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.
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.
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.
The federal government has provided new tax savings opportunities for student loans in the CARES Act and the SECURE Act, both of which can help reduce the overall cost of paying down student loans.
If your business didn’t qualify for or secure a PPP loan, there are several other tax benefits provided by the CARES Act. Here we’re going to take a closer look at some of the most advantageous programs available.
As a large portion of PPP loans have been disbursed and more funds on their way to businesses in need, SBA and Treasury have now turned their attention to the forgiveness portion of the PPP program.
On Thursday evening, April 30, 2020, the IRS released guidance advising taxpayers that expenses paid using Paycheck Protection Loan proceeds will not be tax-deductible.
On March 17, 2020, Secretary of Treasury Steve Mnuchin announced the IRS will allow taxpayers to delay federal tax payments for 90 days after their due dates. This delay is both interest and penalty-free. For individuals, they can defer up to $1,000,000 of taxes owed
At the organizational level, the proposed changes are pretty bare. The major change comes in the form of a new excise tax applied to private colleges and universities, especially those with very large endowment funds.
The House Ways and Means Committee have released its first bill of the "Tax Cuts and Jobs Act." While we still may be a ways out of a final bill, PBMares will keep everyone in the non-for-profit world on any changes that will affect them every step of the process.