Posts filed under: Tax

State Corporate Income Taxation

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

Documents needed to retain for PPP loan forgiveness

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

IRS Extends Tax Deadline to July 2020

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

The Main Street Lending Program. How does it work?

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

Record Retention: How long should I keep my income tax returns and supporting documents?

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

Update to PPP Loan Forgiveness Rules, New Application Deadline

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

Individual Income Tax Provisions of the CARES Act

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

What Do I Need to Know About PPP Loan Forgiveness?

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 CARES Act Payroll Tax Relief – Four Provisions

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

Natural Disaster Related Employee Retention Credit

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