April 17, 2020
During the first 10 days of the federal government’s small-business rescue program, the spigot was wide open in Nebraska. Firms there got enough money to cover about three-fourths of the state’s eligible payrolls. It was a different picture in New York.
April 16, 2020
With reports that the PPP’s initial $349 billion pool of funds will be fully subscribed as early as today, the need for quick and decisive action by Congress is clear. Small businesses are the nation’s economic engine and supporting and stabilizing ...
April 15, 2020
At last, The Treasury issued guidance related to self-employed individuals and how the Paycheck Protection Program (“PPP”) applies to them. If you remember, the initial CARES Act language included 1099s as part of payroll costs for small businesses ...
April 15, 2020
SSI recipients will receive a $1,200 Economic Impact Payment with no further action needed on their part. The IRS projects the payments for this group will go out no later than early May.
April 14, 2020
The IRS, state tax agencies and the nation’s tax industry continue to see an upswing in data thefts from tax professionals as cybercriminals try to take advantage of COVID-19 and Economic Impact Payments to create new scams.
April 9, 2020
The Internal Revenue Service today has issued guidance providing tax relief under the CARES Act for taxpayers with net operating losses. Recently the IRS issued tax relief for partnerships filing amended returns.
April 9, 2020
The IRS has expanded relief to additional returns, tax payments and other actions. As a result, the extensions generally now apply to all taxpayers that have a filing or payment deadline falling on or after April 1, 2020, and before July 15, 2020.
April 9, 2020
At a time when the knowledge and expertise of accountants and tax professionals is more important to clients than ever before, SmartVault has created an online resource center with resources to help navigate these uncharted waters and keep business movi
April 7, 2020
The American Institute of CPAs (AICPA) is thanking the Treasury Department and Small Business Administration (SBA) for providing further clarity on the application process for the Paycheck Protection Program (PPP), the $349 billion small business ...
April 7, 2020
The American Institute of CPAs (AICPA) has recommended a defined set of documents for lenders to rely on as well as some key clarifications in the Treasury Department and Small Business Administration’s Paycheck Protection Program (PPP) application ...
April 6, 2020
Paycheck Protection loans, which are provided through SBA-approved lenders, are available to small business borrowers to cover payroll and other operating costs. Included among the application requirements is specific documentation related to payroll.
April 5, 2020
For the calculation of the Average Monthly Payroll cost under the Paycheck Protection Program (PPP), the Gross Payroll approach should be used for the application, according to the recommendation from the AICPA-led small business funding coalition.