Update (6/30/20): The SBA has issued new guidance and a loan forgiveness application that clarifies that 100% of the PPP loan is now automatically forgiven for self-employed individuals with no employees. Consequently, we have deleted [...]
Businesses that have been impacted financially by COVID-19 may be able to take advantage of a new, refundable tax credit called the Employee Retention Credit. The credit is designed to encourage businesses to keep employees on their [...]
An unprecedented "triple whammy" tax deadline is fast approaching. July 15 is the due date for the following: Individual income tax returns (Form 1040) and trust income tax returns (Form 1041); First quarter 2020 estimated tax payments; [...]
Good news! Congress has passed, and the President is expected to sign, a bill that adds considerable flexibility to the rules for PPP loan forgiveness. Under the previous rules, forgiveness required that at least 75% of business [...]
Update 4/8/2020: The roll out of this program has been rocky, to say the least. Some banks (Wells Fargo being one) have announced that they are not participating. If you are having difficulty applying through your bank, [...]
The Senate’s $2 trillion coronavirus-relief bill that passed on March 25 includes benefits for Americans whose retirement accounts have been battered by the stock-market meltdown. Hardship distributions from IRAs and 401(k)s “Hardship withdrawals” of up to $100,000 [...]
The massive coronavirus stimulus bill is expected to clear Congress today. Courtesy of the Wall Street Journal, here is a FAQ regarding the stimulus checks for individuals: How much money is it? The plan provides $1,200 for [...]
Update: We have added additional blogs on key topics: FAQ re Coronavirus Stimulus Checks FAQ re Coronavirus Loans for Small Businesses Retirement Provisions of the Coronavirus Relief Bill We hope that you and your family are safe [...]
Businesses have been using deep learning, neural networks, and other forms of artificial intelligence (AI) for several years to track and predict consumer behavior—so-called “big data.” The government also uses AI to identify trends in data and [...]
In general, real property and improvements to real property are depreciated over either 27.5 years (residential property) or 39 years (commercial property). In the past, major improvements such as HVAC replacements and roofs were caught by this [...]
