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SBA’s Inspector General Reports SBA Failed to Follow Guidelines on PPP Loans

by Steven J Weil, PhD, EA, LCAM | May 13, 2020 | First Time Home Buyer IRA

Think the FAQs Released by the SBA and IRS give the definitive answer on how the PPP loans are to be made, used and forgiven? Think again. According the SBA’s Inspector General report the SBA has failed to follow guidelines on PPP loans included in the law. In a...

COVID-19 Paid Leave Tax Credits for Small and Midsize Businesses

by Steven J Weil, PhD, EA, LCAM | May 13, 2020 | Business Tax, Covid-19, Payroll Preparation

Small and midsize businesses can swiftly recover the costs of providing Coronavirus-related paid leave for employees. This is done by using one or two new refundable payroll tax credits. The Paid Sick Leave credit and the Paid Family Leave credit are designed to...

Tax-excluded Education Payments by an Employer Temporarily Include Student Loan Repayments

by Steven J Weil, PhD, EA, LCAM | May 6, 2020 | Blog, Business Tax, Covid-19, Personal Tax

The CARES Act extends the traditional ability of employers to exclude payments on behalf of an employee for educational expenses of up to $5,250 per year to include the repayment of employee student loans. In both cases, payments are deductible to the employer while...

What can I Deduct Since I Have Been Forced To Work From Home?

by Steven J Weil, PhD, EA, LCAM | May 6, 2020 | Blog, Business Tax, Covid-19, Personal Tax

One of the questions we are getting the most right now is regarding what those who have been forced by their business or company to work at home can deduct. The truth is if you are an employee working from home as the tax law currently stands, deductions for employee...

IRS Clarifies PPP (Paycheck Protection Program) Loan Tax Consequences

by Steven J Weil, PhD, EA, LCAM | May 6, 2020 | Blog, Business Tax, Covid-19

The IRS recently released Notice 2020-32 which explains that while amounts forgiven under PPP loans are not taxable to the recipients of the loan, the expenses used to qualify for said loan forgiveness are also not deductible. The CARES Act provides for PPP loan...

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Blog

PPP and PPP2 Updates & Highlights

Jan 14, 2021 | Blog, Covid-19

PPP updates include: PPP borrowers can set their PPP loan’s covered period to be any length between 8 and 24 weeks to best meet their business needs; PPP loans will cover additional expenses, including operations expenditures, property damage costs, supplier costs,...

2020 Tax Organizer Avaliable

Jan 10, 2021 | Blog, Forms, Personal Tax

Did we complete your 2019 tax return? If we completed your prior-year return we can provide you with a custom tax organizer that includes last year's information so that you can compare it to this year's information just send an email to info@RMSAccounting.com. Be...

PPP Update – NEWS RELEASE – 01/08/2020

Jan 9, 2021 | Blog, Business Tax, Covid-19

SBA and Treasury Announce PPP Re-Opening; Issue New Guidance WASHINGTON – The U.S. Small Business Administration (SBA), in consultation with the Treasury Department, announced today that the Paycheck Protection Program (PPP) will re-open the week of January 11 for new...

Covid-19 Funding Bill aka Consolidated Appropriations Act, 2021

Dec 28, 2020 | Covid-19, Personal Tax

Last night President Trump signed the Consolidated Appropriations Act, 2021, the act includes $900 billion in Covid-19 Stimulus. While we are in the processing of studying the new law so that we can present a Webinar that lays out what it means and what to expect we...

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