2020 – 07/06 On July 4, President Trump signed a bill that gives businesses more time to seek federally backed loans. It extends the Paycheck Protection Program (PPP) loan application date to Aug. 8, 2020. The PPP was established by the CARES Act in response to the COVID-19 pandemic, authorizing the Small Business Administration to make loans to qualified businesses under certain circumstances. The loans will be forgiven if employee retention criteria are met and the funds are used for eligible expenses. Businesses seeking assistance must complete the PPP loan application on the U.S. Treasury Dept. website and submit it with required documentation to an approved lender by Aug. 8.
Similar Posts
2020 Standard Mileage Rates
2020 – 01/02 The IRS has issued the 2020 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, medical and charitable purposes. Notice 2020-5 provides that the 2020 standard mileage rate for transportation or travel expenses is 57.5 cents (down from 58 cents per mile for 2019) for…
3 best practices for achieving organic sales growth
2020 – 01/22 Most business owners would probably agree that, when it comes to sales, there’s always room for improvement. To this end, every company should strive for organic sales growth — that is, increases from existing operations unrelated to a merger or acquisition. That’s not to say a merger or acquisition is necessarily a…
Child Tax Credit 2021
2021 – 07/19 On its website, the IRS is providing information on the effects of advance Child Tax Credit (CTC) payments on other amounts owed to or from a taxpayer. Specifically, CTC payments won’t be reduced (that is, offset) for overdue taxes from previous years or other federal or state debts that taxpayers may owe….
Child Tax Credits 2021
2021 – 05/06 A new IRS webpage provides guidance to taxpayers on advance child tax credit (CTC) payments in 2021. The credit was temporarily expanded and made refundable for 2021 by the American Rescue Plan Act. Eligible taxpayers are allowed a CTC for each qualifying child, defined as: 1) a child under age 18, 2)…
Key Rule: Matching Principle
2022 – 04/13 U.S. businesses must generally follow strict rules in how they report income and expenses. One key rule is the matching principle, which requires that income and related expenses be reported in the same period. Even when a business strictly adheres to “generally accepted accounting principles” (GAAP), the IRS might challenge it. In…
Deferred Social Security Taxes
2021 – 07/20 In a “COVID Tax Tip,” the IRS provides advice on making payments of deferred employer Social Security taxes reported by third-party payers. Under the CARES Act, employers could defer payment of their share of Social Security taxes from March 27, 2020, through Dec. 31, 2020. Employers must pay 50% of the deferred…