PPP Update: New Guidance That Will Change 2020 Taxable Liabilities

The IRS recently issued guidance that will impact taxable income and tax liabilities for the majority of businesses who received PPP loans.

2020-11-30T15:37:04-05:00November 19, 2020|Categories: PBMares COVID-19 Insights, Tax: Business|Tags: , |

Virginia Employment Laws Expanded to Require New Hire Reporting of Independent Contractors

A new but perhaps little-known law in the State of Virginia requires that all employers, labor organizations, and hiring halls report information about newly hired independent contractors to the state’s New Hire Center.

2020-11-11T10:01:49-05:00November 11, 2020|Categories: Tax: Business|Tags: , |

SBA Publishes Loan Necessity Questionnaire for PPP Borrowers

Borrowers (and affiliates) that have PPP Loans of $2 million or greater should be prepared to provide additional information to SBA. (authored by RSM US LLP)

2020-11-04T10:34:01-05:00November 4, 2020|Categories: PBMares COVID-19 Insights, Tax: Business|Tags: , |

State Sales Tax Considerations for Real Estate and Construction Contractors

Few contractors give much thought to state sales tax when they’re installing property improvements for a customer.

Final Guidance on Business Interest Expense Deduction Limitation Under Section 163(j) in the CARES Act

Many U.S. companies took advantage of the Paycheck Protection Program, Economic Injury Disaster Assistance Loans, and other funding sources to shore up cash flow amid the coronavirus pandemic.

2020-10-29T14:27:27-04:00October 15, 2020|Categories: PBMares COVID-19 Insights, Tax: Business|Tags: , , |

How Businesses Should Be Preparing for Changes in State Tax Laws in 2020 and Beyond

Exposure to state tax has been steadily increasing in recent months. From the Wayfair Supreme Court case in 2018 to mounting financial pressures from COVID-19, states are looking at all options to collect revenue they are entitled to.

New Court Decision on Deducting Real Estate Losses Disallows Continuing Education

What does it mean to be a real estate professional? For many, the answer is straightforward: they’re landlords, property developers, contractors, and investors.

2020-10-09T13:35:51-04:00October 6, 2020|Categories: Construction and Real Estate, Tax: Business|Tags: |
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