Like so many things this year, the recommended practices for your annual end-of-the-year tax planning reflect the COVID-19 pandemic and its far-flung effects. The economic impact, as well as federal relief packages like the CARES Act, may render some tried-and-true strategies for reducing your income tax liability less advisable for 2020. Adding to the uncertainty … Read more
H2R CPA Partner, Kieran O’Dea, CPA, and Senior Manager, Jeff Wolstoncroft, CPA, discuss the simplified application released on October 8, 2020, for PPP loan forgiveness. View the video here.
by Jeff Wolstoncroft, CPA A new Paycheck Protection Program (PPP) Alternative Loan Forgiveness Application Form 3508S was released on Thursday, October 8, 2020, along with guidance granting a simplified application for loans of $50K and under. This new application represents a change in the calculation of forgiveness in the PPP program. The new application will … Read more
by Jeff Wolstoncroft, CPA On October 7, 2020, the Treasury and SBA issued a new Frequently Asked Question (FAQ) to clarify a commonly asked question regarding repayment and interest on PPP loans. The FAQ #52 outlines that under the Paycheck Protection Program Flexibility Act of 2020 (Flexibility Act), the deferral period on interest and repayment … Read more
H2R CPA Partners Kieran O’Dea, CPA and Lucas Rihely, CPA provide insight regarding the process for PPP loan forgiveness and the impact on year-end tax planning. View the video here.
With the presidential election only weeks away, many people are beginning to pay closer attention to each candidate’s positions on such issues as the COVID-19 pandemic, health care, the environment and taxes. Among their many differences, President Donald Trump and former Vice President Joe Biden have widely divergent tax proposals. Their stances could have a … Read more
by Phil Zlokas, CPA The IRS recently held a payroll industry conference call which was predictably dominated by questions regarding the new deferral of the employee’s share of the Social Security tax, put in place on August 8, 2020, via executive order of the President. As an update to the article entitled “Treasury Issues Guidance … Read more
This H2R CPA webinar was presented live on August 13, 2020. The webinar recording can be accessed here. A PDF of the webinar presentation can be accessed here. Webinar Summary Due to COVID-19, the 2019-20 school year ended in a fashion that no one expected. While many of us admitted to ourselves that the pandemic could … Read more
by Joseph M. Dickert, CPA Background on the Tax Deferral Per IRS Notice 2020-65, the notice provides the employer with the option to defer the withholding, deposit, and payment of the employee portion of the Social Security Tax of 6.2% on wages/compensation paid between September 1, 2020-December 31, 2020 (Applicable Wages). However, the deferred withholding … Read more
by Jeff Wolstoncroft, CPA With the Small Business Administration (SBA) opening the portal for banks to apply for forgiveness, we wanted to take a moment to let you know the documents you may need in regard to PPP forgiveness. Please note, we continue to promote patience when it comes to applying for PPP forgiveness. While … Read more