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.

2020-06-30T11:40:51-04:00June 30, 2020|Categories: PBMares COVID-19 Insights, Tax: Business|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.

2020-06-26T11:03:46-04:00June 26, 2020|Categories: PBMares COVID-19 Insights|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.

2020-06-17T14:20:11-04:00June 17, 2020|Categories: PBMares COVID-19 Insights, Tax: Business|Tags: , , |

New Student Loan Rules Provide Great Benefits for Businesses and Individuals

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.

2020-06-09T08:34:17-04:00May 29, 2020|Categories: PBMares COVID-19 Insights, Tax: Individual|Tags: |

Didn’t Receive a PPP Loan? Employee Retention Credit and Other CARES Benefits Available

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.

2020-05-27T12:19:37-04:00May 26, 2020|Categories: COVID-19 Business Resources, PBMares COVID-19 Insights|Tags: , , |

PPP Loan Forgiveness Application Released: What Documents Businesses Should Maintain

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.

Payments Made with Forgivable PPP Funds are Not Deductible Under Current Guidance

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.

2020-05-05T13:50:03-04:00May 1, 2020|Categories: COVID Federal & State Updates, PBMares COVID-19 Insights|Tags: |

Deferral of Tax Payments

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

2020-05-06T17:25:56-04:00March 17, 2020|Categories: COVID Federal & State Updates, PBMares COVID-19 Insights, Tax: Individual|Tags: |

Proposed Tax Plan Includes New Excise Tax on Private Universities

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.

2019-07-24T20:04:47-04:00November 16, 2017|Categories: Not-for-Profit, Wealth Management|Tags: , , |

Charitable Deduction Benefit Declines in Proposed Tax Plan

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.