FAQs About the Employee Retention Credit and Refundable Tax Credits

The Paycheck Protection Program helped more than four million businesses continue to pay their employees during the coronavirus pandemic.

2020-09-21T08:20:10-04:00July 29, 2020|Categories: PBMares COVID-19 Insights, Tax: Business|Tags: , , , |

Congress Approves Extension to Apply for PPP Funds

On Wednesday, July 1, the House passed Senate Bill S.4416 by unanimous consent.  The bill, which extends the timeline to apply for PPP funds through August 8, 2020, is headed to the President’s desk for signature.

2020-07-02T11:32:14-04:00July 2, 2020|Categories: PBMares COVID-19 Insights, Tax: Business|Tags: , |

Deduct Some Losses Due to COVID-19 on Your 2019 Taxes

Over the past several weeks, there has been a lot of attention regarding the tax provisions and federal loan programs such as the Paycheck Protection Program included in the CARES Act.

2020-10-05T10:36:48-04:00June 30, 2020|Categories: PBMares COVID-19 Insights, Tax: Business|Tags: |

New PPP Loan Forgiveness Applications Released

On Tuesday, June 16th,  Treasury and the SBA released updated PPP loan forgiveness applications, including an alternative EZ application that is designed to simplify the process for those who meet certain criteria.

2020-06-19T17:19:27-04:00June 18, 2020|Categories: PBMares COVID-19 Insights, Tax: Business|Tags: , , |

PPP Flexibility Act Payroll Guidance

The SBA recently released guidance on two major issues in the PPP Flexibility Act. The first addresses the PPP Flexibility Act's adoption of a 24-week covered period, in lieu of an 8-week covered period, regarding payroll.

2020-10-05T10:38:58-04:00June 17, 2020|Categories: PBMares COVID-19 Insights, Tax: Business|Tags: , |

NOL Changes Give Some an Immediate Source of Cash Flow

Within the multi-billion-dollar CARES Act legislation, there are numerous other provisions aimed at supporting different aspects of the economy, in addition to the well-known Paycheck Protection Program.

2020-06-11T10:52:40-04:00June 11, 2020|Categories: PBMares COVID-19 Insights, Tax: Business|Tags: , |

Section 179D Tax Deduction Extended for Commercial Building Owners and Designers

Energy-efficient building design has been gaining more traction in recent years. When sourcing renewable materials or designing for sustainability, there are more ways than ever for building owners and designers to save money on taxes and offset construction costs.

Businesses with $5 Million or More of Gross Receipts Sourced to Washington, D.C. Hit with Ballpark Fee

Many are certainly lamenting that we may not be able to see any baseball this year at Nationals Park. However, the District of Columbia will still be collecting the Ballpark Fee which is coming due June 15, 2020.

2020-05-20T11:45:17-04:00May 20, 2020|Categories: Tax: Business|Tags: , |

Multi-state Businesses Have Choices with Pass-through Entities and State Income Taxes

What happens when an entity derives income from doing business in multiple states? 

2020-05-14T17:17:40-04:00May 7, 2020|Categories: Tax: Business, Tax: State & Local|Tags: , |