Updated PPP Forgiveness Application Process Overview
The Coronavirus Aid, Relief, and Economic Security Act, also known as the CARES Act, was passed in order to provide relief to individuals and businesses which were [...]
Updates on Employee Retention Tax Credit
Employee Retention Tax Credit (ETRC) is credit against certain employment taxes. This credit was limited to 50% of qualified wages under the previously passed CARES Act, with [...]
2021 Important Tax Filing Reminders
Wrapping up an unpredictable year with many changes and challenges wasn’t easy. As we are stepping into a new year, in this article, we would like to [...]
IRS Provides Tax Inflation Adjustments for Tax Year 2021
The Internal Revenue Service announced the tax year 2021 annual inflation adjustments for more than 60 tax provisions on October 26, 2020 in Revenue Procedure 2020-45, including [...]
Section 409A Valuation
An independent valuation or appraisal may be needed to determine the fair market value (FMV) of a privately held company’s certain nonqualified deferred compensation plans such as [...]
Deciphering the CoronaVirus Relief Bill for PPP2 (Part III)
Simplify the PPP Application Process The new COVID -19 relief bill also simplified the application process - Simplified the forgiveness application process for loans of $150K or [...]
Deciphering the CoronaVirus Relief Bill for PPP2 (Part II)
Expansion of Definition of Eligible Costs The new bill had widened the net of cost eligible for Paycheck Protection Program (PPP) loan forgiveness. In addition to payroll, [...]
Deciphering the CoronaVirus Relief Bill for PPP2 (Part I)
Tax Deductibility of Expenses COVID-19 relief bill passed on December 27, 2020 provides the much-awaited pronouncement on treatment of expenses paid out of the forgiven portion of [...]
PPP Loans for Partnerships
What are the rules for partnerships to participate in the new round of PPP under the new COVID-19 relief bill passed on December 27th, 2020? That’s what [...]