COVID-19

On September 9, the U.S. Small Business Administration (SBA) announced changes to the COVID-19 Economic Injury Disaster Loans (EIDL) program, including raising the loan cap from $500,000… Read More

The IRS has released additional guidance on the Employee Retention Credit (ERC) through Notice 2021-49, issued August 4th, and Revenue Procedure 2021-33, issued August 10th. Here are… Read More

The Employee Retention Tax Credit (ERTC) is a valuable tax break that was extended and modified by the American Rescue Plan Act (ARPA), enacted in March of… Read More

The SBA is raising the maximum amount nonprofits and small businesses can borrow under the COVID-19 Economic Injury Disaster Loans (EIDL) program. Currently, the maximum loan amount… Read More

Signed into law March 11, the American Rescue Plan Act creates a $25 billion Restaurant Revitalization Grant program to help restaurants negatively impacted by the COVID-19 pandemic.… Read More

Updated 4/26/2021: The Shuttered Venue Operators Grant application portal is now open. Applicants may register in advance through the SBA’s Shuttered Venue Operators Grant page here. The… Read More

March 11th, the President signed the $1.9 trillion American Rescue Plan Act into law. Here are some of the tax changes included in the bill: Economic Impact… Read More

On Tuesday, the US Treasury and Small Business Association (SBA) released updated Paycheck Protection Program (PPP) forgiveness application forms and guidance to reflect changes made the the… Read More

COVID-19 has shut down many businesses, causing widespread furloughs and layoffs. Fortunately, employers that keep workers on their payrolls are eligible for a refundable Employee Retention Tax… Read More

December 27, President Trump signed the $900 billion COVID-19 stimulus package into law, passed by Congress on December 21. The legislation, called the Consolidated Appropriations Act, 2021,… Read More

December 27, President Trump signed the $900 billion COVID-19 relief bill into law, passed by Congress on December 21. The legislation, called the Consolidated Appropriations Act, 2021,… Read More

December 27, President Trump signed the $900 billion COVID-19 relief bill into law, passed by Congress on December 21. The legislation, called The Consolidated Appropriations Act, 2021,… Read More

On December 27, President Trump signed the $900 billion COVID-19 relief bill into law, passed by Congress on December 21. The legislation, called The Consolidated Appropriations Act,… Read More

Many businesses are closed or are limiting third-party access as COVID-19 surges across the United States. These restrictions could still be in place at year end —… Read More

The coming audit season might be much different than seasons of yore. As many companies continue to operate remotely during the COVID-19 pandemic, audit procedures are being… Read More

Before beginning your full-time equivalent (FTE) calculation, you must determine the headcount or number of FTEs you had during your reference period. The actual loan forgiveness amount… Read More

There are a few situations where borrowers are exempt from reductions in loan forgiveness based on reductions in full-time equivalent (FTE) employees. The first of these FTE… Read More

The process of completing the Paycheck Protection Program (PPP) loan forgiveness application can seem intimidating, but it doesn’t have to be. You have three application form options:… Read More

The Small Business Association (SBA) released two loan necessity questionnaires (one for nonprofit businesses and one for for-profit companies) to go to Paycheck Protection Program (PPP) borrowers… Read More

On Friday, October 23, Governor Larry Hogan announced the $250 million “Maryland Strong: Economic Recovery initiative,” which provides funding from the state’s Rainy Day Fund to assist… Read More

Individuals and businesses have been worrying about phishing scams for years, and now there’s a new twist aimed largely at small businesses: voice phishing scams, a.k.a. vishing.… Read More

On September 30, the Financial Accounting Standards Board (FASB) finalized a rule to defer the effective date of the updated long-term insurance standard for a second time. The… Read More

During this pandemic year, many employees have relied on flexible spending accounts (FSAs) to pay for health care and dependent care costs. This includes expenses related to… Read More

From February to August, U.S. manufacturing employment declined by 720,000 due to adverse conditions caused by the COVID-19 pandemic. But the industry has been slowly recovering. The… Read More

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… Read More

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… Read More

The Small Business Administrator Jovita Carranza and U.S. Treasury Secretary Steven Mnuchin recently announced that recipients of Paycheck Protection Program (PPP) loans of $2 million or more… Read More

Many people are currently working from home to help prevent the spread of the novel coronavirus (COVID-19). Your external auditors are no exception. Fortunately, in recent years,… Read More

The IRS has issued guidance clarifying that certain deductions aren’t allowed if a business has received a Paycheck Protection Program (PPP) loan. Specifically, an expense isn’t deductible… Read More

On May 13, the Small Business Administration (SBA) updated its Paycheck Protection Program Frequently Asked Questions page to clarify how they will determine if a borrower applied… Read More

The $2.2 trillion Coronavirus Aid, Relief, and Economic Security (CARES) Act delivers good news to individuals and businesses, including valuable tax-relief measures. Some of that tax relief… Read More

In light of the novel coronavirus (COVID-19) pandemic, many businesses are interested in donating to charity. In order to incentivize charitable giving, the Coronavirus Aid, Relief and… Read More

This $50 million Grant Fund offers working capital to provide interim relief for Maryland small businesses and nonprofits whose operations were disrupted due to COVID-19. Terms and… Read More

The COVID-19 pandemic is wreaking havoc on the world economy, and businesses in all industries are feeling the effects. In these uncertain times, it’s imperative that business… Read More

Part of the CARES Act, the Paycheck Protection Program (PPP) offers loans to small businesses impacted by the COVID-19 pandemic. A business owner can borrow up to… Read More

The law providing relief due to the coronavirus (COVID-19) pandemic contains a beneficial change in the tax rules for many improvements to interior parts of nonresidential buildings.… Read More

The Coronavirus Aid, Relief, and Economic Security (CARES) Act unwinds some of the tax-revenue-generating provisions included in a previous tax law. Here’s a look at how the… Read More

With much of the country currently on lockdown due to the novel coronavirus (COVID-19) crisis, many nonessential businesses have been shuttered. As a result, millions of small… Read More

The Coronavirus Aid, Relief, and Economic Security (CARES) Act, signed into law on March 27, 2020, contains several tax-related provisions for businesses hit by the novel coronavirus (COVID-19)… Read More

The IRS has issued guidance providing relief from failure to make employment tax deposits for employers that are entitled to the refundable tax credits provided under two… Read More

As of December 27, 2020, the employee retention credit has been expanded and extended by the Consolidated Appropriations Act, 2021. Please click here for updated information. The… Read More

At long last, Congress passed legislation to correct a drafting error related to real estate qualified improvement property (QIP). The correction is part of the Coronavirus Aid,… Read More

Efforts to contain the spread of the novel coronavirus (COVID-19) have led to suspension of many economic activities, putting unprecedented strain on businesses. The Securities and Exchange… Read More

The IRS is warning taxpayers to beware of new coronavirus related tax scams concerning the forthcoming economic impact payments, also referred to as stimulus payments or rebates.… Read More