The IRS has released the 2021 standard mileage rates for taxpayers to use in computing the deductible costs of operating an automobile for business, charitable, medical, or moving expense purposes. The following chart reflects the new 2021 standard mileage rates compared to the 2019 and 2020 tax year standard mileage rates. Business Purpose 2021 2020 …
What You Need to Know About the Consolidated Appropriations Act 2021
You have probably heard by now that the new law passed is almost 5,600 pages and covers funding the government as well as many tax provisions. This post is meant to cover Unemployment, recovery rebates, the Payroll Protection Program, Economic Injury Disaster Loans, and payroll sick and family leave. Subscribe to our newsletter so you …
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The U.S. Senate has shared the legislative text for the COVID-19 emergency relief bills including additions for PPP and EIDL Funding.
This is a summary of the portions that relate to PPP and EIDL Funding. $300 billion to Small Business Administration Funding to allow to allow the hardest-hit small businesses to receive a second forgivable Paycheck Protection Program (PPP) loan. Eligibility would be limited to small businesses with 300 or fewer employees that have sustained a …
IRS Issues Guidance On Disallowance Of Deductions For Forgiveness
The Paycheck Protection Program was the centerpiece of the CARES Act, providing loans to businesses of up to $10M. Compliance with this meant that loads did not have to be paid back. Also, there is no forgiveness of debt income when a loan is forgiven, something that normally is a standard tax result from a …
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What You Need to Know About The Remaining Estimated Tax Payment in 2020
Don’t forget: if you pay estimated #taxes, your third quarter payment is due today, Sept. 15.* Our tax system is pay-as-you-earn. That’s typically done by an employer withholding from an employee’s wages. But when there’s no per-paycheck tax collection system in place, say for business owners paying themselves, the payment responsibility falls on the person …
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SBA Issues PPP Forgiveness For Owners With Less Than 5% Ownership And Treatment Of Rent Expense
On August 24, the SBA issued their latest Interim Final Rule on PPP loan forgiveness. The rule covered three areas. The first has to do with owners of a business that have less than 5% ownership. The second and third areas pertain to rent expense. The clarifications under rent expense address situations when a company …
SBA Increases Owner’s Compensation Available for PPP Forgiveness
On Wednesday, June 17th, the SBA released a revised loan forgiveness application and EZ application for the forgiveness of PPP loans. Additionally, the SBA issued revised guidance on the owner’s compensation and its good news! Owner’s Compensation Eligible for Forgiveness Most of the changes reflected in the revised application for PPP forgiveness were made to …
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SBA Issues 2 Interim Rules Regarding Forgiveness
The SBA published 2 Interim Final Rules on Paycheck Protection Program (PPP) Loan Forgiveness on Friday, May 22. While there will most likely be updates and additional clarification, they help us to understand how loan forgiveness will work. Both Rules Are Effective Immediately The rules both state the importance of this guidance being issued immediately. …