Category Archives: Business Taxes

COVID-19 Congress Makes PPP Loan Forgiveness A Bit Easier!

Last week, on May 27, 2020 the House passed legislation, Paycheck Protection Program Flexibility Act, H.R. 7010, loosening the requirements for PPP loan forgiveness.  Yesterday, the Senate, while not in full session, unanimously consented to the House version of the … Continue reading

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COVID-19 SBA PPP Legislative Update

Changing the PPP rules would be of great benefit across the board. Congress’ CARES Act was based on a two-month period. Congress did not anticipate or plan for many of the glitches and questions things that have unfolded since initial passage. Last week, … Continue reading

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#COVID-19 Still Some PPP Left

Word on the street is there remains $70 billion in SBA PPP funding. That first 349B$ April 3 was gone in a matter of several days. Near the end of April, it was replenished with 310B$. Plus, all the returns-the … Continue reading

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#COVID-19 PPP Loan Forgiveness and Furloughed Employees Part 3 of 3

You want them back but you really shouldn’t call or text. Give the furloughed employee a written Offer of Recall that documents: Return to work date. Terms of employment – Position, Supervisor, Responsibilities/Job description, Salary/hourly rate, Hours, and whether Exempt/Non-exempt … Continue reading

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#COVID-19 Employer Payroll Tax Deferral UPDTD Part 2 of 3.

“Section 2302 of the CARES Act provides that the payment and deposit of the employer’s share of the social security portion of FICA tax and the employer’s share of the social security portion of RRTA tax for deposits that are … Continue reading

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#COVID-19 Employee Retention Tax Credit (ERTC) Part 1 of 3.

The ERTC is encouragement, for employers to keep paying employees, in the form of a refundable credit equal to 50% of up to $10,000 of qualified wages for a maximum $5,000 credit – per employee. The credit is taken against … Continue reading

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#COVID-19 City of Gulfport – Gateway Grant-BUSINESS

City of Gulfport – Gateway Grant OPENS WEDNESDAY May 6, 2020 FIRST-COME, FIRST-SERVE Stroll down any Main Street, USA. Stores with closed signs. Empty storefront parking spaces. Idle exercise equipment. Uncoiffed dogs out walking. Styrofoam to go containers have taken … Continue reading

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COVID-19 IRS’ People First Initiative – Tax Relief for Not the Everyday Stuff

The IRS People First Initiative aims to ease payment guidelines and postpone compliance and enforcement actions for an initial period of April 1, 2020 through July 15, 2020. Automated Liens and Levies. Suspended. Earned Income Credit & Wage Verification. Taxpayers … Continue reading

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#COVID-19 #GivingTuesdayNow

Today is the day to give! To give what you can and be a part of this global day of giving in response to COVID-19. Today is in addition to the regularly scheduled December 1st, 2020 #GivingTuesday. Perhaps we can … Continue reading

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#COVID-19 Florida Tax Relief – Corporate Income & Franchise Returns AND Payments

Monday, April 27, 2020 the Florida Department of Revenue issued Order of Emergency # 20-52-DOR-003 (Corporate Income Tax). For entities with a fiscal year ending December 31, 2019: • The May 1, 2020, due date for Florida Corporate Income & … Continue reading

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