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Treasury issues interim final rules on updated PPP guidance

Posted on January 8th, 2021
Treasury issues interim final rules on updated PPP guidance

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 the changes and second round of funding enacted by the relief portion of the Consolidated Appropriations Act signed at the end of December.  Changes in provisions for first-draw PPP loans … Read More »


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

Posted on December 22nd, 2020
Congress passes second Coronavirus relief bill, includes new funding and updates to PPP

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 agreement comes after weeks of negotiations and two funding extensions to keep Congress open until a bill was passed with a $1.4 trillion government-wide funding plan. The $900 billion coronavirus relief… Read More »


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

Posted on December 10th, 2020
The top 5 things contractors need to know about the PPP necessity form

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 resources and program integrity has been a focus for the Small Business Administration (SBA) and Treasury in recent months, and borrowers of loans that were $2 million or more will be required to fill out the SBA… Read More »


How construction firms can prepare for cash flow challenges in 2021

Posted on December 10th, 2020
How construction firms can prepare for cash flow challenges in 2021

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 on more comfortable ground to close out 2020. However, keep a weather eye on the horizon as issues could re-present themselves is in 2021 as marketplaces continue to adapt and shift in the… Read More »


Guidance issued on deductibility of expenses with a PPP loan

Posted on November 19th, 2020
Guidance issued on deductibility of expenses with a PPP loan

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 guidance states that the expenses listed in section 1106(b) of the CARES Act that would otherwise be deductible will not be allowed in the taxable year that the expenses were paid… Read More »


2020 tax planning considerations for businesses, individuals

Posted on November 13th, 2020
2020 tax planning considerations for businesses, individuals

 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 and business taxes have the potential to be significantly impacted by the various legislation that has passed like the FFCRA and the CARES Act, the loan programs made available like… Read More »


Tax planning considerations: Election results, sunset provisions

Posted on November 13th, 2020
Tax planning considerations: Election results, sunset provisions

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 results have not yet been certified, but this news may have some taxpayers wondering what changes, if any, they should make in their tax planning to close out an eventful… Read More »


Understanding the 3 PPP forgiveness applications: Which one to use

Posted on November 5th, 2020
Understanding the 3 PPP forgiveness applications: Which one to use

The Paycheck Protection Program (PPP) from the Small Business Administration (SBA) and Treasury has had many updates over the past few months including changes to timelines and forgiveness applications. Among these changes was the introduction of three different types of forgiveness applications: 1. FORM 3508 – The Standard Application 2. FORM 3508EZ – The EZ… Read More »


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