American Rescue Plan Act: What Small Business Owners Should Know
The American Rescue Plan Act of 2021 was signed to address the continuing economic impact on small businesses due to COVID-19. Learn more today.
PPP Update: Change for Schedule C Filers
On Wednesday, March 3, 2021, the Small Business Administration (SBA) released new applications with revised calculations for the Paycheck Protection Program (PPP) loans specifically for self-employed individuals who file their business operations on Form 1040 Schedule C.
PPP Loan Forgiveness: IRS Clarifies Tax Implications
The Paycheck Protection Program (PPP) established by the CARES Act in March 2020 provided loans to eligible small businesses. Learn more about PPP loans.
2020 Employee Social Security Tax Deferral
As you may know, President Donald Trump sent a memorandum on August 8, 2020 to the Treasury Department to defer collection of the employee portion of Social Security tax from September through the end of 2020 as part of COVID-19 relief. September 1, 2020 marked the first day of the payroll tax “holiday” or deferral period of the employee portion of Social Security tax. On August 28, 2020, the IRS issued guidance to allow employers to suspend withholding and paying eligible employees’ Social Security payroll taxes.
The SECURE Act and Tax Extenders – Impact on Individuals
In last month’s newsletter, Kristie Adams, CPA, described some of the small business changes that were included in the Setting Every Community Up for Retirement Enhancement (SECURE) Act that was signed into law on December 20, 2019. This month, I will discuss some of the provisions in the law that will impact individuals.