November 2020

PPP loan updates text over green background

ALERT: Guidance Issued On Deducting Expenses Associated with PPP Forgiveness

On November 18, 2020, the IRS issued guidance on the deductibility of PPP-funded expenses. Prior to this guidance, there was speculation…

PPP – Loan Necessity Questionnaire

Early on in the PPP application process there was question and concern around applicants demonstrating the need for the loan. Relief…

Changes to Rebuild VA Small Business Grant Program

Recently Governor Northam announced changes in the Rebuild VA Grant Program expanding both the eligibility criteria and the amount of…

The Families First Coronavirus Response Act Follow-Up

The Families First Coronavirus Response Act Follow-Up

In March, the Families First Coronavirus Response Act (FFCRA) was enacted which requires certain employers to provide employees with expanded…

smiling husband and wife form heart shape with hands together

When a Spouse Inherits an IRA

Spouses have the most flexibility when inheriting individual retirement accounts (IRAs). The basic rules are: The spouse may treat the inherited…

Hobby or Business? How to Treat COVID-19 Sideline Activities for Taxes

Today, many people sell homemade products online or work on some unincorporated sideline venture outside of their regular day jobs….

Disability income: How is it taxed?

Disability Income: How is it taxed?

Many Americans receive disability income. You may wonder if — and how — it’s taxed. As is often the case…