IRS Extends Some April 15th Filing Deadlines
03-22-21: In a news release, the IRS and Treasury Department announced an extension of the April 15th deadline to May 17th for the filing of 2020 individual income tax returns and the associated tax payments. Here are some important takeaways.  Read More
Update on COVID-related deadline extensions for health care benefits
03-12-21: The DOL recently issued EBSA Disaster Relief Notice 2021-01. Employers should be particularly interested in Notice 2021-01. It clarifies the duration of certain COVID-19-related deadline extensions that apply to health care benefits plans.  Read More
What you need to know about the American Rescue Plan Act of 2021
03-11-21: On March 11, 2021, the American Rescue Plan Act of 2021 (ARP) was signed into law by President Biden. From a taxpayer perspective, the bill included tax provisions that provide relief both to businesses and individuals through enhancements, and expansions of credits and programs that were put in place to keep families and small businesses afloat through the ongoing crisis. See details below on these important updates as they may benefit you and your business.  Read More
Additional Relief For Businesses: First Draw PPP Loans and Changes to Forgiveness Rules
01-12-21: On January 11, 2021, Rudler issued an e-Tip summarizing the Rules and Regulations for Second Draw PPP Loans. The focus of this e-Tip is to summarize the rules and regulations for Borrowers who either will be applying for their First Draw PPP Loan or who want to amend their existing PPP loan by applying for additional funding. In addition, we will outline some changes to PPP loan forgiveness.  Read More
Latest COVID-19 Round of Stimulus Checks
01-12-21: The new round of stimulus checks will be in varying amounts based upon IRS criteria. Eligible individuals may begin to receive these stimulus payments as early as the first week of January, 2021. Those who don’t receive direct deposits can expect to receive payment via paper check, delivered over several weeks beginning in January 2021. Read More
How will the latest COVID-19 legislation affect your taxes?
01-12-21: The Consolidated Appropriations Act (CAA), signed into law on Dec. 27, provides relief in response to the COVID-19 pandemic, such as another round of “recovery rebate” payments to individuals and an expansion of the Paycheck Protection Program (PPP) loan program for businesses and other employers. The legislation includes some tax relief as well. Read More
Round 2 - What the Latest SBA Guidance on the Paycheck Protection Program (PPP) Means For You When It Comes to Drawing a Second Loan
01-11-21: On January 6, 2021, the Small Business Administration (SBA) released two Interim Final Rules (IFR) that provide guidance on the new PPP regulations as follows: Business Loan Program Temporary Changes; PPP as Amended by Economic Aid Act and Business Loan Program Temporary Changes; PPP Second Draw Loans. The focus of this e-Tip is to summarize the rules and regulations for PPP Second Draw Loans regarding eligibility, applications, and forgiveness.  Read More
Paycheck Protection Program (PPP) - Round 2
Is My Business Eligible for Relief?
12-27-20: On December 21, 2020, Congress passed the Consolidated Appropriations Act, 2021, (the “Relief Act”). The Relief Act provides for a new round of PPP loans (or PPP-2), containing provisions targeted to help smaller businesses with a second round of PPP loans and offering the potential for additional funding to Borrowers with original PPP loans. The following is a summary of the key guidance and issues. Read More
Expenses Paid for with PPP Loan Funds are
Now Deductible
12-23-20: The Relief Act states “no deduction shall be denied, no tax attribute shall be reduced, and no basis increase shall be denied, by reason of the exclusion from gross income provided by” Section 7A of the Small Business Act (formerly Section 1106 of the CARES Act). In other words, the PPP expenses that were paid with the proceeds of a forgiven loan will be tax deductible for federal income tax purposes. Read More
What Should Businesses with Remote Employees Know About State Taxes
10-14-20: With states of emergency and telecommuting stretching through more than half of 2020, businesses are facing serious concerns about state taxes. Below are some of the more significant factors businesses need to consider as they evaluate their state tax footprint for 2020 and beyond. Read More
Social Security Tax Deferral Raises Questions and Concerns
09-08-20: In our previous communication, we wrote about President Trump’s executive order allowing a deferral of the employee’s portion of FICA or social security tax (6.2% of wages). The Treasury just released Notice 2020-65 providing some additional guidance on the topic. Unfortunately, many questions remain unanswered. Read More
New Interim Final Rule May Impact Your PPP Loan Forgiveness
08-28-20: This week, the SBA issued a new Interim Final Rule (IFR) on the Treatment of Owners and Certain Nonpayroll Costs that greatly impacts many PPP borrowers in the following ways. Read More
What Does the Executive Order Deferring Payroll Tax Mean for You?
08-18-20: President Trump recently released a memorandum on deferring the withholding, deposit and payment of the employee’s share of the 6.2% social security tax on wages paid during the period of September 1, 2020 through December 31, 2020. Should you participate? Here are a few concerns and considerations to help you make that decision while additional details are released. Read More
New EZ and Revised PPP Forgiveness Applications Released
06/19/20: On June 17, 2020, the Small Business Association (SBA) in consultation with the Department of Treasury, posted a revised PPP loan forgiveness application and instructions which implements the PPP Flexibility Act of 2020. In addition, the SBA also published a new "EZ" version of the loan forgiveness application. Links for these forms are provided here.
PPP Loan Update: Safe Harbor Guidance on Economic Uncertainty Certifications
05/15/20: Additional guidance has been released related to how borrower's certification of necessity for PPP loans will be evaluated by the Treasury. This topic has caused concern among borrowers since additional restrictions and conditions have been placed on PPP loans throughout the application and borrowing process. Here is some key information to assist you. Read More
IRS Update: Deductions Related to Forgiven PPP Loans are Non-Deductible
05/04/20: There have been several additional developments over the last few weeks regarding the PPP loan program. The Internal Revenue Service ("IRS") issued Notice 2020-32, relating to the deductibility, for Federal Income Tax purposes, of the expenses paid with the proceeds of a PPP loan that is subsequently forgiven. Read More
Update on PPP Loan Forgiveness: Where the Program Stands and Unanswered Questions
4/21/20: The Paycheck Protection Program (PPP) is intended to support employers to continue to pay their workers while facing COVID-19 related challenges. The CARES Act provides that PPP loans can be forgiven, on a federally tax-free basis, up to 100% of the amount borrowed if the company meets certain criteria. Read More
Important Guidance on Calculating PPP Loan Forgiveness and Related Documentation Requirements
4/13/20: The CARES Act instituted the Paycheck Protection Program (PPP) which provides loans between April 3, 2020 and June 30, 2020 of up to $10 million to help companies retain their employees and assist in covering certain specified qualified costs. PPP loans can be forgiven up to 100% of the amount borrowed if the company meets certain criteria. Read More
Understanding How the Paycheck Protection Loan Program Can Provide Support for Your Business
3/31/20: The CARES Act allocated approximately $350 billion to help small businesses keep workers employed and cover certain expenses while dealing with the impact of the pandemic has had on the United States' economy and its citizens' health. Read More
Understanding How the Tax Provisions of the Coronavirus Aid, Relief and Economic Security (CARES) Act Provide Broad Relief for Individuals
3/30/20: On Friday, March 27, 2020, the CARES Act became law. The Act includes a wide range of financial and tax relief for businesses and individuals. It is the largest stimulus package ever passed. Read More
Understanding How the Tax Provisions of the Coronavirus Aid, Relief and Economic Security (CARES) Act Provide Broad Relief for Businesses
3/30/20: On Friday, March 27, 2020, the CARES Act became law. The Act includes a wide range of financial and tax relief for businesses and individuals. It is the largest stimulus package ever passed. Read More
What the Families First Coronavirus Response Package Means to You
3/26/20: As noted in an earlier release, phase two of the federal government's legislation requires certain size employers to provide paid sick leave as well as paid family and medical leave to employees. Read More
Business Relief, Tax and Financial Matters
3/23/20: The past week was one of the more challenging we have faced. Going forward, for as long as it's useful, we will bring you a regular round up of relevant COVID-19 information highlighting what you need to know to manage through this crisis. Here are some key updates: Read More
Treasury Announces Extension of April 15th Filing Deadline
3/20/20: Treasury Secretary Mnuchin announced today that the filing deadline for federal tax returns originally due April 15th will be extended 90 days until July 15th, 2020 as an additional step aimed to providing relief to taxpayers. Read More
What You Need To Know About Families First Coronavirus Act
3/20/20: The Families First Coronavirus Response Act was signed into law on March 18th. The Act requires most private employers with fewer than 500 employees to provide paid sick and family leave to employees affected by the coronavirus. Read More
Treasury Relief Postpones Certain Tax Payments
3/19/20: The IRS has released guidance related to the postponement of certain tax payments as relief to taxpayers during the Covid-19 outbreak. This measure provides one of the first of what will likely b several measures to improve the liquidity of businesses and individuals. Read More
Covid-19 - Addressing Key Business Issues
3/18/20: The disruption to the economy and to how we socialize due to Covid-19 is quite significant. As with other major disruptions of the past, we will likely progress through a period of uncertainty after which businesses will slowly recover. Here are several key items to address so you can keep your business and its employees on track. Read More