SBA Questioning PPP Borrowers with Loans Over $2 Million

Article Highlights:  PPP Loans  Affected Borrowers  Loan Application Certifications  SBA Compliance Questionnaires  SBA Information Review  When Congress initially authorized the Paycheck Protection Program, it was intended to provide loans that would be partially or completely forgiven if used for the intended purposes of helping businesses affected by COVID-19 stay afloat and to help those businesses […]

PPP Economic Uncertainty Certification: Here’s What You Need to Know

On Thursday, December 9, 2020, the Small Business Administration (SBA) and the U.S. Department of the Treasury updated the Paycheck Protection Program (PPP) Loan FAQs regarding the recently imposed loan necessity questionnaires. FAQ 53 was released to address why some PPP borrowers are receiving a For-Profit and Non-Profit Loan Necessity Questionnaire (SBA Forms 3509 and […]

Preparing for 2021: Tax Planning Strategies for Small Business Owners

If you are a small business owner, every penny of your income counts. This means that you want to optimize your revenue and minimize your expenses and your tax liability. Unfortunately, far too many entrepreneurs are not well-versed in the tricks and tools available to them and end up paying far more than they need […]

Webinar: Tax Implications of PPP Loans on Tuesday, December 1, at 12:00 PM (EST)

Tarlow Invites You: PPP Webinar – Tax Implications of PPP Loans  The CARES Act stated that forgiveness of a Paycheck Protection Program (PPP) loan would be considered tax-exempt income, but it failed to address the impact of the associated expenses paid.  On November 18, 2020, the Internal Revenue Service (IRS) issued Revenue Ruling 2020-27 which […]

IRS Clarifies the Deductibility of PPP Loan Expenses

On Wednesday, November 18, 2020, the Internal Revenue Service (IRS) and the Treasury Department issued guidance in the form of a Revenue Ruling 2020-27 (Ruling) and a revenue procedure to clarify the tax implications of expenses when a loan from the Small Business Administration’s (SBA) Paycheck Protection Program (PPP) has not been forgiven by December […]

Don’t Miss Out on Year-End Tax-Planning Opportunities

Article Highlights:  October 15 extended due date for filing federal individual tax returns for 2019.  Late-filing penalty.  Interest on tax due.  Other October 15 deadlines.  Because of the COVID-19 pandemic emergency, the IRS postponed the original due date for filing 2019 returns to July 15, 2020. If you could not complete your 2019 tax return […]

The SBA Issued Loan Necessity Questionnaires for Borrowers of PPP Loans $2M or More

In conjunction with its review of Paycheck Protection Program (PPP) loans that total $2 million or more, the U.S. Small Business Administration (SBA) will send loan necessity questionnaires to loan recipients. The information that is collected will inform the SBA’s evaluation of borrowers’ good-faith certification of their economic need. The SBA issued two versions of […]

Did You Know Unemployment Benefits are Taxable?

Article Highlights:  CARES Act  Unemployment Benefits  States Taxation of Unemployment  Will Unemployment Be Taxable?  With the passage of the CARES Act stimulus package earlier this year, the federal government added $600 to the standard state weekly unemployment benefits and increased the number of benefit weeks to a total of 39.  In many cases, workers are […]

Tax Consequences of Losing Your Job

Article Highlights:  Severance Pay  Unemployment Compensation  Health Insurance  Employer Pension Plan  Coronavirus-related Distributions  Home Sale  If you lost your job, there are several tax issues you may encounter. How you deal with these issues can profoundly impact your taxes and finances. The following are typical issues related to tax treatment:  Severance Pay – Your employer may […]

Webinar on Thursday, October 22, at 12:30 PM (ET): Unpacking PPP Loan Forgiveness

Tarlow Invites You: PPP Webinar Unpacking PPP Loan Forgiveness What you need to know to maximize forgiveness Your Covered Period is coming to an end and you are getting ready to complete your loan forgiveness application. But it seems like every week there’s a change in the Paycheck Protection Program rules. Have you kept up […]