Privately Held & Family-Owned Business

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Changes to Excess Business Losses From the CARES Act

September 3, 2020

The Coronavirus Aid, Relief and Economic Security (CARES) Act made changes to excess business losses. Some changes are retroactive and there may be opportunities for some businesses to file amended tax returns. Here is more information about the changes that may impact your business. Deferral of the excess business loss limits The Tax Cuts and…

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employee retention credit

What You Need to Know About the Payroll Tax Deferral

September 1, 2020

The IRS released guidance on the payroll tax deferral from the Presidential Memorandum issued on August 8, 2020, which allows employers to defer withholding and payment of the employee’s portion of the Social Security tax if the employee’s wages are below a certain amount. Under the guidance, the Social Security tax deferral may only apply…

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ppp loan forgiveness

Paycheck Protection Program Loan Forgiveness: Treatment of Owners and Certain Nonpayroll Costs

August 27, 2020

New guidance has been issued by the US Small Business Administration (SBA) and Treasury Department regarding Paycheck Protection Program (PPP) loan forgiveness of owner-employee compensation and the eligibility of nonpayroll costs. The guidance states that owner-employees with less than a 5% ownership stake in a C- or S-corporation are not subject to the owner-employee compensation…

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business resilience

6 Areas of Your Business to Re-evaluate and Become More Resilient in the New Normal

August 26, 2020

The COVID-19 pandemic has dramatically changed business operations for the foreseeable future. Businesses are being forced to evaluate their current operations and adjust to a new normal. We have helped many businesses to adapt to this new environment. How will your business look going forward? Here are key areas you should re-evaluate in order to…

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net operating losses

Guidance on the Paycheck Protection Program and Economic Injury Disaster Loans

August 13, 2020

The US Small Business Administration (SBA) and Treasury Department issued new FAQs on the Paycheck Protection Program (PPP) and Economic Injury Disaster Loans (EIDL) as well as a new interim final rule on the appeals process. Paycheck Protection Program FAQs What effect does the payment or nonpayment of fees of an agent or other third…

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ppp loan forgiveness application

Guidance on Employer Leave Sharing Plans

August 6, 2020

New FAQs on employer leave sharing plans are available from the IRS. It clarifies the tax implications for employees. May employers set up a leave-sharing plan under IRS Notice 2006-59  that permits employees to deposit leave in an employer-sponsored leave bank for use by other employees who have been adversely affected by the COVID-19 pandemic? Yes.…

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