TBC Information Network

Teal, Becker & Chiaramonte offering valuable insights, impressions and commentary on today’s financial and business world.

SBA Releases Guidance on Self-Employed Individuals and the Paycheck Protection Program

On April 14th, the US Treasury released interim final rules regarding the eligibility and requirements for self-employed individuals to participate in the Paycheck Protection Program (PPP). Here are certain key highlights and considerations: To be eligible for the PPP you must satisfy four requirements: You were in operation on February 15, 2020, You must be… [keep reading…]

IRS expands returns eligible for extension to July 15, 2020

On April 9, 2020, the IRS issued Notice 2020-23 expanding the list of returns that are eligible for automatic extension to July 15, 2020.  In general, this notice provides that all forms with original due dates on or after April 1 and before July 15, 2020 are now due on July 15, 2020. Additionally, the… [keep reading…]

Qualified Disaster Relief Payments – Taxability of employer provided benefits in a Federally Declared Disaster

IRC Section 139 provides that a “qualified disaster relief payment” is not included in taxable gross income for the recipient. This section covers various types of qualified disaster relief payments, but this write-up focuses solely on those payments made by employers to employees.  Under this code section,  payments paid by an employer to an employee… [keep reading…]

Small Business Administration Releases FAQs on Paycheck Protection Program Loans

The US Treasury and the Small Business Administration (SBA) released FAQs addressing certain questions regarding the Paycheck Protection Program (PPP). The 29-point FAQs can be found here: https://home.treasury.gov/system/files/136/Paycheck-Protection-Program-Frequently-Asked-Questions.pdf Notable highlights of the FAQs include: Payroll costs are calculated on a gross basis without regard to federal taxes imposed or withheld, such as the employee’s and… [keep reading…]

CARES Act – Paycheck Protection Program Interim Final Rule Issued

Last night the US Treasury released interim final guidance on the recently enacted CARES Act Paycheck Protection Program (PPP) loan provisions. TBC wanted to share our latest takeaways from this final guidance. The loan application is on a first come first serve basis, we recommend applying with your bank as soon as possible. Banks will… [keep reading…]

CARES Act – Unemployment Insurance Coverage

The CARES Act generally provides assistance to individuals who are unemployed, partially unemployed, or unable to work due to COVID-19. The CARES ACT provides for the following unemployment benefit programs: Pandemic Unemployment Assistance (PUA) – this program will extend benefits to those individuals who are not otherwise eligible for unemployment benefits (i.e. independent contractors, self-… [keep reading…]

CARES Act – SBA Loan Enhancements

The Congress recently passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act in response to the COVID-19 pandemic. The CARES Act was designed to stimulate the economy with over $2 trillion in relief and provide support for taxpayers.  Loan Enhancements were added to the Small Business Administration Loan Programs under the CARES Act.  Please… [keep reading…]

CARES Act – Individual Provisions

The Congress recently passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act in response to the COVID-19 pandemic. The CARES Act is designed to stimulate the economy with over $2 trillion in relief and provide support for taxpayers.  Below are certain CARES Act highlights, tax law changes, and Frequently Asked Questions with respect to… [keep reading…]

CARES Act – Business Provisions

The Congress recently passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act in response to the COVID-19 pandemic. The CARES Act is designed to stimulate the economy with over $2 trillion in relief and provide support for taxpayers. Below are certain CARES Act highlights, tax law changes, and Frequently Asked Questions with respect to… [keep reading…]

Extension of Tax Deadlines

At TBC we have been continuously monitoring all developments regarding the coronavirus (COVID-19).  March 20, 2020 the US Treasury Secretary announced an additional three months to file taxes amid the coronavirus pandemic. U.S. Tax Day is moving from April 15 to July 15.  All taxpayers and businesses will have this additional time to file and… [keep reading…]

Teal, Becker & Chiaramonte Certified Public Accountants