Corporate Tax

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 …

Is October 31, 2020 the deadline to apply for PPP Loan Forgiveness? Continue reading »

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 …

Payroll Tax Deferral: Proceed With Caution Continue reading »

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 …

Let’s Review: The Home Office Deduction in 2020 Continue reading »

How the Paycheck Protection Program Flexibility (FLEX) Act can help your business through COVID-19

The Senate unanimously passed the Paycheck Protection Program Flexibility Act of 2020 (PPFA) late in the day Wednesday, June 3, 2020. After the House passed the bill last week 417 to 1, the Senate reconvened this week and the bill now advances to President Trump to be signed into law. He is expected to sign …

How the Paycheck Protection Program Flexibility (FLEX) Act can help your business through COVID-19 Continue reading »

How will the IRS treat your Venmo payments to and from your business?

The convenience of Venmo and payment-to-payment apps like Zelle, Chase QuickPay, and Cash App have many businesses, both large and small, using the application to make and receive payments for services and or products. What is Venmo? Venmo is a mobile payment app that allows you to send money from your phone directly to recipients. …

How will the IRS treat your Venmo payments to and from your business? Continue reading »

Scroll to Top