Expenses Paid with Payroll Protection Program Loan Proceeds to be Tax Deductible
Congress has developed a new COVID-19 stimulus package that includes income tax relief for Paycheck Protection Program loans. Click to learn more.
Tax Rates 2021
The 2021 payroll tax rates and auto mileage rates have been released. Click above for the complete list of rates.
North Carolina Updates References to Internal Revenue Code and Decouples from Certain Provisions
The SBA has continued to provide updated guidance based on new legislation and to address many of the questions and concerns Borrowers have as they move closer to applying for loan forgiveness. Click to learn more.
Paycheck Protection Program Loan Forgiveness Updates
The SBA has continued to provide updated guidance based on new legislation and to address many of the questions and concerns Borrowers have as they move closer to applying for loan forgiveness. Click to learn more.
Paycheck Protection Program Good Faith Certification
The SBA and Treasury Department recently updated their FAQs to indicate how they would assess the applicant’s good faith certification, and to extend the deadline for repayment. Click to learn more.
Paycheck Protection Program Updates
Additional information and guidance related to the Paycheck Protection Program was recently released. Click to learn more about the additional round of funding allocated for PPP Loans.
Recent Guidance for Individuals and Businesses
Over the past few days both the IRS and Small Business Administration released additional guidance to help taxpayers navigate the current COVID-19 crisis. Click for additional information available for both individuals and businesses.
IRS Grants Additional Tax Payment and Filing Relief
On April 9, 2020, the IRS released Notice 2020-23, which is an update to Notice 2020-18, Additional Relief for Taxpayers Affected by Ongoing Coronavirus Disease 2019 Pandemic. This notice provides additional relief to any relief previously granted.
SBA Releases Revised PPP Application and Information for PPP Participants
As part of the CARES Act, the Small Business Administration (SBA) is charged with administering the Payroll Protection Plan (PPP). Click to access the revised loan application and fact sheet for borrowers and lenders.
Coronavirus Aid, Relief and Economic Security Act (CARES Act)
The CARES Act provides provisions for a new coronavirus related distribution, repayment of distributions, increased loan limits, extended loan repayment periods and waiver of the 10% early distribution penalty. Click to find out more.