by Steven J Weil, PhD, EA, LCAM | Dec 2, 2020 | Blog, Covid-19
Many businesses have employees telecommuting due to Covid-19. Because of this and the fact that having an employee working in another state can create nexus to that state making the business responsible for paying income taxes to that state even though the only...
by Steven J Weil, PhD, EA, LCAM | Nov 19, 2020 | Blog, Covid-19
Treasury and the IRS have released two pieces of guidance on the tax treatment of expenses paid for with a Paycheck Protection Program (PPP) loan. Rev. Rul. 2020-27, released late in the evening on November 18, provides sub-regulatory guidance on whether a PPP loan...
by Steven J Weil, PhD, EA, LCAM | Sep 4, 2020 | Blog, Covid-19, Payroll Preparation
On September 3rd, the IRS held a teleconference for the payroll industry regarding the postponement (commonly referred to as deferral) of the employee’s share of Social Security tax. The conference allowed the IRS to clarify information provided in Notice...
by Steven J Weil, PhD, EA, LCAM | Aug 18, 2020 | Blog, Business Tax, Covid-19
The CARES Act has the following provisions effecting the federal taxes on payroll and payroll tax withholding. These provisions deal with employer payments for student loan repayments, as well as changes in terms of permitted benefits under health savings accounts...
by Steven J Weil, PhD, EA, LCAM | Aug 11, 2020 | Covid-19
In consultation with the Treasury Department, the Small Business Administration (SBA) has released a set of Frequently Asked Questions (FAQs) addressing forgiveness of Paycheck Protection Program (PPP) loans. The FAQs provide guidance on general loan forgiveness,...
by Steven J Weil, PhD, EA, LCAM | Aug 10, 2020 | Business Tax, Covid-19, Personal Tax
President Uses Executive Orders Too Authorize Extending Unemployment Benefits and More President Trump signed four executive orders Saturday. These orders provide additional jobless benefits, suspend the collection of payroll taxes, avoid evictions and assist with...
