COVID Resources

COVID-19 Resources

Biden Administration Proposes Tax Initiatives

The Biden administration recently released a proposed budget for the fiscal year 2022, referred to as the “Green Book”. The budget includes a number of proposals for tax increases along with a series of increased or extended tax credit and incentive programs. Here is a list of some of the proposed changes:

Filing Season Readiness Update

We’ve hit the ground running in 2021 on a variety of projects – namely PPP-1 loan forgiveness, PPP-2 loan applications, and Employee Retention Credit analysis. If you would like to learn more about what we are doing in these areas, please contact us. In the meantime, we have extended our work hours for filing season and…
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Ready to Apply for PPP Loan Forgiveness? Stop and Reconsider

For the past several months, we have advised many clients to patiently wait on applying for PPP forgiveness. There were a number of uncertainties, including taxability of forgiven amounts and potential future legislation. Good news – The recently passed Consolidated Appropriations Act, 2021 made two major changes related to PPP forgiveness. The first is to clarify the…
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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.