What’s happening now in the tax world?
Lately there seems to be changes minute by minute - we are doing our best to keep our clients informed and this is one resource we are adding for that purpose. Please check in periodically to see what's new.
SBA has published a revised application for the PPP loan forgiveness. https://home.treasury.gov/policy-issues/cares/assistance-for-small-businesses This will be helpful for planning for payroll purposes going forward - please let us...Read More
PA is offering Grants to businesses affected by COVID thru the Department of Community and Economic Development https://dced.pa.gov/programs/covid-19-relief-statewide-small-business-assistance/ Also - as of June 15th - Small businesses...Read More
No news - We are all very frustrated that the changes to the PPP forgiveness terms have still not been extended. The house of representatives did pass H.R. 7010 on Thurs May 28th which would extend the forgiveness period from 8 weeks...Read More
For all my Bucks County Business clients and friends - please see the newly release Grant being offered. http://buckscounty.org/docs/default-source/coronavirus/bucksbacktoworkgrant.pdf?sfvrsn=c1308ef_0 Hurry while supplies last!...Read More
Another week has gone by with very little guidance on how these loans will be forgiven. The AICPA (American Institute of Certified Public Accountants as well as ABA (American Bankers Association) are both advocating for clear guidance...Read More
Great news - Clients are reporting that they have received the funds from their banks for the Payroll Protection Plan Loans (PPP). Now the next phase - figuring out what to do with funds. The regulations are clear in purpose - these...Read More
The site for PUA applications is up and running - although I've already heard reports of issues - so don't be surprised - there will be glitches so keep trying. https://pua.benefits.uc.pa.gov/vosnet/Default.aspx Please let us know if...Read More
The CARES Act recently enacted has given taxpayers a pass on the Required Minimum Distribution Rules (RMD's) for 2020. If you would like to skip taking your RMD this year - you can do so without penalty. This will give your assets time...Read More
Pandemic Unemployment Assistance (PUA) is how self-employed individuals should be able to get unemployment benefits not otherwise available thru the normal Pa Unemployment system. They are not taking applications yet - but this link...Read More
Please check these links periodically as they are changing: IRS - Web App for entering your direct deposit info https://www.irs.gov/coronavirus/economic-impact-payments Self-employed unemployment benefit information: https://www.uc.pa...Read More