Boyer 2 Accountants Inc. Blog
Topics & tips about accounting, taxes, business, personal finance, and more!
Is October 31, 2020 the deadline to apply for PPP Loan Forgiveness?
The top right corner of the PPP Loan Forgiveness Applications is misleading. The document lists October 31, 2020 as the “Expiration Date”. Many borrowers are led to believe the application is due October 31, 2020. Well, the good news is there is no need to worry and rush to get this submitted by the end
Payroll Tax Deferral: Proceed With Caution
The latest panacea to the pandemic is the Payroll Tax Deferral, whereby employers can opt not to withhold the Social Security tax (Medicare must be continued to be withheld) on employees whose annualized salary does not exceed $104,000 ($2,000 per week). Deferral is the key word here! The deferral period of the 6.2% tax began on September 1, 2020
The Home Office Deduction in 2020
The coronavirus forced many corporations and small businesses to move non-essential employees to work from home indefinitely. Some companies like Google have extended its work-from-home policy through the end of 2020. Facebook has implemented a work-from-home policy forever. Likewise, self-employed workers might be using their homesmore frequently to operate instead of Starbucks or shared work
Let’s Review: The Home Office Deduction in 2020
The coronavirus forced many corporations and small businesses to move non-essential employees to work from home indefinitely. Some companies like Google have extended its work-from-home policy through the end of 2020. Facebook has implemented a work-from-home policy forever. Likewise, self-employed workers might be using their homes more frequently to operate instead of Starbucks or shared work
Application for Paycheck Protection Program Loans Extended
The deadline to apply was extended from June 30 to August 8. If you are a small business and still need financial assistance during these challenging circumstances,you now have more time to do so. On July 4, President Trump signed a bill that extends the application date for PPP loans to August 8. Key Points:
Yes, You Must Pay Taxes on Unemployment Benefits
As of now, the enhanced unemployment benefits put into place under the CARES Act are set to end before July 31. This means the $600 additional federal unemployment per week that millions of Americans have been receiving as aid during the coronavirus pandemic will come to an end. Qualified recipients will be eligible for state
