PPP Update and a Second Stimulus Bill – Congress Decides to Act!

Congress passed a second major stimulus to help the economy survive COVID, and there are major PPP and non-PPP ramifications to be aware of, especially for small businesses.
Congress passed a second major stimulus to help the economy survive COVID, and there are major PPP and non-PPP ramifications to be aware of, especially for small businesses.
2020 is bringing changes to an IRS reporting requirement that affects businesses that make payments to independent contractors, freelancers, or others that provide services to your company (other than as an employee).
Congress made its original intention clear – the PPP was to be a forgivable loan that, upon forgiveness, would generate tax-free income. The IRS had other plans. Learn more in our latest blog post.
As we near the end of 2020, it is time to start thinking about what tax planning strategies should be put in place before year-end to minimize your tax burden. Check out our 2020 tax planning guide in our latest blog post.
Every business and every business owner should have an external support team. Learn how to create one in our latest blog post.
The SBA and Treasury released (yet) another update to the PPP rules, this time focusing on helping the smallest borrowers, those with PPP loans of $50,000 or less.
Now that the deadline to submit PPP loan applications is behind us, it’s time to focus on having these loans forgiven. The SBA and Treasury recently released an FAQ covering PPP forgiveness, so we want to quickly recap what we learned and talk about how it affects you and your PPP.
The #IRS announced extensions for 1031 exchange ID and closing deadlines, however, some ambiguity in conflicting sections of the tax code will require further clarification on the specifics. Either way, this welcome update gives some taxpayers currently working on a 1031 exchange a bit of welcome breathing room.
While we’ve been focusing on the aspects of the stimulus package targeting businesses, we also want to highlight some of the key programs in place for individual taxpayers and point out a few action items to take to ensure you’re capitalizing on these to the fullest.
It is becoming more and more common for businesses to accept Bitcoin (“BTC”) as payment, with AT&T recently announcing that customers can now pay their bill using Bitcoin. Read our blog for details on the tax implications Bitcoin can have.