Get Ready for 2021 Paycheck Protection Program

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Get Ready for 2021 Paycheck Protection Program

The new funds allocated for this program will not last long. Because many of the flaws in the SBA’s forgivable PPP Loan program have been cured by the new stimulus bill, I believe this round of funding will go as … Continue reading

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Self Employed Individuals May Qualify for up to $5,110 Sick and Family Leave Pay Tax Credits

This tax credit is worth up to $5,110 can be claimed by self employed individuals. The IRS recently issued updated guidance on how self-employed individuals can cash in on this special COVID-related tax break. Eligible self-employed individuals are allowed an … Continue reading

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Another Round of Cash Stimulus Payments

Eligible individuals will receive $600 ($1,200 for a married couple) plus $600 for each qualifying child. Eligibility phases out for families with 2019 adjusted gross incomes above $150,000 ($75,000 single). Nonresident aliens and dependents are not eligible. When will the … Continue reading

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PPP Second Draw Loans

The Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act, in Section 311, provides a new round of PPP loans for eligible “Hard-Hit Businesses”.  Borrowers must have suffered a 25% reduction in gross receipts during the first, second, third … Continue reading

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The Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act

The Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act (part of the recently enacted Consolidated Appropriations Act, 2021) includes several important provisions affecting small business owners, especially Paycheck Protection Program loan recipients. For short, I’ll call it EAHSBNVA.  … Continue reading

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Congress Sets the IRS Straight on PPP Deductibility

Yesterday, Congress overruled the IRS on the issue of the deductibility of expenses paid with PPP loans.  The expenses are now clearly fully deductible. Section 278 (Page 2004) of The Consolidated Appropriations Act, 2021 leaves little question that the IRS … Continue reading

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SBA Issues PPP Loan Forgiveness Forms and Instructions

The Small Business Administration has issued forms and instructions for applications for forgiveness of Paycheck Protection Loans. The instructions answer some of our burning questions about accounting methods (cash vs accrual)  and the FTE calculations. An FTE is defined as … Continue reading

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Small Business Expense Protection Act

A bill called the Small Business Expense Protection Act has been introduced into the United States Senate It would overrule the recent IRS ruling that expenses paid with forgiven PPP loan funds are not deductible.   Mark S Gleason CPA … Continue reading

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You Tube Presentation on Forgiveness of Paycheck Protection Program Loans

Here is a link to the presentation I posted to YouTube on Forgiveness of Paycheck Protection Program Loans:   Mark S Gleason CPA www.mattson-cpa.com

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15% FIRPTA Withholding Can Often Be Avoided

Foreign individuals and businesses who own US real estate will learn, when it comes time to sell their property, that the Foreign Investment in Real Property Tax Act (FIRPTA) requires 15% of the gross sales proceeds to be withheld by … Continue reading

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