With PPP2 loans officially opened to all borrowers, we have compiled answers for frequently asked questions for our clients and subscribers. PPP2 1. How does affiliation rules affect a borrower’s eligibility for PPP2? The affiliation rules for PPP2 is the same with...

The Employee Retention Credit is a refundable payroll tax credit against certain employment taxes on “qualified wages”, as an incentive to retain workers during the pandemic. The passage of the Consolidated Appropriations Act of 2021 changed some of the provisions...

With the January tax season approaching, many business owners will need to put tax preparation at top priority, especially now that the IRS announced to increase audit rates for small business owners to 50 percent this year. To avoid raising IRS red flags and save you...

The Internal Revenue Service (IRS) is delaying the beginning of tax filing season to February 12. This means the 2020 tax returns can be filed and processed 2 weeks later than the previous years, while the deadline on April 15 remains unchanged. The announcement comes...

Congress allocated $25 billion for rental assistance in the recently signed Coronavirus Relief Fund (link from our previous article) to help struggling Americans. This rental relief is an extension to the various rental assistance programs established under CARES Act....

2021 has just started and yet a lot of new policies and changes have already been launched to aid fellow business owners from the ongoing crisis. With tax season approaching, it is more important than ever to maintain a good standing for your business. Keeping...

The SBA has announced that applications for both first- and second-draw PPP forgivable loans will open today, January 15, for lenders with a maximum of $1 billion in assets. Lenders with larger assets will start accepting first- and second-draw loan applications on...

The SBA has announced that applications for both first- and second-draw PPP forgivable loans will open today, Friday, for lenders with a maximum of $1 billion in assets. Lenders with larger assets will start accepting first- and second-draw loan applications on...

On Wednesday, January 6, the Small Business Administration (SBA) and Treasury issued guidance regarding the Paycheck Protection Program (PPP). Two interim final rules (IFRs) are released to provide business owners more clarity on the changes of the program: 1....

As part of the Consolidated Appropriations Act of 2021 (CAA) signed by President Donald Trump, vital revisions were made to the Employee Retention Tax Credit (ERTC) making it more available to many small business owners this year. Originally, not many employers...