Congress Passes PPP Extension
The U.S. Senate unanimously passed a five-week extension of the Paycheck Protection Program (“PPP”). This news was announced late in the day on June 30th, which was the original deadline for taxpayers to apply for a PPP loan. The U.S. House of Representatives joined the Senate in passing by unanimous consent and the bill now goes to President Trump, who is expecting…
Read MoreNew Law Makes PPP Loans More Flexible for Borrowers
While many business owners scrambled to qualify for and receive a Paycheck Protection Program (“PPP”) loan, the realization set in that the loan period to use the funds was actually quite short, only an 8 week window, and came with significant reporting requirements. Some business owners were still waiting on funds as June approached, and the period to restore their workforce l…
Read MoreTransfer Pricing Is Trending
In the news Transfer pricing has become a top target for the IRS with the recent launch of multiple campaigns targeting alleged abuses in transfer pricing among U.S. taxpayers. In addition to the campaigns, the aggressiveness of the IRS on transfer pricing can be seen through some high-profile cases including, most recently, the suit against Facebook for $9 billion for unpaid taxes, inter…
Read MoreGlobal Mobility and COVID-19: Cross-Border Issues Affecting Employees
By: Donna Holm Everyone has been affected in some way by COVID-19, no matter where they may be in the world. U.S. citizens who work abroad or perhaps foreign persons that have been working in the U.S. face some additional financial challenges relating to income tax. The IRS has provided some updates for cross-border employees that may provide some relief. What happens when your employees…
Read MoreHold the Press – Last Minute Safe Harbor Issued for PPP Loans Under $2 million
The SBA and Treasury issued guidance in late April reaffirming that companies must certify that current economic uncertainty made the loan request necessary to support ongoing operations. They also noted that borrowers who applied for a Paycheck Protection Program (“PPP”) loan prior to the issuance of this guidance who repay the loan in full by May 14, 2020 (extended from May 7…
Read MoreStill Considering Whether to Return Your PPP Money by May 7th? Be Sure to Consider This As Well…
UPDATE: Per PPP FAQ #43, the SBA is extending the repayment date for this safe harbor to May 14, 2020. Borrowers do not need to apply for this extension. This extension will be promptly implemented through a revision to the SBA’s interim final rule providing the safe harbor. SBA intends to provide additional guidance on how it will review the certification prior to May 14, 2020. Lat…
Read MoreCARES Act Provides 4 Possible Reasons to File an Amended Return
The $2.2 trillion Coronavirus Aid, Relief, and Economic Security (CARES) Act delivers good news to individuals and businesses, including valuable tax-relief measures. Some of that tax relief is retroactive. These provisions can affect 2018 and 2019 returns that have already been filed. One retroactive provision can, in some cases, go all the way back to 2013. Some taxpayers that file amend…
Read MoreThe CARES Act: What Else Can We Do?
By: Donna Holm In these uncertain times, small business owners have been faced with unprecedented challenges that have many scrambling for the much needed, though limited resources being offered by the Federal government under the CARES Act (Coronavirus Aid, Relief, and Economic Security Act). Much of the focus during the past two weeks has been on relief offered through the Payroll…
Read MoreShould You File a Business Interruption Claim for COVID-19 Losses?
With much of the country currently on lockdown due to the novel coronavirus (COVID-19) crisis, many nonessential businesses have been shuttered. As a result, millions of small business owners find themselves on the brink of financial disaster. For those with business interruption insurance policies in place, now may seem like the ideal time to submit a claim. However, as it stands currentl…
Read MoreCOVID-19 Relief for Employers: New Employee Retention Tax Credit
The coronavirus (COVID-19) pandemic has shut down many sectors of the U.S. economy, causing widespread job losses. Over 10 million Americans applied for unemployment benefits in March, according to the U.S. Department of Labor. And far more claims are expected in April. Some economists predict that the unemployment rate could rise to Depression-era levels of 10% to 15% before the crisis en…
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