Author: Courtney Healy

Paycheck Protection Program

TheĀ U.S. Small Business Administration, in consultation with the U.S. Treasury Department, re-opened the Paycheck Protection Program (PPP) loan portal on Jan. 11, 2021. SBA is continuing its dedicated commitment to underserved small businesses and to addressing potential access to capital barriers by initially granting PPP access exclusively to community financial institutions (CFIs) that typically serve […]

COVID Tax Relief

On Sunday, December 27, 2020, the President signed into law H.R. 133, an Act making consolidated appropriations for the fiscal year ending September 30, 2021, providing coronavirus emergency response and relief, and for other purposes. Key Tax & Accounting Provisions: The bill includes a provision that clarifies that expenses paid with forgiven Paycheck Protection Program […]

  • Posted in Coronavirus News
  • Comments Off on Consolidated Appropriations Act 2021
Tax plan

While 2020 winds down, there is still time to reduce your tax burden. Here are six ideas that can save money for most of us. 1. Leverage pre-tax savings. Take advantage of opportunities to set aside income on a pre-tax basis. This includes; Participation in your employer’s retirement savings program. Fully funding Health Savings Accounts […]

PPP tax deductions

In May, the IRS released Notice 2020-32 announcing that businesses would not be able to deduct otherwise allowable expenses that were paid in connection with a forgiven Payroll Protection Program (PPP) loan. After this notice was released, additional questions remained. Mainly, would businesses be allowed to deduct PPP related expenses on 2020 tax returns if […]