The U.S. Small Business Administration (SBA), in consultation with Treasury, released a revised loan forgiveness application for the Paycheck Protection Program (PPP). The SBA also unveiled a new EZ application for forgiveness of PPP loans. Revised PPP Loan Forgiveness Application instructions EZ PPP Loan Forgiveness Application. instructions The releases came only hours after the SBA […]
The Paycheck Protection Program Any business with fewer than 500 employees can apply. There’s a formula that dictates how much they would get. If the business spent that money on employees, a mortgage, rent or utilities, the principal of the loan would be forgiven. The loans are backed by the Small Business Administration but you […]
On March 30th, the Treasury Secretary said he hopes that they will release documents and instructions later in the day covering how small businesses can apply for loans created by the coronavirus relief package. The loan process for obtaining the loans will be “very simple,” and that small-business owners will be able to go to existing Small […]
Dear Client: Right now, your highest priority is the health of those you love and yourself. But if you have time to read about some non-medical but important matters related to the health crisis, here is a summary of IRS action already taken and federal tax legislation already enacted to ease tax compliance burdens and […]
It’s time to ship out those W-2s and 1099s again. This January ritual as inevitable: The mailing of W-2s and 1099s. While your employees may regard their arrival as almost a natural phenomenon, you know better. You the business owner has to be responsible for filling out those tallies of the previous years’ wages and […]
What to do if you have not filed your returns for a while? There are a number of people that have not filed for years. This creates a number of risks. If the federal or state governments believe that you owe them money, then they may take control of your bank account. They have the […]
In the state of Massachusetts a not-for-profit has several things they need to know. You can make purchases without paying for sales tax. The state issues the ST-2 certificate to not-for-profits every ten years. You should be able to simply bring your certificate to a grocery store and be able to exclude the sales tax. […]
PFML (Paid Family Medical Leave) The Paid Family Medical Leave Act created a lot of confusion. The state has worked out a lot of those confusing details, and we will continue to update you on their progress. Essentially the PFML is a benefits program. The payments start now, however no one is eligible for the […]
In a big move on June 28th, Governor Charlie Baker signed legislation, which will change a number of rates and requirements. His “grand bargain” bill raises the state’s minimum wage to $15 a hour by 2023 adds a guaranteed paid family in 2021 medical leave program in 2021 establishes a permanent sales tax holiday removes […]
The Collection Due Process (CDP) procedures, which generally require IRS to give taxpayers a hearing relating to a lien or levy. A CDP hearing relating to a lien is available in cases where the taxpayer has received notice of IRS’s filing of an NFTL (a notice of federal tax lien). A notice of filing of […]
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