Introduction The Small Business Administration (SBA) updated the Paycheck Protection Program (PPP) to benefit small businesses. Borrowers can apply for the Paycheck Protection Program by downloading the First Draw PPP loan application or Second Draw PPP loan application and working with a participating PPP... Read More

Nine Frequently Asked Questions State corporate income taxation can be challenging – especially if your business operates in multiple states. To help you navigate the rules and regulations, we have answered nine frequently asked questions about state corporate income taxation.   As the phrase implies, state corporate income tax is a tax... Read More

The Main Street Lending Program is another tool to help businesses and nonprofit organizations weather the impacts of the COVID-19 outbreak. The Federal Reserve announced the Main Street Lending Program (MSLP) on April 9, 2020 to keep credit flowing to... Read More

Income tax record retention is a topic that often causes confusion and frustration. A variety of documents are needed to be retained for both tax and other purposes. Knowing how long you need to keep documents should help you organize... Read More

The Paycheck Protection Program became law when the CARES Act legislation passed in March. Critics argue that the PPP loan forgiveness rules in the CARES Act make it very difficult to achieve full loan forgiveness in today’s economic environment.   To... Read More

The Coronavirus Aid, Relief, and Economic Security Act, known as the CARES Act, was signed on March 27, 2020.  The CARES Act includes several provisions related to individual income tax. This article discusses a few of those individual tax provisions... Read More

Congress designed the Paycheck Protection Program (PPP) to help businesses maintain their workforce, and as a result, maintain employee paychecks.  In addition, the PPP allows employers to receive funds to cover a designated amount of other qualified expenses, such as... Read More

The emergency tax legislation passed in response to COVID-19 significantly impacted payroll, payroll taxes, and related credits. The main purpose of the legislation was to get cash into the hands of employees. As such, government funding of payroll was key. Significant funding occurred... Read More

U.S. tax laws provide for two separate types of Employee Retention Credit related to qualifying natural disasters. One credit, provided in the CARES Act, is an Employee Retention Credit claimed as a credit against payroll taxes for employers due to... Read More

The Paycheck Protection Program (PPP) loan is a program under the Coronavirus Aid, Relief and Economic Security Act (CARES Act) passed in 2020.  This program allows certain businesses to obtain (possibly forgivable) loans from the Small Business Administration (SBA).  The purpose of the loans is... Read More

Congress passed the Families First Coronavirus Response Act and the CARES Act as tools to assist individuals and businesses. Further, the IRS extended tax deadlines by giving filers an automatic tax extension to July 15, 2020. This extended deadline pertains... Read More