As our firm looks to assist individuals and business owners with 2020 year-end tax planning strategies, it would be shortsighted to ignore the potential tax impact from the upcoming presidential election.  The candidates have expressed starkly different positions on such issues as the COVID-19 pandemic, health care, the environment and taxes.  With the election only...Continue Reading

The U.S. Treasury and Internal Revenue Service released additional guidance on August 28, 2020, related to the Executive Order authorizing the deferral of employees’ portion of the payroll tax. The deadline for employers to begin withholding the 6.2% employee portion of payroll tax was September 1, 2020. However, Treasury Secretary Steven Mnuchin has said he...Continue Reading

New Paycheck Protection Program (PPP) guidance was released last week by means of a 34-page interim final rule (IFR) issued in consultation with Treasury, in which the U.S. Small Business Administration (SBA) addresses a number of issues related to the PPP program. Most notably, the new guidance states that PPP recipients can apply for loan forgiveness before the...Continue Reading

Good news regarding the latest PPP legislative update!  Congress has passed and the President has signed H.R. 7010, the Paycheck Protection Program Flexibility Act of 2020. The Paycheck Protection Program Flexibility Act creates more flexibility for borrowers using PPP funds.  The bill extends the time period for businesses to use the funds from 8 to...Continue Reading

U.S. Treasury and SBA released on May 13, 2020 the much-anticipated FAQ related to the “Economic Uncertainty” certification.  They previously posted this guidance was pending on May 5, 2020 and is critical in timing as they had specified a May 14, 2020 compliance deadline. A link for the full FAQ is included at the end....Continue Reading

Businesses impacted from COVID-19 have numerous relief options available to them. We are here to help you navigate how the relief options are interrelated, and more importantly, how you can maximize the available relief options. An important backdrop to all of this is the intent of the programs is that you do not “double dip”...Continue Reading

There are a number of relief options for businesses under the CARES Act but these measures are limited. Businesses need to act quickly if they need financial help to cover payroll expenses and other business expenses. Paycheck Protection Program Update The Paycheck Protection Program (PPP) has been a very popular relief program for many businesses....Continue Reading

The Alabama Department of Labor released information regarding new online tools and the programs included in the CARES Act legislation. The new Claims Tracker helps claimants track their claims. The tool is designed to help people find the answers they need without having to spend time calling the Department of Labor.  There are several different...Continue Reading

The IRS had previously extended the federal income tax filing and payment deadlines for tax year 2019 to July 15, 2020. The most recent notice expands the relief to include the following for individuals, trusts, estates, and corporations: Estimated tax payments – Payments due April 15, 2020 have already been extended, however the IRS also...Continue Reading

Business owners may get nervous about having to file for a tax return extension, but it does have some benefits. This article discusses common cases where extensions are recommended and can be helpful to the business owner — even if they still have to pay estimated taxes by the April due date. A business tax...Continue Reading