Paycheck Protection Program loan forgiveness deadlines are on the horizon. Borrowers must submit forgiveness applications to lenders 10 months from the end of their covered periods, so borrowers receiving PPP loans in early- to mid-April 2020 have due dates starting in July 2021. If a loan forgiveness application is received by the due date, payments
Nagging Nanny Taxes Not Going Away
These days the IRS is investigating all types of fraud and getting serious about slapping fines on offenders. The IRS is now investigating domestic employment – their efforts are no longer limited to financial technology companies and unreported cryptocurrency transactions, false unemployment compensation claims, and PPP Loan fraud. Lately there has been a significant trend
$28 Billion Restaurant Revitalization Fund Provides Support for Hospitality in 2021
The American Rescue Plan Act allocated an additional $7.25 Billion for PPP forgivable loans for small businesses and earmarked targeted grants to those hardest hit by pandemic-related economic slowdowns. Restaurants and bars are among the businesses most hurt by the stay-at-home and social-distancing restrictions imposed during the pandemic, and now have a “seat at the
Clarifying New Stark Law Changes and Modifications for 2021
On November 20, 2020, the Centers for Medicare & Medicaid Services (CMS) issued a final rule to modernize and clarify the Stark Law. This reflects the most recent efforts by the Department of Health and Human Services (HHS) to establish exceptions and safe harbors to appropriately tailor the reach of the Stark Law’s strict liability-based
EIDL Payments May Be Deferred Until 2022
The SBA announced extended deferral periods for all of its disaster loans, including the COVID EIDL loans. Most small businesses that received an EIDL won’t have to start making payments on the loan until 2022. The deferral details differ depending on the calendar year the disaster loan was made: For all SBA disaster loans made
Be Sure To Track Uncollectable Balances and Bad Debt
The challenging economic environment continues to be fueled by the pandemic, and has left many businesses holding “bad debt” in the form of payments owed that will never be collected from customers. Why should a business manager worry about bad debt? The balance sheet is an accurate and fair indicator of the company’s financial position
Patience Needed for The PPP & ERC
“Patience is not the ability to wait, but the ability to keep a good attitude while waiting.” Patience is a virtue when it comes to PPP loans and forgiveness applications, it needs to be done right and that takes time. Matters have been complicated by changing guidance and regulations that continue to be published weekly,
More Audits on the Way for Small Businesses in 2021
The IRS announced it will increase audits of small businesses by 50%. This news is shocking after years of low examination rates, and couldn’t come at more inopportune time since COVID tax law changes, paid leave programs, PPP Loans, and closures etc., have made operating a small entity more difficult. Starting in February of 2021
IRS Scrutiny May Cost Some Partnerships Penalties
The IRS and Treasury have put partnerships and pass-through entities under a magnifying glass right now. The IRS confirmed in October that partnerships would need to report partners’ capital accounts on the tax basis. After previous delays, tax basis capital reporting will be required on all Forms 1065, Forms 8865 and Schedules K-1 starting with
Before You Sell Your Business Answer These 6 Questions
Interested in selling your business? The sale of a company you built from scratch is a major life change. It can either lay the foundation for your next endeavor or be the vehicle that transitions you to retirement to enjoy the fruits of their labor. Always check with a Certified Business Exit Planner to be
