Category: Business Owners

Business Owners

2019 Tax Refunds to be Delayed by Joanie B. Stein, CPA


Posted on July 30, 2020 by Joanie Stein

The COVID-19 pandemic that precipitated a three-month delay of the 2019 federal income tax filing deadline is also requiring taxpayers to wait longer than usual to receive any refunds to which they may be entitled. It is not unusual for taxpayers to view refunds as welcome surprises they can use to free-up cash flow, pay […]

Avoid Elevated Risks of Fraud and Other Financial Scams Related to COVID-19 by Rick D. Bazzani, CPA


Posted on June 26, 2020 by Rick Bazzani

The COVID-19 pandemic has not slowed the pace of financial crimes targeting taxpayers. In fact, the IRS Criminal Investigation division (CI) has noted an increase in coronavirus-related scams seeking to steal taxpayers’ money and personal information. Reducing your risks of falling victim to these schemes requires you to take precautionary measures to secure your data […]

PPP Loan Recipients Receive New Guidance, Applications for Loan Forgiveness by Andrew Leonard, CPA


Posted on June 18, 2020 by Andrew Leonard

The SBA this week released another round of guidance relating to the Paycheck Protection Program, including two new applications borrowers must use when seeking forgiveness of loan amounts. These updates reflect borrower-friendly changes contained in the recently enacted PPP Flexibility Act of 2020. New Applications for Loan Forgiveness In addition to issuing a revised, long-form […]

UPDATED – What Small Businesses, Nonprofits and Self-Employed Need to Know about PPP Loan Forgiveness by Steve Nouss, CPA, CGMA


Posted on June 17, 2020 by Steve Nouss

As of June 12, 2020, the Small Business Administration (SBA) had approved more than $512 billion in potentially forgivable Paycheck Protection Program (PPP) loans to small business, non-profits and self-employed taxpayers struggling to maintain operations and retain workers through the COVID-19 pandemic. However, since the CARES Act introduced the PPP in March, loan applicants have […]

SBA Reopens Economic Injury Disaster Loans to Small Businesses, Independent Contractors and Gig Workers by Judd Appel, ABV


Posted on June 16, 2020

On June 15, 2020, the Small Business Administration (SBA) announced the reopening of its Economic Injury Disaster Loan (EIDL) program, which includes forgivable advances of up to $10,000, to help small businesses and nonprofits ease cash flow challenges resulting from the COVID-19 pandemic. The program, first introduced on March 27, had been suspended temporarily to […]

Small- and Mid-Size Businesses to Receive More Relief Under Main Street Lending Program by Joel Glick, CPA/CFF, CFE, CGMA


Posted on June 15, 2020 by Joel Glick

The Federal Reserve Bank has again revised the scope of its Main Street Lending Program, introduced in April to help support small and mid-size businesses suffering under the economic strain of the COVID-19 health crisis. The most recent guidance, issued on June 8, lowers the minimum loan amount, raises the maximum loan limit and extends […]

Congress Eases Rules for PPP Loan Forgiveness by Andrew Leonard, CPA


Posted on June 04, 2020 by Andrew Leonard

Small businesses and nonprofit organizations that received emergency, government-backed Paycheck Protection Program (PPP) loans to help them maintain their workforce during the COVID-19 crisis can breathe a sigh of relief. On June 3, Congress passed a bill giving loan recipients more time and flexibility to use those proceeds and still be eligible for complete loan […]

UPDATED June 4, 2020 – PPP Loan Recipients Receive Some Guidance on Forgiveness by Andrew Leonard, CPA


Posted on May 21, 2020 by Andrew Leonard

On May 15, the Small Business Administration (SBA) released the application form businesses must use to request forgiveness of Paycheck Protection Program (PPP) loans they applied for and received in the wake of COVID-19 crisis. Although the form helps to clarify some issues that businesses were hoping would help them calculate loan forgiveness, its 11 […]

IRS Disallows Deductions for Business Expenses Paid with Forgiven PPP Loan Amounts by Angie Adames, CPA


Posted on May 12, 2020 by Angie Adames

The IRS released guidance on April 30, 2020, prohibiting businesses from deducting any normally deductible expenses they pay using funds from a Paycheck Protection Program (PPP) loan that later becomes forgiven. Businesses must consider these tax implications, and any subsequent guidance, before applying for or accepting PPP loans. The CARES Act introduced PPP loans to provide immediate […]