Due to the COVID/pandemic, the federal government established the Employee Retention Credit (ERC) to provide a refundable employment tax credit to help businesses with the cost of keeping staff employed. Eligible businesses that experienced a…
On April 1, 2021, Governor Charlie Baker signed legislation which allows the exclusion of forgiven PPP loan amounts from gross income for 2020 for taxpayers subject to the Massachusetts personal income tax. This includes unincorporated businesses reporting income and expenses on Schedule…
On March 17, 2021, the Treasury Department and Internal Revenue Service (IRS) extended the individual income tax filing and payment deadline from April 15, 2021 to May 17, 2021. Individual taxpayers may also defer federal…
On March 11, 2021, the American Rescue Plan Act was signed into law by President Biden. The Act includes a retroactive provision that makes the first $10,200 of 2020 unemployment benefits nontaxable for taxpayers having…
On its Tax Filing Season Frequently Asked Questions web page, the Massachusetts Department of Revenue (DOR) recently provided answers to some common questions regarding tax treatment and reporting of Paycheck Protection Program (PPP) forgiven loans…
On January 6, 2021, the Treasury Department and Internal Revenue Service (“IRS”) issued IR-2021-02, which provides guidance allowing the deduction of eligible expenses when such payment would result (or be expected to result) in the…
The SBA began allowing lenders to submit Paycheck Protection Program (PPP) loan forgiveness applications on August 10, 2020. Below is the timeline for the loan forgiveness phase of the PPP process. Two Key Questions Remain…
On October 8, 2020, the U.S. Small Business Administration (SBA) released Form 3508S in an effort to simplify and streamline the PPP loan forgiveness process on loans of $50,000 or less. The new form was…
COVID-19 has hit small business particularly hard, and forced many to close their doors. Whether you are closing your business as a result of the current pandemic or for reasons such as retirement or starting…
On October 2, 2020, the Small Business Administration (SBA) issued a Procedural Notice which addresses Paycheck Protection Program (PPP) loans and changes of ownership. The Notice provides guidance and clarification beneficial to loan borrowers needing…