Posts Tagged ‘caresact’
2020 Year-end Charitable Giving Tax Incentives for Corporations
Once again, the grocery store bell ringers are out with red buckets seeking spare change in this giving time of the year. Yet a pall rests over the season due to pandemic-related economic reversals felt by even the jolliest of citizens. It is rumored that Rudolph, Prancer, and Vixen were furloughed, and Santa will lighten…
Read MoreTax Implications of the Cares Act
December 29, 2020 Jim Niblock, CPA Department’s Senior Manager of Tax Services and Jennifer Eubanks present Tax Implications of the Cares Act Register Now
Read MoreMurky Waters for Government Contractors Receiving PPP Funds
Government contractors, constantly vigilant and monitoring compliance with Federal Acquisition Regulations are faced with unprecedented uncertainty and questions surrounding acceptance of Paycheck Protection Program (PPP) funds and payments under Section 3610 of the CARES Act. Contractors must consider a) the ban against ‘double dipping’ of funds and b) must also consider that loan forgiveness under the PPP may be interpreted as a credit due back to the government in accordance with FAR 31.201-1 (a).
Read MoreCARES Act – Tax Savings and Business Opportunities
Small Businesses may be able to take advantage of a number of tax savings and cost deferral opportunities presented by the CARES Act. Read on to learn about a few of the provisions and potential savings. Deferral of employer Social Security tax You can generally defer the employer share of the 6.2% Social Security tax…
Read MoreStep by Step Guidance and Application Forms – A Small Business Owner’s Guide to the CARES Act
Please open or download this guide from the US Chamber of Commerce for detailed, step by step instructions for accessing assistance. The following files contain documents to assist calculating the Payroll Protection Act Loan amount, as well as the Borrower Application and Program Details.
Read MoreComprehensive List of Private and Public Loans, Grants, and Financial Support for Small Businesses
In light of the global COVID-19 pandemic, federal, state, and local governments, along with private entities, are mobilizing to provide economic relief as businesses and workers enter a period of uncertainty. Gusto compiled a comprehensive list of public and private loans, grants, and financial support programs aimed at small businesses: https://docs.google.com/spreadsheets/d/1SRBZE2_6Nftwd02M6Oxj8MoeuZ7y93spXIgIPhkkp2w/htmlview#gid=0
Read MoreFor Small Businesses: New COVID-19 Federal Assistance – CARES Act
The Cares Act, passed March 27, 2020, provides payroll and rent relief to small businesses. The Act includes a loan forgiveness provision for funds used to pay employees, rent, utilities or a mortgage. There is also a provision to defer payment of employer social security taxes with payment permitted over two years. Here is a…
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