The Hoffman Group is a full-service accounting and consulting firm headquartered in the Baltimore, Maryland region. Our dedicated team provides a comprehensive array of assurance, consulting and tax services for businesses and individuals. By thoroughly evaluating our clients’ unique financial needs, we create personalized solutions and develop comprehensive plans for their success. To us, the most valuable part of our business is client relationships. That is why we are built on the pillars of transparency, trust and respect. Our highly skilled team of professionals and Certified Public Accountants provide the knowledge, passion and technical abilities to help our clients thrive.
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Applying for PPP Loan Forgiveness Early
Guidance released from the Treasury and Small Business Association (SBA) Monday, June 22 declares that Paycheck Protection Program (PPP) recipients can apply for loan forgiveness before the end of their Covered Period. The 34-page interim rule addresses a few issues concerning the Payment Protection Program, which provides forgivable loans to small businesses and organizations affected by the economic impacts of the COVID-19 pandemic. Namely, it revised previous guidance to...
COVID-19 Crisis May Affect Tax Angles for Rental Property Losses
Economic fallout from the COVID-19 crisis will cause many rental real estate properties to run up tax losses in 2020 — and possibly beyond. Here's a summary of important federal income tax rules for such losses. What You Can Write Off Rental property owners can deduct mortgage interest and real estate taxes. They can also write off all standard operating expenses that go along with owning rental property. Examples...
Paycheck Protection Program Flexibility Act (PPPFA)
The Paycheck Protection Program Flexibility Act (PPPFA) was passed on June 5th with the goal of making it easier for Paycheck Protection Program (PPP) loan recipients to qualify for forgiveness. Here are some of the major changes brought by the PPPFA: Lowered payroll costs percentage requirement Prior to the PPPFA, business owners had to spend at least 75% of their PPP funds on payroll expenses to qualify for full forgiveness,...
Rioting Damage at Your Business? You May Be Able to Claim Casualty Loss Deductions
The recent riots around the country have resulted in many storefronts, office buildings and business properties being destroyed. In the case of stores or other businesses with inventory, some of these businesses lost products after looters ransacked their property. Windows were smashed, property was vandalized, and some buildings were burned to the ground. This damage was especially devastating because businesses were reopening after the COVID-19 pandemic eased. A commercial insurance...
At The Hoffman Group, we take a personal interest in your success. Drawing on over 60 years of combined practice, our team has a breadth of experience in anticipating challenges businesses may face and developing strategic plans to meet their financial objectives. We focus on an array of industries such as construction, manufacturing and distribution, and government contracting to help you make healthy financial and business decisions that amplify profitability and maximize competitiveness.