What to Do When Some or All of A PPP Loan Is Not Forgiven COVID-19 Business Update As discussed in a previous e blast (IRS Issues Additional Guidance on PPP Taxability), the IRS disallows a 2020 deduction for a calendar-year PPP loan…
Relief from $10,000 SALT Limitation on the Horizon for Certain Small Business Owners The implementation of the Tax Cuts and Jobs Act in 2017 included a limitation of $10,000 on the total deduction for state and local income taxes (SALT)…
Year-End Tax Planning Strategies for Business Owners Several end-of-year tax planning strategies are available to business owners that can be used to reduce their tax liability. DEFERRING INCOME Businesses using the cash method of accounting can defer income into 2021…
IRS Issues Additional Guidance on PPP Taxability COVID-19 Business Update The Coronavirus Aid, Relief, and Economic Security Act (“CARES”) clearly states that PPP loan forgiveness will result in cancellation of debt income that is not taxable. In addition, the IRS…
SBA Requires Completion of Loan Necessity Questionnaires from PPP Borrowers with $2 Million or More COVID-19 Business Update Businesses and not-for-profits that received $2 million or more in Paycheck Protection Program (PPP) loans must complete one of two new loan…
CARES Restores Ability to Carryback Current Losses to Prior Years to Claim Tax Refunds COVID-19 Business Update The Coronavirus Aid, Relief, and Economic Security (CARES) Act temporarily reinstates the net operating loss (NOL) carryback option and removes the limitations on…
PPP Loan Forgiveness Simplified for Loans of $50,000 or Less COVID-19 Business Update A new interim final rule (IFR) released by the Treasury and the U.S. Small Business Administration (SBA) provides new guidance concerning forgiveness and loan review processes for PPP loans…
SBA Clarifies Payback Date for PPP Loans COVID-19 Business Update The US Small Business Administration has released guidance clarifying that lenders must recognize the previously established extended deferral period for payments on the principal, interest, and fees on all Paycheck…
New Jersey Lawmakers Agree on a Millionaires Tax New Jersey Governor Phil Murphy and Democratic legislative leaders have agreed on a budget deal that will raise taxes on millionaires to fund rebates for about 800,000 middle-class households. The deal will…
Providing Employees with Health Benefits Without Using a Group Health Insurance Plan Employers with less than 50 full-time employees and that don’t offer a group health plan can contribute to their employees’ health care costs through a Qualified Small Employer…