PPP Update – August 3
Pelosi, Schumer, Meadows and Mnuchin now meeting in effort to close the wide gap between Democrats and Republicans for the fifth coronavirus aid bill. Keep…
read more
Paycheck Protection Program – July 31 Update
Today, Friday, July 31, the Senate’s calendar indicates that the Senate has adjourned yesterday with no official plans to return until Monday, August 3. Although…
read more
Small Business Administration Weekly PPP Loan Approval – Week of July 24
The Small Business Administration released their most recent weekly report Paycheck Protection Program (PPP) loan approvals as of July 24: The top line information is…
read more
The Senate Republican Policy Committee released a short document on July 28th that summarizes the “HEALS Act.”
The Senate Republican Policy Committee released a short document on July 28th that summarizes the “HEALS Act.” The part of the summary pertaining to the…
read more
Paycheck Protection Program Expansion Proposed by Senate Republicans
On July 27th, the Senate Majority Leader Mitch McConnell announced the Health, Economic Assistance, Liability Protection and Schools (HEALS) Act as the Senate Republicans proposal…
read more
Supreme Court Won’t Review Altera Decision Exempting SBC Costs from Comparable Arms-Length Standard
Multi-national tech companies like Google, Facebook, Amazon, and Apple will pay billions of dollars in additional taxes as a result of the Supreme Court’s recent…
read more
Health Savings Accounts as Retirement Savings Plans
When people think of tax-free retirement savings, they think of IRAs and 401(k)s. The problem with those, however, is they are taxed. Either the distributions…
read more
IRS Seeks to Standardize Form 1065, Issues Proposed Draft
The Treasury Department and the IRS proposed and released draft Form 1065 Schedule Ks on July 14, 2020. The changes to the forms are intended…
read more
Tool Reimbursement, Rental Arrangements Were Abusive Tax Schemes, Not Accountable Plans
Tool plans that claimed to pay employer reimbursements or rental fees to employees who used their own tools in their jobs were abusive tax schemes.…
read more
Payroll Tax Relief Could Bring Cash to Many Businesses
Wolters Kluwer Tax & Accounting look at payroll tax relief in response to COVID-19 One of the favorite methods used by Congress to assist businesses…
read more