Updated PPP Rules

Updated PPP Rules


Posted By on Jan 8, 2021

The new Paycheck Protection Program (PPP) law enacted with the stimulus package adds dollars to your pockets if you have or had PPP money.   Before we go further, please note the PPP money comes to you in what appears to be a loan. We say “appears” because you typically pay back a loan.   Done right, however, the PPP loan is 100 percent forgiven. The word “loan” makes some businesses leery of this arrangement. Don’t be. The PPP...

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Did you miss out on the first two opportunities to receive your tax-free Paycheck Protection Program (PPP) cash?   Many did miss out. Why?   One reason: the word “loan.”   Who wants a loan? No one. Well, almost no one.   But who wants a cash gift, tax-free?   If you do, read on for the details. But first, you should know that the big picture works like this:   You obtain your PPP tax-free monies from a lender (it’s called a “loan,”...

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The IRS Strikes Back!

The IRS Strikes Back!


Posted By on Nov 19, 2020

On November 18, 2020, the IRS released Rev. Rul. 2020-27 and Rev. Proc. 2020-51 providing desperately needed guidance on the timing issues related to Paycheck Protection Program (PPP) loan forgiveness and the deductibility of the related PPP expenses. Since May 2020 with the release of Notice 2020-32 we have known that expenses used to qualify for loan forgiveness would not be eligible tax deductible expenses. In other...

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Financial forecasting is the process of predicting the future outcome of economic, marketing, and financial trends. It is the process of estimating or predicting a business’s future performance. The financial prognosis obtained through the financial forecasting process will help you predict how your business will look financially in the future. Analysis of future trends in areas like sales performance and customer behavior is key to...

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With the COVID-19 pandemic still going on, you may be spending more time working from your home office. You may have taken some extra rooms for your business use. Is that okay? Section 280A(c) states that you may claim a home office based on the portion of the dwelling that you use exclusively and regularly for business. Thus, the law dictates no specific number of rooms or particulars regarding the size of the office. The courts make...

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