Nonprofits

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…

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…

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PPP Loans Under $50,000

On October 8, 2020 the SBA and Treasury Department released updated rules and a new forgiveness application Form SBA 3508S…

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COVID-19 & Retirement Plans

Under the CARES Act and related Notice 2020-50 issued by the IRS, retirement plan participants affected by COVID-19 can take…

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Revised Form 941 – Employers Third & Fourth Quarter 2020 Payroll Taxes

The IRS has released a draft version of the revised Form 941 (https://www.irs.gov/pub/irs-dft/f941–dft.pdf) to be used by employers for third…

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Monitor Overtime Pay for Your Remote Workers: DOL Guidance

Paying your employees for hours that you know they’ve worked is straightforward enough. But what if they’re doing more work…

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Additional Guidance on Deferral of Employee Social Security Taxes Released

On August 28th, the IRS released guidance on the President’s Executive Memorandum regarding the deferral of employees’ social security payroll…

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PPP Loan Forgiveness Expenses – Update on Owner Compensation and Related Party Expenses

On August 25th the Treasury Department issued additional guidance related to owner-employees and related party rents and mortgages. The Small…