IRS Clarifies Deductibility of PPP Loan Covered Expenses

If you have operating expenses covered under a PPP loan in 2020, take care in considering your deductions for 2020 tax planning. The IRS has issued guidance to avoid deducting any expenses paid for with potentially tax-exempt (forgivable) income.

May 14, 2020 Deadline Looms for Returning PPP Loan Funds

Based on concerns that some banks prioritized large Paycheck Protection Program loans over small loans and that some businesses should not have received funds, the Treasury Department has issued early warnings about returning funds and forgiveness scrutiny.

Congress Expands Small Business COVID-19 Relief

The Interim Stimulus Plan was just passed. What will the $484 billion in funds go towards? We've outlined what we know about the Paycheck Protection Program and other relief programs below.

What are the key distinctions between layoffs and furloughs?

Due to the economic impact of COVID-19, many business owners are facing challenging decisions, especially regarding their employees. Making the decision to layoff vs. furlough is not easy. We've outlined the key distinctions below to help you understand what is best for you and your employees.

Using Your Financial Statements During an Economic Crisis

If you are a business owner, you are well aware that the COVID-19 pandemic has forced you to make difficult decisions. To make sure you have all the information you need to make rational business moves, it's suggested you look to your financial statements. We've outlined what you need to know here.