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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…

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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…

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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…