Are you one of the millions of businesses that have an outstanding non-disaster Small Business Administration (SBA) loan? These include: 7(a) loans: general small business loans of up to $5 million, 504 loans: loans of up to $5.5 million to provide financing for major fixed assets such as equipment or real estate, and microloans: short-term loans of up to $50,000 for small businesses. If so, you have already benefited, or soon will...

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Whether you claim a business office in the home or are simply working at home, say because of COVID-19, you likely have some former personal assets that you now use for business.   Ah, new tax deductions!   Yep. Say you don’t claim a home-office deduction but now you are working at home and sitting in the fancy chair you inherited from your grandmother.   Let’s say you use the fancy chair 85 percent for business purposes. Can you...

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Payroll taxes troubles is the largest portion of the tax resolution cases we handle in our office.   The issue is why?   That is what I will be addressing in this post today.   Given that most businesses fail due to cash-flow issues, it should not be surprising that taxes collected and withheld by the business also get spent when the business starts to struggle.  Add to that most businesses start their life cycle under-capitalized,...

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On March 27, 2020, President Trump signed the #Coronavirus Aid, Relief, and Economic Security Act (#CARESAct) into law. As described in our previous posts and client alerts, the law provides more than US$2 trillion in emergency economic relief to individuals and businesses affected by the coronavirus through numerous new stimulus and aid programs.   Paycheck Protection Program (PPP) – 7(a) Loan Program   Section 1102 of the...

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On March 27, 2020, President Trump signed into law the Coronavirus Aid, Relief and Economic Security (CARES) Act, which provides relief to taxpayers affected by the novel coronavirus (COVID-19). The CARES Act is the third round of federal government aid related to COVID-19. We have summarized the top provisions in the new legislation below, with more detailed alerts on individual provisions to follow. Click here for a link to the full...

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