TBC Information Network

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

Tax Planning for Businesses

With tax year 2021 coming to a close, we need to consider what can be done to help lower your tax bill for this year and next. With the uncertainty of pending legislation, here are some tax planning ideas for Businesses. Review your accounting method Businesses typically use either an accrual method of accounting or… [keep reading…]

COVID-19 Impact On Single Audits

During the COVID-19 pandemic many organizations received some form of federal relief funding.  The CARES Act and the American Rescue Plan provided a wide range of programs to assist governments and organizations with much needed funding.  In some instances, the increase in funding has created additional audit requirements. State and local governments and nonprofits who… [keep reading…]

Tax Considerations for 2021 Filing Season: Focus on Real Estate

As the 2021 tax filing season approaches it is important for business owners to identify tax savings and opportunities that exist as a result of the recent tax legislation and relief provisions enacted this past year. The IRS has also issued various guidance with respect to the CARES Act (March 2020) and the Economic Aid… [keep reading…]

Congress Passes COVID-19 Relief Package And Tax Extenders

The Consolidated Appropriations Act, 2021 (the Act) was passed by Congress on December 21, 2020, and has been sent to the President for his signature. This Act, consisting of 5,593 pages, incorporated a significant number of changes and enhancements to the CARES Act and existing tax law. Among the most anticipated items in the Act… [keep reading…]

PPP – Loan Updates

The US Treasury and Small Business Administration (SBA) have posted various updates to the PPP loan program over this week.  These updates integrate the new Paycheck Protection Program Flexibility Act of 2020 (PPPFA) with previously issued guidance.  You can find more information about this act HERE.  Highlights of the new provisions are noted below.  As… [keep reading…]

Payroll Protection Program Flexibility Act of 2020

On Wednesday, June 3, 2020, the Senate passed the Paycheck Protection Program Flexibility Act of 2020.  This Bill was previously passed by the House and it is on the President’s desk for signature.  This Act makes some significant, taxpayer friendly, changes to the CARES Act and the Payroll Protection Program (PPP).  We expect the President… [keep reading…]

PPP – Forgiveness Application and FAQs

PPP Forgiveness Application On Friday, May 15th, 2020 the Small Business Administration (SBA) published the Paycheck Protection Program (PPP) Loan Forgiveness Application for borrowers to calculate and report the amount of loan forgiveness requested from their lender. The SBA press release accompanying the application stated that additional regulations and instructions would be released at a… [keep reading…]

PPP – Updated Guidance on Borrowers’ Required Good-Faith Certification

On May 13, 2020, the US Treasury released additional guidance which highlights FAQ #46 related to a borrower’s required good-faith certification on the Payroll Protection Program application.  Any borrower with loan proceeds under $2M will be deemed to have met the economic uncertainty requirement. The borrowers who received PPP loans in excess of $2M, and… [keep reading…]

PPP – What Happens if an Employee Declines an Offer to Come Back to Work?

On May 3, 2020, the US Treasury released further guidance surrounding the implications of rehiring previously laid off employees for purposes of maximizing loan forgiveness under the Paycheck Protection Program. The Treasury’s updated FAQ document can be interpreted to address the following questions: Q: What if I offer to rehire an employee but they don’t… [keep reading…]

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