Tag: Articles

While we all celebrated the end of 2020 with renewed hope for what 2021 will bring, it is clear that at least the beginning of this year still has its challenges for many. Fortunately, The Economic Aid Act provides for a second stimulus program for businesses, not for profits and other types of organizations.

In the recent COVID-19 Relief Act the government provided an opportunity for businesses to retroactively qualify for certain employee retention credits (“ERC”) even if they utilized the PPP loan program.

As so many small businesses hoped for, on Sunday, December 27th, President Trump signed the Consolidated Appropriations Act of Fiscal Year 2021 which confirms the relief that was originally intended by the CARES Act: expenses funded with proceeds from forgiven PPP loans are deductible!

It’s that time of year when your mailbox is full of holiday greetings and heartfelt wishes as well as year-end tax planning tips.

Forms for various tax situations

While the CARES Act provides for the exclusion of any loan forgiveness amount from gross income, it fails to address the treatment of the expenses funded by those proceeds.

With many workers still remote and gathering restrictions increasing as infection rates rise, 2020 is absolutely the year to re-imagine the company holiday party.

Achieving and maintaining profitability for your practice is essential and having the capability to track key metrics that measure productivity is core to being successful.

In the COVID-19-ravaged economy, debts can pile up beyond a borrower's ability to repay. Lenders sometimes may be willing to forgive (or cancel) debts that are owed by certain borrowers.

No matter what any of us have tried to accomplish in 2020, it certainly has been harder to achieve. That is the case for not-for-profit organizations, which depend on charitable giving to support their mission.