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News and Events

Now Open – By Appointment Only

We have missed all of you and hope everyone is safe and doing well during this unusual time of the COVID-19 pandemic! On Monday, June 1, 2020, we will be re-opening our offices by appointment only. We are taking proper precautions to minimize the spread of COVID-19. Your safety is our top priority! Please review …

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Informative IRS COVID-19 Tax Tips

The Internal Revenue Service (IRS) has recently published many useful and informative COVID-19 Tax Tips. Here are some recent topics: COVID Tax Tip 2020-55 – What People Really Want to Know About Economic Impact Payments. This tip shares information the IRS feels will answer the top questions people are asking. COVID Tax Tip 2020-56 – …

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IRS Relaxes Cafeteria Plan Mid-Year Change Rules Due to COVID-19 Pandemic

Typically, the rules surrounding Section 125 Cafeteria Plans prohibit changes to employee benefit plans throughout the year, except for employee life-changing events like divorce, marriage, birth of a child, and so forth. The impact from the coronavirus has brought about many questions regarding the flexibility of cafeteria plans due to the closings of so many daycares, …

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SBA Issues PPP Forgiveness Application

The United States Small Business Administration (SBA), in consultation with the Department of the Treasury, released an application form Friday for Paycheck Protection Program (PPP) loan forgiveness along with instructions for completing the form.   While the application is the first step in continuing compliance with the program, the application still leaves issues unresolved.   …

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Last Minute Update from Treasury: PPP Loans – Safe Harbor Clarification

Many small businesses have been waiting for clarification of the announcement two weeks ago by Treasury Secretary, Steve Mnuchin, that the Small Business Administration (SBA) would review any Paycheck Protection Program (PPP) loans made in amounts exceeding $2 million. Additionally, that announcement stated that all businesses must certify their need for the funds.    Just …

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Do You Qualify for These COVID-19 Tax Credits?

Your business might not have received a government loan but could still benefit from assistance due to the impact of COVID-19.  Qualifying businesses affected by COVID-19 may be eligible to receive these tax credits.  The Employee Retention Credit provides a 50% credit of up to $10,000 in wages.  The Paid Sick Leave and the Family …

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Respond by Wednesday for a Quicker Delivery of Your Stimulus Payment

Are you still waiting to receive your Economic Impact Payment? The Treasury and Internal Revenue Service (IRS) are strongly encouraging people to visit the Get My Payment site by noon Wednesday, May 13 to help speed up the process for delivery of this payment to you.   Please visit the IRS News page to read …

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IRS Issues PPP Loan Expense Guidance

The Paycheck Protection Program (PPP) was designed to aid small businesses with loans to continue payroll and cover some overhead costs during the COVID-19 crisis. If a small business uses the loan monies for eligible expenses, all or part of the loan can be forgiven, which is quite an alluring facet.    On April 30, 2020, …

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New SBA Guidance PPP Qualification – Deadline for Payback is May 7, 2020

Recently, the SBA updated its Frequently Asked Questions Document to add FAQ 31. The new FAQ provides much-needed clarity regarding program qualifications specific to businesses with access to other sources of liquidity to support their ongoing operations. Any business that received a Paycheck Protection Program (PPP) loan prior to the issuance of this new guidance …

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Updates to the IRS Get My Payment Site

The Internal Revenue Service (IRS) has recently updated the online tool to track information regarding stimulus checks and direct deposits. Potential recipients can go online at www.irs.gov and click on the link “ Get My Payment ” for updated information concerning stimulus benefits. Taxpayers will need their social security number, date of birth, and mailing address on …

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