Balance Due Notices from the IRS
Did you dutifully mail your payment to the IRS and then receive a scary notice from them saying you owe them more money and it now includes interest and penalties? Next you check your bank account and notice the check hasn’t cleared? Should you cancel the check? Send another check? You try and call the […]
Much ado about the Payroll Tax break
On August 8th the White House published an Executive Memorandum that ordered a deferral of social security payroll taxes for employees earning less than $104k per year from September 1 to December 31, 2020. But, employees may never actually see this tax break in their paychecks. The reasons why are: The President does not have the […]
More answers on PPP loan forgiveness
The SBA published a new set of Frequently Asked Questions yesterday regarding PPP loan forgiveness: A borrower has 10 months from the end of the Covered Period (8 or 24 weeks) to submit their loan forgiveness application, and they are not required to make any payments until the forgiveness amount from that application is remitted […]
Good Changes to the PPP loan forgiveness for Sole Proprietors (no Employees)
On June 17th, the Paycheck Protection Program (PPP) Flexibility Act of 2020 was enacted which made major changes to the provisions for PPP loan forgiveness and the SBA released revised forgiveness applications.Over the next week we will publish articles outlining the changes to the PPP program by business type. (Of course, by the end of the week, […]