Resource Gallery

PPP forgiveness and expenses: State tax implications

PPP forgiveness and expenses: State tax implications

States may not allow the gross income tax exclusion provided by the federal program, resulting in taxable discharge of indebtedness income.
Employee retention credit significantly expanded for 2021

Employee retention credit significantly expanded for 2021

The Employee Retention Tax Credit was significantly expanded by the federal relief and stimulus package finalized Dec. 27, 2020.
PPP reopening for first draw borrowers Jan. 11; second draw Jan. 13

PPP reopening for first draw borrowers Jan. 11; second draw Jan. 13

Treasury Department and SBA announce reopening dates for Paycheck Protection Program - Jan. 11, 2021 and Jan. 13, 2021.
Game-changing updates to the Employee Retention Tax Credit

Game-changing updates to the Employee Retention Tax Credit

Paycheck Protection Program (PPP) loan recipients may now qualify for the employee retention tax credit based on new legislation signed.
SBA releases guidance on PPP second draw loans

SBA releases guidance on PPP second draw loans

SBA releases two PPP reopening guidance packages. The second guidance package provides information for eligible second draw PPP borrowers.
SBA releases guidance on PPP continued access program

SBA releases guidance on PPP continued access program

SBA releases two PPP reopening guidance packages. The first round of guidance provides information for new PPP borrowers.
PPP eligibility expanded to certain section 501(c)(6) organizations

PPP eligibility expanded to certain section 501(c)(6) organizations

Year-end stimulus legislation extends Paycheck Protection Program and expands eligibility for exempt organizations.
Retirement plans under the Consolidated Appropriations Act, 2021

Retirement plans under the Consolidated Appropriations Act, 2021

The Act does not lengthen CARES Act COVID plan relief, but offers relief for non-COVID disasters, partial terminations and pension plans.
The Consolidated Appropriations Act, 2021

The Consolidated Appropriations Act, 2021

On December 27, 2020, the President signed the Consolidated Appropriations Act, 2021 into law. In this video, we cover the major provisions of the $900 billion stimulus relief package that affect businesses and individuals.
Congress passes law containing PPP tax fix; second-draw program

Congress passes law containing PPP tax fix; second-draw program

After negotiations go to the 11th hour, Congress passes tax fix for PPP, changes to loan forgiveness and establishes second-draw program.
Congress passes appropriations bill, containing COVID-19 relief bill

Congress passes appropriations bill, containing COVID-19 relief bill

Last minute negotiations pave way for Congress to pass second major COVID-19 stimulus package with tax law changes and tax extenders.
Progress continues on PPP deductibility ‘fix’

Progress continues on PPP deductibility ‘fix’

Last push for stimulus funding before year-end provides PPP deductibility obviating need to plan around nondeductibility of PPP expenses.
IRS issues guidance on 401(k) and 403(b) Plans

IRS issues guidance on 401(k) and 403(b) Plans

IRS guidance on the 15% maximum on automatic contributions, 401(k) and 403(b) plan safe harbor requirements, and plan loan offset rollovers.
PPP Loan Forgiveness and Tax Planning

PPP Loan Forgiveness and Tax Planning

Recent guidance from the IRS concerning PPP loan expense deductions may have a significant effect on when you apply for forgiveness and how to maximize your loan forgiveness amount. In this video, we will share the latest IRS guidance on expense deductions, their potential impact on the amount of forgiveness you may receive, and some basics of the loan application process.
PPP borrowers may need to extend returns and forgiveness applications

PPP borrowers may need to extend returns and forgiveness applications

PPP borrowers, especially fiscal year taxpayers, should consider extending tax returns and delay loan forgiveness filing (unless necessary).