveness rules that apply to you as an owner-worker in the business. The rules that apply to you do not apply to ... (continued)
Government Clarifies PPP Loan Forgiveness Rules
How much is clarity worth? A lot, a whole lot. And how much is making things easier worth? Of course, it’s a lot, a whole lot, too. We now have both the new (a) clarity and (b) easy road to Paycheck Protection Program (PPP) loan forgiveness ... (continued)
9 Insights Into PPP Potential Tax Implications
Uncategorized by MF ... (continued)
More Details on the PPP Program
When you are self-employed with no employees, the payroll protection program (PPP) program is a COVID-19 gift designed to help you get through this pandemic. If you now have your PPP funds, we identified nine insights for you. Do I Have to Spend the ... (continued)
COVID-19– S Corporation Benefits
To help your small business, Congress created a lot of new tax-saving provisions due to the COVID-19 pandemic. Many of my clients own and operate S corporations and expect the tax law to treat them differently, as it does with their health insurance deduction. Perhaps ... (continued)
Self Employed & Filed 1040 Schedule C-Please Read About These Gov’t Potential Benefits
Get ready for this: “I’m from the government, and I’m here to help.” Here’s the deal: “I’m going to give you $20,833 today. I want you to give me $5,448 no later than two years from now. You can keep the $15,385 difference, tax-free—no ... (continued)
New Update COVID-19
The COVID-19 pandemic has upended all aspects of life around the world, including the world of business here in the U.S. If your business is struggling, you may be able to get some help from the federal Small Business Administration (SBA), which is authorized ... (continued)
Here are SBA Disaster Relief Loans Available for Your Business
The COVID-19 pandemic has upended all aspects of life around the world, including the world of business here in the U.S. If your business is struggling, you may be able to get some help from the federal Small Business Administration (SBA), which is authorized ... (continued)