Many small businesses are starting to receive their much needed Paycheck Protection Program (PPP) Loan funds. Many are asking how they should be tracking their expenses to ensure their loans will be forgiven. Unfortunately, the Small Business Administration (SBA) has not provided guidance on this as of
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Many taxpayers have started receiving their stimulus payments; however the Internal Revenue Service has run into several glitches. Please note, if you are one of the many effected taxpayers, we recommend you refer to the IRS website as we are unable to contact the IRS regarding this
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With many taxpayers receiving their economic impact payments this week, it is important to be aware of scams targeting taxpayers. The Internal Revenue Service is urging taxpayers to be on the lookout for these scams as criminals could utilize this stressful time to their advantage. Here are
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The US Treasury has launched a new web tool allowing for quick registration for the Economic Impact Payments for individuals who do not normally file a tax return. This web tool will also soon allow individuals to update direct deposit information. Click here for more information.
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IRS Offers Additional Tax Relief The Internal Revenue Service has offered additional relief for the filing and payment deadlines that fall between April 1 and July 15. This includes estimated tax payments due June 15, 2020, as well as some installment payments. Click here for a list
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We recently came across a helpful resource The Hartford has put together with federal and state resources for small businesses affected by COVID-19. With our clients spread across the United States, we thought this resource would be helpful to many. Click here to access the federal and
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The Small Business Administration, in conjunction with the US Treasury, has issued additional guidance and clarification to the Paycheck Protection Program. Some of the specific clarifications are: A company’s gross payroll should be used for both the loan application as well as forgiveness. An employer’s portion of
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Paycheck Protection Program Loan Changes The Small Business Administration provided changes overnight for the Paycheck Protection Program Loans. Some of the major changes are: Usage of loan funds – not more than 75% can be used for payroll and the remaining funds can be used for specific
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Seniors Won’t Have to File Returns to Receive Recovery Rebate The Internal Revenue Service (IRS) originally stated seniors and others who typically don’t file returns will need to submit a simple tax return to receive their 2020 recovery rebate, as authorized by the Coronavirus Aid, Relief, and
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IRS Warns of Scams The Internal Revenue Service (IRS) is asking taxpayers to be aware of the possibility of scams involving economic impact payments. Here are a couple of reminders: The IRS isn’t going to call you asking to verify or provide your financial information so you
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