Forgiveness application for PPP loans of $150,000 or less now available

The U.S. Small Business Administration (SBA) and Treasury published updated Paycheck Protection Program (PPP) loan forgiveness guidance and forms, including a one-page application for borrowers that received a PPP loan of $150,000 or less: PPP Loan Forgiveness Application Form 3508S.  The...

New year is good time to review basic rules surrounding Forms 1099-MISC and W-9

For most businesses, January means the annual completion of Forms 1099-MISC, which makes this a good time to review the basics surrounding this standard reporting procedure.  In general, amounts paid in the course of your trade or business to a...

Two new relief programs open to Michigan small businesses hurt by pandemic

The state of Michigan has authorized a $58.5 million grant program for businesses hurt by the 2020 pandemic, split into two separate programs: Michigan Small Business Survival Grant Program, a $55 million program with grants of up to $20,000 to help...

Take five minutes to secure your tax return from identity theft

The IRS has provided a new way taxpayers can help prevent a tax return being filed under their name and SSN. The recently expanded Identity Protection PIN Opt-In Program provides a six-digit code known only to the taxpayer and to the IRS....

$900 COVID-19 Relief Bill offers new help for individuals and businesses

Congress approved a long-awaited and far-reaching $900 billion pandemic rescue package.  The bill will include direct payments of up to $600 per adult and dependents (for those making less than $75,000 a year filing single or $150,000 married filing jointly), although there...

SR Client Question: Do I need to refile my unemployment claim to receive extended benefits?

The newly passed COVID-19 Relief Bill offers extended federal unemployment benefits for states like Michigan.  It appears, at least at this time, that recipients currently receiving unemployment benefits do NOT need to refile to be eligible for the extension.  There...

New COVID-19 relief grants coming for Michigan small businesses

Michigan small businesses in designated industries will soon have access to another $10 million in pandemic relief funding, with the new Pure Michigan Small Business Relief Initiative announced by the Michigan Economic Development Corporation. Grant funds of up to $15,000...

IRS Confirms Paycheck Protection Program (PPP) Loan Forgiveness is Taxable in 2020 

A recent IRS ruling (Rev Ruling 2020-27) specifies the circumstances of when PPP-funded expenses cannot be deducted.  A taxpayer that received a covered loan guaranteed under the PPP and who paid or incurred certain otherwise deductible expenses listed in section 1106(b)...

UPDATED PPP essentials for small business owners: Qualifying Expenses, Forgiveness, and Recent Changes

It’s been several months now since many small business owners have received and spent their Paycheck Protection Program (PPP) loan awards, and many businesses are now ready to start the forgiveness process.  But SBA rules and legislation have significantly changed...

Estate Planning Essentials

Estate issues are extremely important to your family should you pass away or become unable to function as you do today.  To make sure your family is better prepared, take a look at the following checklist. If there are items...