We hope that you and your families are well and safe.
We have been extremely busy since the start of the COVID-19 pandemic in supporting our clients with applying for and obtaining relief program funding. We continue to offer numerous services to our clients with completing loan applications and preparing support documents for federal, state and local grant, SBA loans and relief options. We are also consulting our clients on their compliance obligations wit
Businesses that have been impacted financially by COVID-19 may be able to take advantage of a new, refundable tax credit called the Employee Retention Credit. The credit is designed to encourage businesses to keep employees on their payroll and is worth 50 percent of qualifying wages up to $10,000 that are paid by an eligible employer. Does my business qualify for the Employee Retention Credit? The credit is available to all qualified employers regardless of size, including t
Offering to lend money to cash-strapped friends or family members during tough economic times is a kind and generous offer, but before you hand over the cash, you need to plan ahead to avoid tax complications for yourself down the road. Take a look at this example: Let's say you decide to loan $5,000 to your daughter who's been out of work for over a year and is having difficulty keeping up with the mortgage payments on her condo. While you may be tempted to charge an interes
As a reminder, taxpayers now have until July 15, 2020, to file and pay federal income taxes originally due on April 15 and no late-filing penalty, late-payment penalty or interest will be due. Due to the coronavirus pandemic, this relief has been expanded to include additional returns, tax payments and other actions: All taxpayers that have a filing or payment deadline falling on or after April 1, 2020, and before July 15, 2020. Individuals, trusts, estates, corporations and