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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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 …

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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 »

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