When Should My Business Apply for Paycheck Protection Program Loan Forgiveness?
Businesses should pay close attention to their PPP loan forgiveness application deadline to take advantage of full loan forgiveness.
COVID-Tax
Which Non-Payroll Expenses are Eligible for Paycheck Protection Program Loan Forgiveness?
The Consolidated Appropriations Act, 2021 (CAA) has expanded which expenses are eligible for Paycheck Protection Program (PPP) loan forgiveness. During this two-minute video, Chugh, CPAs, LLP Partner and CPA Edith Miranda-Smith shares the latest on which non-payroll costs are eligible for loan forgiveness.
How to Claim your Economic Impact Payment or Stimulus Check
Most United States taxpayers are eligible for a second Economic Impact Payment, or stimulus payment, from the US government to help them cope with the economic downturn caused by the COVID-19 pandemic. Most Americans will receive the Economic Impact Payment automatically via paper check or direct deposit. Certain individuals who did not receive their stimulus payment during the first round may be eligible to claim a Recovery Rebate Credit.
Paycheck Protection Program (PPP) Loan Forgiveness Rules: Answers to your Frequently Asked Questions
The US Small Business Administration (SBA) recently expanded its rules for Paycheck Protection Program (PPP) loan forgiveness. New regulations allow businesses to spend a smaller percentage of their PPP loan proceeds on payroll costs, have a longer time to rehire their workforce, and get more time to spend their loan proceeds, among other changes. But how exactly is PPP loan forgiveness calculated, and how does the process work? There are a few critical pieces of information that businesses should know when seeking PPP loan forgiveness.
2020 Tax Planning: Maximizing Your Retirement Savings
Significant retirement savings incentives are currently available under the tax code, including employer-sponsored qualified retirement plans, such as 401(k) plans, and non-qualified plans like traditional and Roth individual retirement accounts (IRAs). Now is as good time as any to review and evaluate your retirement savings and cash in on the benefits available.
Deduct More of your Charitable Contributions in 2020 Under the CARES Act
Many charities are seeing a shortfall of income during the coronavirus (COVID-19) pandemic. To help make up this gap, the Coronavirus Aid, Relief and Economic Security Act (CARES Act) has increased the amount of cash donations to public charities that both individuals and businesses can deduct on their 2020 income taxes.
Benefits of Stimulus Bill for Individuals
Every Individual taxpayer who has income less than $75,000 will receive a one time stimulus check for $1,200 and married couples with income less than $150,000 will receive $2,400. An additional $500 will be given per child. Individuals earning more than $99,000 and couples earning more than $198,000 will not receive these checks.
The Employee Retention Credit: Payroll Tax Credit for Businesses During the Coronavirus Pandemic
To help manage to the impact of the coronavirus (COVID-19) pandemic, many employers who operated a business during 2020 can claim the refundable Employee Retention Credit (ERC) payroll tax credit under the Coronavirus Aid, Relief, and Economic Security (CARES) Act. The credit is equivalent to 50% of wages paid during the COVID-19 crisis.
Employer Payroll Tax Credits and Payment Deferral Available for Coronavirus Relief
As many businesses must adapt to the disruptions caused by the coronavirus (COVID-19) pandemic, the Coronavirus Aid, Relief, and Economic Security (CARES) Act creates two different employment tax credits that can offer significant relief for certain employers
