Nov 23, 2020 | Chicago CPA
Everything seems to be working in slow motion. I keep getting questions from clients asking when the loans are going to be forgiven. Many have been waiting a long time. Let’s review the process. After we fill out Form 3508 and the accompanying schedules, it must...
Nov 20, 2020 | Chicago CPA
I have written extensively on the concept that if your PPP Loan was forgiven, the expenses involved in forgiveness cannot be deducted on your income tax return. If you received a $100,000 loan, and received full forgiveness, the $100,000 in expenses used to forgive...
Nov 19, 2020 | Chicago CPA
I’m getting some questions that I haven’t explored yet, so I did some research. Please don’t misconstrue any of this as legal advice. I’m not an attorney, I don’t even play one on TV. If any of this even begins to sound like legal advice,...
Nov 17, 2020 | Chicago CPA
The election is over for the most part, our major cities are not being looted, and the politicians are still making lots of noise. Where does that leave us? We’re still entrepreneurs in the middle of the second surge of a pandemic. Most of the Midwest was just ordered...
Nov 13, 2020 | Chicago CPA
There are three credits that are available 1 – A paid sick leave credit when the employee is under a quarantine or isolation order. The credit is the employee’s regular rate of pay, up to $511 per day or $5,110 in total, up to 80 hours or ten working days....
Nov 11, 2020 | Chicago CPA
Six months ago when this nightmare began, they originally passed the FFCRA, which provided a mandate forcing many employers to provide paid sick and family leave to employees. What they didn’t tell us, was that we could actually, in many instances, get most or...
Nov 9, 2020 | Chicago accounting firm
The Business Interruption Grant (BIG) Program in Illinois has passed out over $450M in BIG Grants to businesses like yours and are looking for more to help. These are grants rather than loans. They don’t have to be repaid. They are certainly income taxable, so...
Nov 4, 2020 | Chicago CPA
I woke up early this morning, and started reviewing the news coverage from the election. What we thought would occur certainly did. We still don’t know who is going to win what, and it could be a very long time before we do. This tells me that the logjam in...
Nov 2, 2020 | Chicago CPA
When you look at America, what do you see? Do you see red states and blue states? Do you see the ultra conservative Christians on one side and the Ideological Socialists on the other? That certainly seems to be what the popular media is trying to sell as they promote...
Oct 30, 2020 | Chicago CPA
Mergers and Acquisitions affected by PPP Loans There is a lot of M&A activity occurring in the marketplace. Many businesses, given these uncertain economic times, are choosing to get out. One of the unintended effects of the PPP Loan is that it is making these...
