by Akila Sivakumar | Jun 4, 2020 | COVID-19
The economic impact of the COVID-19 has been enormous. Some estimates suggest over 30 million Americans have filed for unemployment benefits as a result of this economic impact. Normally when applying for unemployment, you would be eligible to receive a certain...
by Brian Hare, CPA, CGMA | Jun 4, 2020 | COVID-19
On Wednesday night, the U.S. Senate passed The House bill called the Paycheck Protection Flexibility Act and sent it to President Trump, who is expected to sign it. This bill changes things on the Paycheck Protection Program. Here is a summary of main points of the...
by Barb Hendrickson | May 26, 2020 | COVID-19
The IRS has issued guidance clarifying that certain deductions aren’t allowed if a business has received a Paycheck Protection Program (PPP) loan. Specifically, an expense isn’t deductible if both: The payment of the expense results in forgiveness of a loan made under...
by Paula Kennedy, EA | May 26, 2020 | COVID-19
The economic impact of the novel coronavirus (COVID-19) is unprecedented and many taxpayers with a student loan have been hard hit. The Coronavirus Aid, Relief and Economic Security (CARES) Act contains some assistance to borrowers with federal student loans. Notably,...
by Brian Hare, CPA, CGMA | May 14, 2020 | COVID-19
Many small businesses continue to struggle in the wake of the coronavirus (COVID-19) pandemic. Some have already closed their doors and are liquidating assets. Others, however, may have a relatively less onerous option: bankruptcy. Although bankruptcy obviously isn’t...
