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Insights2019-10-24T08:21:52-04:00

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.

July 2, 2020|Categories: PBMares COVID-19 Insights, Tax: Business|Tags: , |

Succession Planning for Construction, Part 2: Four Common Transition Options

The familiar saying “failing to plan is a plan for failure” is spot on, especially for construction companies facing a transition in leadership. Without enough time to plan for the owner’s exit, any of the following scenarios can easily lead to a construction company in chaos.

June 30, 2020|Categories: Construction and Real Estate|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.

June 30, 2020|Categories: PBMares COVID-19 Insights, Tax: Business|Tags: , |

Expanded Relief to Plan Participants for Coronavirus-Related Distributions

On June 19, 2020, the IRS issued Notice 2020-50 that expands the categories of individuals eligible for plan distributions and plan loans under the Coronavirus Aid, Relief, and Economic Security (CARES) Act.

June 29, 2020|Categories: PBMares COVID-19 Insights, Retirement|Tags: , |

New Guidance on When to Apply for PPP Loan Forgiveness, Owner-Employees, and Excepted Employees

New guidance released on June 22, 2020, provides businesses with information on when they are able to apply for loan forgiveness, caps on employee-owner compensation, and some clarification on excepted employees in FTE calculations.

June 26, 2020|Categories: PBMares COVID-19 Insights|Tags: , |

IRS Allows the Ability to Rollover Required Minimum Distributions in 2020

On Tuesday, June 23, 2020, the IRS issued a notice clarifying the recent waiver of required minimum distributions (RMD) from retirement plans in 2020.

June 26, 2020|Categories: PBMares COVID-19 Insights|Tags: , |
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