Employee Retention Tax Credit- Understanding changes made by the Credit Consolidated Appropriations Act
Employee Retention Tax Credit- Understanding changes made by the Credit Consolidated Appropriations Act You may have seen or read about the Employee Retention Tax Credit (ERC) that was introduced with the CARES Act and clarified by the recent Consolidated Appropriations Act (CAA). The short version is, if your business was shut down or severely impaired…
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PPP2 Application & Additional Guidance
Late on January 6th, the SBA issued 120 pages of guidance in the form of Interim Final Rules. The revised application for Paycheck Protection Program Part 2 was released on January 8th.
The SBA will begin taking applications on January 11th although only new borrowers in underserved communities will have access today and tomorrow. On Wednesday, January 13th, all eligible entities nationwide will be able to apply.
Analysis of New Coronavirus Relief Bill
The Consolidated Appropriations Act, 2021, H.R. 133 passed both houses of Congress on Monday, December 21st was signed by President Trump yesterday. We’ll provide additional analysis; however, the Journal of Accountancy has produced two excellent summaries. Links are provided below. Our intention is to have a webinar covering the specifics of PPP and now the…
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Net Operating Losses and Qualified Improvement Property – VIDEO
Join Dent Moses Managing Partner, Mike Baker, as he discusses Net Operating Losses and Qualified Improvement Property around the CARES Act. Watch Now.
Taxation of Capital Gains and Losses – VIDEO
Join Dent Moses Managing Partner, Mike Baker, as he discusses Taxation of Capital Gains and Losses. Watch Now.
Santa Finally Brings Something We Can All Use – PPP Relief!
Lawmakers finally ended months of negotiations to agree on a $900 billion Covid stimulus package. The bill is referred to as “The Consolidated Appropriations Act, 2021”. Changes to the PPP program included in the stimulus package include:
Dent Moses is Here to Help with PPP Forgiveness Applications
Most banks have opened their PPP Forgiveness online portals and many clients are ready to apply for forgiveness of PPP loans. We are here to help. Our tax and accounting advisors have spent the past 8 months following the PPP loan program as it was enacted, funded, and went through a series of changes over…
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Introducing IRS Form 1099-NEC
For many years, non-employee compensation has been reported in Box 7 on IRS form 1099-MISC. Beginning with the tax year 2020, non-employee compensation will be reported on the new form 1099-NEC in Box 1.
Assistance with SBA Paycheck Protection Loan Forgiveness
While we continue to wait for final guidance, entities with PPP loans over $150,000 may want to begin the forgiveness process. The first step is gathering the information needed to complete the application. The rules and calculations can be complex. Calculation and documentation errors can mean exposure and reduced forgiveness. For loans under $150,000, there…
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2020 Tax Planning Tips: Part 5
Part five of our Tax Planning series is all about small businesses! Keep reading for some great tips on how to minimize your 2020 tax bill. Are you an individual looking for tax advice? Click here for those tips. Year-end Planning Moves for Small Businesses Tax Tip #7: Net Operating Losses (NOLs) The CARES Act…
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