Articles



COVID-19 Relief for Retirement Plans

Published January 25, 2021

In recognition of the ongoing economic impact of the COVID-19 pandemic, the IRS has provided procedures to allow individuals to take early distributions from certain retirement plans under Section 2202 of the Coronavirus Aid, Relief, and Economic Security...

New COVID Relief

Published January 25, 2021

After months of back and forth with seemingly nothing to show for it (and immense frustration growing within the American people), it appears that Congress has reached a tentative agreement to pass much needed pandemic relief in the form of a new ...

CAA Details - PPP + ERC

Published January 25, 2021

On December 21st, 2020, Congress passed the Consolidated Appropriations Act of 2021 (CAA) which included an update to Paycheck Protection Program (PPP) loans, details on the new PPP second round (PPP2) and several enhancements to the Employee Retention Credit (ERC)...

PPP Round 2 + Tax E-Filing Delay

Published January 25, 2021

First, a quick note on the calendar 2020 filing season. The Internal Revenue Service plans to open tax e-filing season on February 12th, 2021. While this normally begins late January, the ongoing pandemic, the distribution of the latest round of stimulus, a backlog of work from last year, and changes in the tax law have necessitated...

Updated PPP Loan Forgiveness Application

Published June 23, 2020

Although it has been quiet on the Paycheck Protection Program (PPP) front as of late, there are still many issues and topics being worked on behind the scenes at the U.S. Treasury Department and SBA. As a result, On June 16th, 2020, the SBA (in consultation with the US Treasury department) issued additional updates and revisions on the Paycheck Protection Program (PPP)...

Planning for PPP Loan Forgiveness

Published May 28, 2020

Many small businesses are finally seeing their applications approved and funding granted for the Payroll Protection Plan Loans (“PPP”) after weeks of confusion and uncertainty. As the SBA and big banks continue to fumble through the second round of PPP funding, many borrowers are now focusing on how best to use their funds to optimize the best part: potential 100% loan forgiveness...

PPP Updates New Guidance

Published May 26, 2020

One week after issuing the long-awaited Paycheck Protection Program (PPP) Loan Forgiveness Application, summarized here, the Small Business Administration (SBA) issued two interim final rules on May 22, 2020 addressing loan forgiveness, loan review procedures, and borrower and lender responsibilities....

PPP Updates - Deductibility + Sole Props + Economic Need

Published May 14, 2020

Many small businesses are finally seeing their applications approved and funding granted for the Payroll Protection Plan Loans (“PPP”) after weeks of confusion and uncertainty. As the SBA and big banks continue to fumble through the second round of PPP funding, many borrowers are now focusing on how best to use their funds to optimize the best part: potential 100% loan forgiveness...

Fraud - It Will Happen To You

Published June 15, 2017

In most cases, that’s the first phrase uttered when a firm discovers employee fraud. You hear about it all the time. A long-time, well-trusted employee embezzles cash over a period of years. These stories appear on a daily basis in just about every business publication. It happens in all size companies – small, medium and large. All levels of employees...

Common Deductible Business Expenses

Published June 16, 2017

Accounting Fees
Advertising, Attorney's fees
Auto Expenses
Bad Debts (if previously income)
Banking Fees
Board Meetings
Building Repairs and Maintenance Cafeteria Plan (Requires Plan)
Car and Truck Expenses...