Construction

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IRS announces 2021 standard mileage rates for business, charitable, medical, and moving purposes

January 19, 2021

The Internal Revenue Service recently issued the 2021 optional standard mileage rates. These rates, which adjust every year to account for inflation of fuel costs, vehicle cost and…

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Everything you need to know about the expanded ERTC

January 19, 2021

The employee retention tax credit (ERTC) is intended to provide liquidity to employers during the pandemic and was greatly expanded in the Consolidated Appropriations Act of 2021 thanks…

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Application dates for second round of PPP funding announced

January 18, 2021

The U.S. Small Business Administration (SBA) and Treasury has announced that lenders with $1 billion or less in assets will be able to open applications for the next round of Paycheck…

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Treasury issues interim final rules on updated PPP guidance

January 8, 2021

Two new interim final rules for the Paycheck Protection Program (PPP) have been released from the Small Business Administration (SBA) and Treasury in response to…

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Congress passes second Coronavirus relief bill, includes new funding and updates to PPP

December 22, 2020

The U.S. House of Representatives and U.S. Senate have passed the¬†Coronavirus Response & Relief Supplemental Appropriations Act, and President Trump has signed the bill. The…

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The top 5 things contractors need to know about the PPP necessity form

December 10, 2020

As millions of Paycheck Protection Program (PPP) borrowers begin to fill out their loan forgiveness applications, another form is looming on the horizon. Protection of taxpayer…

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How construction firms can prepare for cash flow challenges in 2021

December 10, 2020

The construction industry has faced unique and varying challenges a result of the coronavirus pandemic, but the restarting of projects and improved processes have put the industry…

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Guidance issued on deductibility of expenses with a PPP loan

November 19, 2020

On Nov. 18, the IRS and Treasury issued Revenue Ruling 2020-27 which provides long-awaited guidance on the tax treatment of expenses related to Paycheck Protection Program (PPP) loans. The…

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2020 tax planning considerations for businesses, individuals

November 13, 2020

 This year has been unique and beyond comparison in many ways, and tax planning is just one of the implications of current events. Both individual…

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Tax planning considerations: Election results, sunset provisions

November 13, 2020

According to news outlets, as of this writing, Joe Biden has been named the president-elect of the U.S. Vote counting is still ongoing and election…

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