Apr 9, 2021 | Chicago CPA
I’ve been completing and filing payroll tax returns for thirty years. I never had a problem before about six months ago. All of a sudden the IRS started getting picky, asking ridiculous questions. Think about it. For twenty-nine plus years the IRS was...
Apr 7, 2021 | Chicago CPA
Only 74% of the latest round of PPP Loan money has been claimed. This time, they aren’t just rubber stamping the applications, but actually going through an application and review process. Here are some helpful tips, if your loan is stuck and not moving forward....
Apr 5, 2021 | Covid-19 Updates
Economic Injury Disaster Loans that were obtained in 2020, came with an automatic one year deferral of all principal and interest payments. That’s a deferral. Although no payments needed to be made, the interest on those loans continues to accrue and will be due...
Apr 2, 2021 | Chicago CPA
It’s the beginning of April, which means that it’s time to do the 1st Quarter Payroll Tax Returns. Given all of the new opportunities with the stimulus money, it means that we all have some decisions to make. There are five scenarios that need to be...
Mar 30, 2021 | Chicago CPA, Covid-19 Updates
Beginning April 6th, 2021, the Small Business Administration is increasing the upper limit of C-19 Economic Injury Disaster Loans from $150K to $500K. Given the length of the pandemic, the SBA has decided to increase this assistance from six months to twenty-four....
Mar 29, 2021 | Chicago CPA
PPP Loan Program Extended Two Months The Senate passed The PPP Extension Act of 2021 last week which is expected to be signed into law when it reaches the President’s desk. The bill extends the application deadline on the PPP Loan program for two months until...
Mar 26, 2021 | Chicago CPA
I’m continuing to get a lot of questions about the Employee Retention Credit, so let’s dig into a few. How does the credit work? Will I get a credit on next year’s income taxes? Like so many other things in taxation, this program has a lousy and...
Mar 23, 2021 | Chicago CPA
Most people are still operating under the assumption that you cannot do both. You can. The legislation passed last January allows a qualifying entity to claim both the PPP and the Employee Retention Credit. If you were unable to get the second round of the PPP, then...
Mar 19, 2021 | Chicago CPA
Employer Retention Credit Expanded Part 3 There are four commonly held misbeliefs about this credit that should be clarified. 1 – Essential Businesses Are Not Excluded In order to qualify for the credit, your business needs to have been interrupted or been...
Mar 17, 2021 | Chicago CPA
Given the gravity of the changes and how much this can affect your business, I’m going to take the example used in Monday’s communication a couple of steps further. Let’s review. You have 5 employees who are paid $2,000 per month. That’s...
