News

Some of my clients seem to think that taking a PPP Loan is a no-brainer.

This article on the Fox Business website explains why that may not be true:

https://www.foxbusiness.com/features/ppp-coronavirus-loan-forgiveness-business-owners

And here is another article on the gotchas on the JDSupra Website:

https://www.jdsupra.com/legalnews/loan-forgiveness-under-paycheck-71516/

Eligible employers can claim the credit, a refundable tax credit which is equal to 50 percent of up to $10,000 in qualified wages (including health plan expenses), paid after March 12, 2020 and before January 1, 2021. 

Continue reading “About the Employee Retention Credit”

A good article in Inc Magazine says: Tap a community bank, Apply with multiple banks and consider alternative lenders like Fintech companies.

Continue reading “PPP Loans – What to Do if You are Having Problems”

Tax Deadlines:
Notice 2020-23, extended more key tax deadlines for both individuals and businesses . . . expands the relief to more returns, tax payments and other actions.
As a result, the extensions generally now apply to all taxpayers that have a filing or payment deadline falling on or after April 1, 2020, and before July 15, 2020. Individuals, trusts, estates, corporations and other non-corporate tax filers can qualify for the extra time to file and make payments.
That means anybody, including Americans who live and work abroad, can now wait until July 15 to file their 2019 federal income tax return and pay any tax due. Beyond the July 15 deadline can ask for an extension – usual forms

Continue reading “2019 Income Tax Deadlines – Relief Expanded and Clarified”

1. Reduce Expenses: 
2. Increase Revenue:
3. Collect Past-Due Bills
4. Rely on Credit Lines
5. Negotiate with Suppliers
6. Look to the Government for Help
7. Look After Employees
8. Convert Production
9. Buying (from) Competitors
10. Plan for the Aftermath

The source – for more details –
https://www.accountingweb.com/practice/clients/10-tips-to-stay-in-business-during-the-covid-19-pandemic

A lot of people have been wondering about the details. If they have to do anything to make sure they get their checks etc. It has been a bit slow but the details have been coming out.

Continue reading “About the Direct Stimulus Payments to Individuals:”

In the face of this Pandemic the Federal Government is trying to get money to Self Employed via Unemployment Insurance. This is unprecedented and the implementation has been slow and difficult but eventually we thing it will get worked out. We expect that when it gets done Self employed people will finally get checks for at least $600 per week plus whatever their state comes up with.

We are not experts on applying for Unemployment Insurance but in this crisis we want to share some info that we have gathered on the chance it might help. We will update this as we learn more.

Continue reading “Unemployment Insurance for Self Employed People during this Crisis”

It sounds like loans may be available very soon, maybe this or next week

Steven Mnuchin said: “Any FDIC bank, any credit union, any fintech lender will be authorized to make these loans” to a small business subject to certain approvals.

Continue reading “Stimulus for Small Business”

Guidance is beginning to become available. I plan to highlight some of it on this page and update as more comes out

Continue reading “Some Guidance for Employers about Covid Sick and Family Leave”

For companies to help keep their workforce employed:

• A tax credit for companies that retain employees even if they’ve been mandated to close or seen a significant drop-off in business.
• Can defer some employer-side payroll tax payments until 2022.

Continue reading “Some relevant details about the $2 Trillion Virus Rescue Bill that is expected to be passed this week:”