by Steven J Weil, PhD, EA, LCAM | 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,...
by Steven J Weil, PhD, EA, LCAM | 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...
by Steven J Weil, PhD, EA, LCAM | 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...
by Steven J Weil, PhD, EA, LCAM | Dec 9, 2020 | Blog, Covid-19
In a recent revenue ruling, the IRS presented two situations in which a taxpayer used funds from a Paycheck Protection Program (PPP) loan to pay eligible expenses. In the first situation, the taxpayer applied for forgiveness of the loan in November 2020, but did not...
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...
