COVID-19

Sole proprietors can now choose to calculate their maximum PPP loan based on gross income instead of net profit, according to new SBA ruling.Read More

The CAA made significant changes to the Employee Retention Credit (ERC), and eligible employers can get $14k per employee for 2021Read More

The SBA and US Treasury have released revised PPP forgiveness application forms for first and second-draw Paycheck Protection Program borrowers.Read More

The Consolidated Appropriations Act made big changes to the Employee Retention Credit by expanding and extending it. Here's what you need to know.Read More

Here are some of the major tax changes for individuals in the new stimulus package, The Consolidated Appropriations Act, 2021.Read More

Here are some of the business tax changes and extenders in the new stimulus bill, the Consolidated Appropriations Act, 2021.Read More

The new COVID-19 stimulus package, the Consolidated Appropriations Act, provides a second round of PPP loans and makes big changes to the program.Read More

The $900 billion COVID-19 relief bill reopens the Paycheck Protection Program and ensures expenses paid for with forgiven PPP loan funds will be tax deductibleRead More

It’s almost time for year-end inventory counts. You might need to alter your approach if COVID-19 cases are rising in locations your inventory is stored.Read More

Thanks to COVID-19, many companies are preparing for a remote audit. Are you ready for this brave new world in financial reporting?Read More

Here are the 2 FTE (full-time equivalent) calculation methods you can use when applying for Paycheck Protection Program loan forgiveness.Read More

Here are the FTE (full-time equivalent) employee reduction exemptions you should be aware of when filling out your PPP loan forgiveness application.Read More

Completing the PPP loan forgiveness application can seem intimidating, but it doesn't have to be. Here’s an overview of the 3 applications.Read More

The SBA released two loan necessity questionnaires for Paycheck Protection Program (PPP) borrowers who received PPP loans totaling $2 million or more.Read More

The $250 million "Maryland Strong Economic Recovery initiative" provides funding to businesses negatively impacted by the COVID-19 pandemicRead More

A recent fraud alert from the Cybersecurity Infrastructure Security Agency explains how scammers use voice phishing (or "vishing") to access company recordsRead More

The FASB issued simplified rules for reporting long-term insurance contracts in 2018. But insurers have struggled to make the changes during the COVID-19 crisis.Read More

If you offer employees FSAs, it's important to keep abreast of the latest changes, including those made by the CARES Act.Read More

If your business is actively recruiting, consider certain "target" groups that could qualify for the Work Opportunity Tax Credit (WOTC)Read More

Millions of Americans are now working from home, and many are asking whether unreimbursed home office expenses are tax deductible.Read More

COVID-19-related loan modifications may be exempt from the complex accounting rules for troubled debt restructurings, if certain conditions are met.Read More

Here's what borrowers need to know about the tax implications of so-called "cancellation of debt" (COD) income.Read More

Many businesses have undergone strategic shifts during the pandemic--ensure that change is within the scope of accounting rules for discontinued operations.Read More

Though cash may be tight, employers should avoid the temptation to skimp on federal taxes that have been withheld from employees' paychecks.Read More

Business taxes are a major issue in this year's presidential election. Here's a summary of how the 2020 tax platforms measure up on business-related issuesRead More

The IRS has issued guidance to implement the deferral of the employee share of Social Security tax, but employers still have questions and concerns,Read More

If you hold an interest in a business, or may do so in the future, be aware that the CARES Act has made changes to excess business losses.Read More

In the COVID-19 era, one possible source of extra cash is your Roth IRA. But, beware, some Roth account withdrawals may not be tax-free.Read More

The COVID-19 pandemic has resulted in many people borrowing from their companies' qualified retirement plans, but this should be used only as a last-resortRead More

The President has taken executive action to defer the employee portion of some workers’ Social Security taxes. Here’s a look at the issue.Read More

Businesses that received PPP loans should be aware of the tax consequences. Here’s a look at the issue.Read More

The Families First Act requires certain employers to provide paid family and medical leave to employees unable to work due to COVID-19 concerns.Read More

Shutdowns caused by the COVID-19 pandemic have lead to worldwide supply chain disruptions, leading construction firms to have costly job delaysRead More

Here are CARES Act provisions that can help construction companies (and other businesses) reduce their tax bills and, thereby, boost their cash flows.Read More

Interim guidance released by the Treasury and SBA declare PPP recipients can apply for PPP loan forgiveness before the end of their Covered Period.Read More

The COVID-19 crisis may affect tax angles for rental property losses. Here is a summary of important federal income tax rules for such losses.Read More

The Paycheck Protection Program Flexibility Act (PPPFA) aims to make it easier for PPP loan borrowers to receive forgiveness. Here are the key points.Read More

The SBA and Treasury announced PPP loan borrowers of $2 million or more should expect an audit. Here are some ideas to help facilitate the process.Read More

Here is how you can facilitate the transition to remote auditing and help ensure timely, transparent financial reporting.Read More

If you get a PPP loan and use the proceeds on certain expenses, the loan amount will be forgiven. Can you then deduct the expenses on your tax return?Read More

The Small Business Administration announced there will be a safe harbor for all Paycheck Protection Program (PPP) loans under the amount of $2 millionRead More

The Coronavirus Aid, Relief, and Economic Security (CARES) Act provides provisions that may make it advantageous to file an amended return for your businessRead More

If your business is donating to charity to help ease the pain from COVID-19, you may be eligible for enhanced charitable deductions for donations.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 business owners are feeling it. Here are a few tips for managing cash flow.Read More

You got a loan from the Paycheck Protection Program...now what? Here are a few steps you can take to help ensure your PPP loan is forgiven.Read More

The law providing relief due to the coronavirus (COVID-19) pandemic contains a beneficial change in the tax rules for qualified improvement property (QIP)Read More

The CARES Act provides relief measures allowing liberalized deduction rules for losses that were previously limited by provisions in the TCJARead More

There's much disagreement regarding whether business interruption insurance policies should cover loss of income triggered by the COVID-19 pandemicRead More

Amid the COVID-19 crisis, it's critical to stay atop a barrage of tax law changes that may affect quarterly and year-end reporting.Read More