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employee retention credit

What Businesses with Furloughed Employees Need to Know About the Employee Retention Credit

May 8, 2020

Eligible employers will now be able to claim the employee retention credit if they are only paying health coverage for furloughed employees. This change is due to Congressional tax writers sending a letter to the Treasury Secretary requesting him to revise the provision under the CARES Act in order to further help businesses impacted by…

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retirement plans

The CARES Act: Retirement Plans and Loan Rules FAQs

May 7, 2020

The IRS has released a series of frequently asked questions regarding changes made by the Coronavirus Aid, Relief, and Economic Security (CARES) Act to retirement plans and loan rules. The CARES Act provides distribution options for up to $100,000 from eligible retirement plans for COVID-19 related distributions as well as special rollover rules. Eligible retirement…

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ppp loan

Top Congressional Tax Writers Disagree with IRS Interpretation of Expenses Related to PPP Loans

May 6, 2020

Senate Finance Committee Chairman Chuck Grassley, ranking member Ron Wyden, and House Ways and Means Committee Chair Richard Neal, expressed disapproval of the recent IRS guidance regarding deductions for small businesses that receive a Paycheck Protection Program (PPP) loan. The IRS released guidance, Notice 2020-32, stating that businesses cannot take deductions for expenses, including wages,…

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employee retention credit

Employee Retention Credit: Comprehensive FAQs for Businesses

May 5, 2020

The IRS has issued a series of FAQs on the employee retention credit that is contained in the Coronavirus Aid, Relief, and Economic Security Act (CARES) Act. The FAQs cover detailed eligibility requirements, determining qualified wages, how to claim the employee retention credit, and other valuable information for employers. Read the IRS FAQs on the…

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personal guarantee business loans

What Small Businesses Need to Know About Tax Deductions and the Paycheck Protection Program

May 4, 2020

Small businesses that have received loans through the Paycheck Protection Program should be aware of certain tax deductions rules. The IRS released guidance to clarify whether taxpayers receiving the loans may deduct otherwise deductible expenses. Businesses can’t deduct the wages or other business expenses they paid for using the loan. The IRS has clarified that…

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virtual board meeting

Nonprofits: How to Hold Successful Virtual Board Meetings During the COVID-19 Pandemic

May 1, 2020

The Coronavirus (COVID-19) pandemic has forced many of us to work differently. Even if your nonprofit’s board of directors usually meets in person, current events strongly suggest the need for an alternative option. Here are some best practices for holding virtual board meetings. State Laws Virtual meetings can enable more people to attend and your…

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