Our Blog

Last week the SBA released the PPP Forgiveness Form that will need to be used by borrows for applying forgiveness of their PPP loans. The SBA attempted to provide a simple form but the lack of detail has left some ambiguity for borrowers. 
​

Today, May 14, is the deadline for businesses to return PPP funds if they did not comply with SBA guidance. As there is still much confusion, the SBA has provided an additional safe harbor for PPP Loans below $2 Million. 

The SBA extends safe harbor for returning PPP funds until May 14 and there will be more guidance provided by the SBA before May 14 on how it will review borrowers’ certifications that were made with the initial PPP application.  Please read the article from the Journal of Accountancy for more details. 

The IRS recently released an application to check the status of when taxpayers should be receiving their Economic Impact Payments. There are two options, one for taxpayers who filed a tax return in 2018 or 2019 and another for taxpayers who did not file a tax return. 
​

Most businesses, including rental property owners, have been impacted by COVID-19. There are various government programs and tax credits available to you.
​

We hope that you are keeping yourself, your loved ones, and your community safe from COVID-19 (commonly referred to as the Coronavirus). Along with those paramount health concerns, you may be wondering about some of the recent tax changes meant to help everyone coping with the Coronavirus fallout. We want to update you on the tax-related provisions in the Coronavirus Aid, Relief, and Economic Security (CARES) Act, Congress's gigantic economic stimulus package that the President signed into law on March 27, 2020.
​

Karyn Finkelson, CPA •

​In response to our country’s current state of emergency, the President has signed the “Families First Coronavirus Response Act” which includes some important provisions that will directly affect employers with fewer than 500 workers, particularly in regards to emergency sick leave. These provisions will take effect no later than April 2, 2020.
 
Emergency Sick Leave Act (EPSLA) key points:
​

The IRS has created a website dedicated to the Coronavirus. The site focuses on steps to help those affected by the virus. So far the IRS web page includes relevant news releases, and guidance issued in Notice 2020-15. It also has options for tax help.​
​

Lena Rozzi, CPA •

​The enactment of the Tax Cuts and Jobs Act (TCJA), passed in December 2017, effectively became one of the largest tax reforms in decades, however, there are changes that will leave some taxpayers owing more taxes then they anticipated this year. 

So you’ve prepared your return and you owe the IRS but you don’t have the money to pay. Now what? 
​

Angela Campbell, CPA •

The housing market is at the top of its game these days and your friends are suggesting that you sell your home.  You know you will receive multiple offers and probably sell the house over what you are asking for it. Do your homework to ensure that a sale won’t cost you more in taxes than you are putting in your pocket.  Your tax advisor should be the first person that you call even before letting your real estate agent put a sign in your yard. Here are a few things you will need to know: