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A few weeks back, I wrote about President Trump's missive regarding the deferral of payroll tax withholding at the federal level (see "POTUS's EO on Payroll Tax Deferral Leaves Many Unanswered Questions" published August 19, 2020). As the title implies, there were so many questions yet to be answered as to make the order virtually unworkable, at least in my opinion. First, a correction – technically what the President issued was not actually an Executive ...

Whew! Our extended tax filing season that delayed the original filing date to July 15 has come and gone. Maybe you got your return filed; maybe not and you're on extension. Either way, believe it or not, NOW is the time to consider your 2020 tax situation. With the pandemic, resulting law changes already made and likely still to come, job losses, pay cuts, etc., taxes for 2020 are shaping up to be, well, potentially ...

It's an interesting time to be in the practice of accounting and tax consulting. Law, regulatory and other changes are coming in rapid fire succession during this pandemic, as government at all levels try to keep our nation's collective head above water. Often, the changes occur at such a pace that at worst, they seem not very well thought out, or at best, they are vague on the details, leaving it to the bureaucracy to ...

In what has become somewhat of a rite of summer, the IRS annually releases a "Dirty Dozen" tax scam list. I kind of wondered with limited staffing due to Covid-19 if this year's list might be a casualty. Alas, they did now disappoint and the 2020 list has been released. The 2020 list places special emphasis on aggressive schemes related to coronavirus tax relief, including economic impact payments. As IRS Commissioner Chuck Rettig said, "Tax ...

Watch on Youtube: I've back with another update on the PPP loan forgiveness process. I wanted to check in with you today because I think a lot of you out there are ready to get this over with and asking yourselves "when can we apply for forgiveness?" or "what is taking so long?". There's some stress out there about this but I wanted to tell you that the word of the day is 'patience' ...

Much has been written about the Coronavirus Aid, Relief, and Economic Security (CARES) Act that became law in late March, the third piece of legislation quickly passed to fight the COVID-19 pandemic and mitigate the economic havoc it quickly began to wreak.  As the largest stimulus package in history with its accompanying cost of an estimated $2.2 trillion, naturally the various elements have been dissected ad nauseum. I’ve noticed lately, however, an increase in requests ...

The CARES Act, passed in late March to provide relief from financial strains being caused by the COVID-19 pandemic, contained several important provisions affecting IRAs and some qualified employer retirement plans. I wrote about a few of these in brief a few months back, although at the time details about them were scant. New guidance has recently been issued that provides important information about these provisions that you may need to know if you are ...

Watch on Youtube: Another update on the Paycheck Protection Program, what we call affectionally the 'PPP'. You may remember a few weeks back we told you that there were still about a 130 billion dollars in the fund and time was running out to make an application for one of these potentially forgivable loans. That deadline was June 30th. Well Congress, because that deadline has come and gone last week, nearly unanimously passed an ...

Update on the PPP (Paycheck Protect Program). I know there are a lot of small businesses out there that have yet to apply for a PPP Forgivable Loan. How do I know this, because I've talked to a bunch of you. Maybe you thought you didn't qualify for a PPP loan because you're self employed and you don't have any employees or maybe you thought the fund was totally out of money because of the ...

It is with great pleasure and much anticipated excitement, that we announce the Bryant office opened it's doors on Monday, June 29, 2020 to a newly constructed commercial office space located in Bryant not far from our previous location. Our new address is: 3310 Main St. Suite 100, Bryant, AR 72022. The new commercial space is located near the Walmart and directly across from our neighbors, Patterson Dental and The Skin Bar. Please note as ...

In the last "Profit From It" article, I took an initial dive into the issue of Paycheck Protection Program (PPP) Loan forgiveness under the CARES Act; see "A Matter of Forgiveness - of a PPP Loan That Is" on May 27. As stated at the time, there were still many unanswered questions upon which we were awaiting guidance. Sure enough, just about the time that article was submitted, the Small Business Administration (SBA) issued a ...

Watch on Youtube: Part one of the Paycheck Protect Program series can be found here: Part two of the Paycheck Protect Program series can be found here: Part three of the Paycheck Protect Program series can be found here: Part four of the Paycheck Protect Program series can be found here:

Late Wednesday night, the US Senate unanimously passed legislation, previously approved by the US House of Representatives, that makes several important changes to the PPP loan forgiveness rules, including tripling the time allotted for small businesses and other PPP loan recipients to spend the funds and still qualify for forgiveness of the loans. The forgiveness provisions of the CARES Act, which was passed into law to provide business economic relief and encourage employee retention, and ...

So, you're in business and received one of the potentially forgivable Paycheck Protection Program (PPP) loans created by the CARES in an effort to help keep people employed and businesses weather the Covid-19 storm. Now you are wondering, just what exactly am I supposed to do, and how do I go about getting this thing forgiven? The dilemma is that while the PPP was long on promises, it was short on details. In fact, the ...

Americans by and large are a generous people, especially when disaster hits or during other times of crisis. The current crisis is no different. Whether it's drives to support local businesses, serving or donating to food banks, or the numerous faith groups and other relief organizations reaching out to help those in need, we see this generosity on display everywhere. To encourage this even more, the Coronavirus Aid, Relief, and Economic Security (or CARES) Act ...