Rapidly approaching tax filing deadlines inspire many to vow that we’re finally going to organize that bottomless shoe box of receipts and documents that we will “get to later”. One of the many questions we’ve been getting this year is what documentation should I retain and how can I prepare for next year’s taxes? Tax planning… Continue Reading
Archives for 2020
‘Main Street’ Program – Lender Registration
From the ABA Banking Journal: Lenders may now register for the Federal Reserve’s Main Street Lender Program (MSLP), the Boston Fed announced today, adding that lenders “are encouraged to begin making Main Street program loans immediately.” Last week, the Fed announced several adjustments to the MSLP intended to facilitate participation by more small and midsize… Continue Reading
8 Steps to Temporarily Closing a Business
8 Steps to Temporarily Closing a Business This is an unprecedented time that has forced many small business owners to make the difficult decision to close their business. Some businesses have chosen to close permanently during this pandemic, while others are temporarily shutting the doors. A temporary closure requires a little more than hanging a… Continue Reading
PPP Extension
The Journal of Accountancy: The U.S. Senate passed by unanimous consent a five-week extension of the Paycheck Protection Program (PPP) on Tuesday night just a few hours before the application window on the program was scheduled to close. The House of Representatives would have to pass the measure and President Donald Trump would have to… Continue Reading
IRS Urges Taxpayers to Keep Economic Impact Payment Notice
The Internal Revenue Service (IRS) this week is informing taxpayers that they should keep their Economic Impact Payment notice with the rest of their tax records for the next filing year. Read more below from their recent news release. People who receive an Economic Impact Payment this year should keep Notice 1444, Your Economic Impact… Continue Reading
PPP EZ Forgiveness Application
From the Journal of Accountancy: The U.S. Small Business Administration (SBA), in consultation with Treasury, released last Wednesday a revised loan forgiveness application for the Paycheck Protection Program (PPP). The SBA also unveiled a new EZ application for forgiveness of PPP loans. The applications reflect changes to the PPP made by the Paycheck Protection Flexibility… Continue Reading
