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COVID-19 Tax Relief: The New IRS Form Explained
As we all know by now, COVID-19 hit us hard in 2020 – and resulting shutdown mandates and furloughs meant that there was a lot we either did not or could not do: And maybe you’re self-employed, so you think that these shutdowns, furloughs, relief packages and tax...
PPP Loan Forgiveness
The Economic Aid Act, signed into law on December 27, 2020, brought new relief in the form of additional PPP funding. It also served to streamline the forgiveness application process for loans of $150,000 or less. In January, the SBA made that promise a reality....
PPP Qualified Expenses
PPP loans can only be used for certain expenses. If you use your loan for anything other than these expenses, you will not qualify for full loan forgiveness. So how exactly can you use your funds? What are the PPP spending requirements? PPP eligible expenses include:...
Best Practices for Maximizing Deductions and PPP
The question of whether Payroll Protection Program – PPP – expenses would be tax deductible was a big part of the confusion for the first round of funding under the CARES Act, and as we know by now, the IRS issued guidance in 2020 asserting that no tax deduction would...
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