Tag: COVID-19

PPP loan program extended two months for small businesses

President Joe Biden is expected to sign into law an extension to the Small Business Administration’s Paycheck Protection Program (PPP) approved by Congress just a week before it was slated to expire.  The new deadline for applications to be submitted...

Taxpayers won’t need to refile to get new $10,200 unemployment tax break in 2020

The IRS plans to automatically process refunds for taxpayers who had unemployment income in 2020 and filed their tax returns before legislation passed that made those benefits tax-free. The American Rescue Plan, which was signed into law by President Joe...

Shuttered Venue Operators Grant program to open April 8

The U.S. Small Business Administration (SBA) has set April 8 as the date it will begin accepting applications for the Shuttered Venue Operators Grant (SVOG) program. In a news release, the SBA said it has launched a splash page for...

State of Michigan will extend filing deadline to May 17 to match federal extension

The Michigan Department of Treasury will be extending the state tax filing deadline to match with the recently adjusted federal income tax deadline now set for May 17, 2021.  Because the extension is limited to the 2020 taxes, first quarter...

Larger Loans And Other Changes to PPP Rules For Sole Proprietors And Independent Contractors

New rules to the Paycheck Protection Program (“PPP”) were announced that raised loan limits for sole proprietors and independent contractors. In an Interim Final Rule announcement on Wednesday, March 3, 2021, the SBA issued new rules which provided a number of...

IRS CP59 Notices Possibly Sent in Error to Taxpayers

  • February 23, 2021
  • Maria Montie, CPA, MST, CVA, MAFF

Earlier this month, the IRS issued notices to approximately 260,000 taxpayers stating they haven't filed their 2019 federal tax return. These notices, referred to as CP59 notices , are issued yearly to identified taxpayers who have failed to file tax...

Qualified disaster relief payments can be used for employees’ COVID-19 pandemic expenses

The past year has seen an unprecedented number of formerly office-bound employees reclassify as work-from-home.  For some, this change will be temporary, but employers who choose to reimburse employees for work-from-home expenses like office supplies and technology upgrades may make...

Business owners may be eligible to request an increase to already-distributed PPP1 Loan

With the recent changes to the first distribution of the Paycheck Protection Program (PPP1) rules, the following situations may allow for PPP1 recipients to be eligible for an increase to the amount they originally received: EIDL Grant Reduced PPP1 Forgiveness...

$15 billion in pandemic relief for Shuttered Venue Operators coming soon

Applications will open soon for the $15 billion Shuttered Venue Operators (SVO) Grant program, administered by the SBA and created by the December 2020 Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act.  Funds are expected to be exhausted quickly,...

Employee Retention Tax Credit significantly modified and expanded for businesses

The recent Taxpayer Certainty and Disaster Tax Relief Act of 2020, enacted December 27, 2020, amended and extended the Employee Retention Tax Credit (ERTC) under section 2301 of the CARES Act.  Two key changes to the ERTC are: 1.  The ERTC is...