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 …

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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 …

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