This past year has been one of the more challenging we have faced. Going forward, for as long as it’s useful, we will bring you a regular round up of relevant COVID-19 information highlighting what you need to know to manage through this crisis. Click here for key updates. Checklist for SBA PPP Loan Forgiveness […]
Author Archives: rudleradmin
Latest COVID-19 Round of Stimulus Checks
The Consolidated Appropriations Act (CAA), signed into law on Dec. 27, provides relief in response to the COVID-19 pandemic with another round of “recovery rebate” payments to individuals. The new round of stimulus checks will be in varying amounts based upon IRS criteria. Eligible individuals may begin to receive these stimulus payments as early […]
How will the latest COVID-19 legislation affect your taxes?
The Consolidated Appropriations Act (CAA), signed into law on Dec. 27, provides another round of “recovery rebate” payments to individuals and an expansion of the Paycheck Protection Program (PPP) loan program. The legislation includes some tax relief as well. Here’s a brief overview of some of the tax-related provisions that may affect you or your […]
Guidance on the second round of PPP loans
On December 27, 2020 President Trump signed a new relief bill of which included the Consolidated Appropriations Act (CAA) . A favorable item for small business owners listed in the CAA is the opportunity to take out a second loan under the Paycheck Protection Program (PPP). The basics The CAA permits certain smaller businesses who […]
Covid-19 relief updates in favor of individual taxpayers
The new COVID-19 relief law that was signed on December 27, 2020, contains numerous updates that could affect individual taxpayers. Here are some of the highlights of the Consolidated Appropriations Act, which also contains two other laws: the COVID-related Tax Relief Act (COVIDTRA) and the Taxpayer Certainty and Disaster Tax Relief Act (TCDTR). Direct payments […]
Relief updates that will benefit businesses: meals deduction and PPP forgiveness
Year 2021 could be looking bright for business owners. The COVID-19 relief bill, signed into law on December 27, 2020, includes favorable changes and numerous tax breaks that could apply to your business. Here are some highlights of the Consolidated Appropriations Act of 2021 (CAA). Business meal deduction increased The new law includes a provision […]
2020 is officially in the rear view mirror. Let’s get back to turning a profit!
Most new years begin with the same routine of resolutions that few stick to and declarations of better things to come. We all hope that those declarations of better things to come actually come to fruition given the year we just had. Let’s ring in this new year with a renewed focus on profitability and […]
Your taxpayer filing status: Selecting the one that is correct for you.
December 31 may have a larger impact than just popping some bubbly and counting down to the new year. When it comes to taxes, that date will affect the filing status box that will be checked on your 2020 tax return. When filing a return, you do so with one of five tax filing statuses. […]
Converting from a C corporation to an S corporation; Is it the right choice for you?
We all want the best situation as it pertains to tax liabilities. Your entity choice can have a massive impact on your business, including its tax liability. There are many things to consider before changing your business entity, here are a few to get the mind moving in the right direction. S corporations can provide […]
Paycheck Protection Program (PPP) – Round 2 Is My Business Eligible for Relief?
On December 21, 2020, Congress passed the Consolidated Appropriations Act, 2021, (the “Relief Act”), which includes a relief package consisting of $900 billion in aid to small businesses and individuals impacted by COVID-19. The focus of this Alert is to address changes made to the Paycheck Protection Program (PPP) through Title III – Continuing the […]