The SBA announced yesterday that it was again opening up the Economic Injury Disaster Loan (EIDL) grant and loan program. Independent contractors, freelancers, gig workers and small business are eligible to receive grants that do not need to be repaid as well as loans with favorable repayment terms. This is NOT the same as the […]
In a ruling that came as a surprise to many, the IRS published a notice yesterday that declared expenses paid that are used to calculate the forgiveness portion of the Payroll Protection Program loan are not-deductible. This throws a wrench in the earlier thinking that these loans would not be taxable. The Cares Act specifically […]
Economic stimulus checks, aka Economic Impact Payments, began arriving in taxpayers checking accounts this week. If you filed a return for 2018 or 2019 that contained bank account information for refunds, you should have received or will shortly receive your payment. For details on these payments, check out our blog post. The IRS has released […]
I just listened to a great interview on the The Ross Kaminsky Show with the Executive Director of the Colorado Department of Labor and Employment, Joe Barela, about unemployment benefits in Colorado. There are still some missing answers, but here are the highlights. Please don’t take this as law as there could be some things […]
Are you in need of Covid-19 consulting services to help find your way through the dizzying changes in tax and lending laws? There is no doubt, the new Covid-19 tax laws and Small Business Administration loan options are complex. And the options are bewildering. Look at the options that have popped up in just the […]
A common question we get is whether a taxpayer’s dependent child will get an advance stimulus check in 2020. The recent IRS guidance was not clear as to this answer, so here is the answer. Unfortunately, the new law specifically excludes anyone who is a dependent from getting the advance stimulus check. A dependent is […]
The CARES Act provides special funding and relaxes rules for the SBA and banks to dole out billions of dollars to small business owners, including the self-employed to keep them afloat during the Coronavirus crisis. This is a confusing area for many business owners looking for disaster assistance loan from this new bill passed just […]
Last week, we posted about the details of the Stimulus Checks approved by recent legislation. Today, the Treasury Department and the Internal Revenue Service today announced that distribution of economic impact payments (also known as “Stimulus Checks”) will begin in the next three weeks and will be distributed automatically, with no action required for most […]
The CARES Act is making it easier for you to tap your retirement plan to help get through the financial crisis caused by the Coronavirus pandemic. The law allows for Coronavirus retirement plan distributions and loans. The loans aspect can be a fantastic way for small business owners to tap their retirement plan for very […]
One of the provisions of the newly signed CARE Act eagerly awaited by many Americans is the part of the law that provides Coronavirus stimulus checks. Here are the details. The stimulus checks actually stem from a new tax credit on your 2020 income tax returns that will be filed in 2021. The credit provides […]
