Alderman Daley Indicted On Income Tax Evasion

Chicago, a well known hotspot for political corruption, can now add Alderman Patrick Daley Thompson to its long list of indicted Aldermen. The allegations stem from the failure of Washing Federal Bank that gave the Alderman a $219K loan to purchase a vacation home in...

SBA Launches Supplemental Targeted Advance Grant

SBA Launches Supplemental Targeted Advance Grant Beginning April 22nd of this year, the SBA is now offering an additional $5,000 grant on top of the $10,000 EIDL Grant to our nation’s hardest hit businesses. To qualify, a business must be in a low-income...

Employee Retention Credit Update

There’s a lot of confusion in reference to this, so let me go through a few commonly asked questions. How Does The Credit Work? It may be called a credit, but in reality, it’s a refund based on money you didn’t pay. A credit is claimed on the Federal...

The Restaurant Revitalization Fund

The American Rescue Plan created this plan offering grants to restaurants and other food service related businesses that were negatively affected by the pandemic. It provides funding up to $10M or $5M per location to cover losses related to the shut down. Recipients...

Things Gained In The Pandemic

I recently read an article about all of the things lost in the pandemic. Some were reasonable. Others were just funny. Did you know that pants have been lost in the pandemic? Given the fact that people now work from home, many don’t even put on pants. College...

Fraud In The First Year Of C-19 Loans

Mounting fraud cases have highlighted how the Small Business Administration’s oversight of the PPP and EIDL Loan Programs has been a magnet for fraud. The Justice Department has brought criminal charges on 119 cases related to PPP Loan fraud since the beginning...

SBA & IRS Tightening Down On Stimulus Applications

I don’t know if any of you have noticed, but the IRS and the SBA are no longer rubber stamping stimulus payments. 2nd Draw PPP One of the requirements to apply for the 2nd Draw PPP is to certify that one quarter in 2020 is down 25% from a similar quarter in...

Vehicle Deduction Rules For 2021

The rules for vehicle deduction are probably misunderstood more than most, so I thought I’d explain a couple of things. Should I Own My Car Or Should My Company? President Bush the second leveled the playing field on this one. There is no benefit whatsoever on...

New Employee Retention Credit Phenomenon

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...

What To Do If Your PPP Loan Isn’t Moving Forward

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....