Many Arizona businesses received SBA Paycheck Protection Program (PPP) loans. Our SBA Paycheck Protection Program (PPP) task force helps businesses and nonprofits navigate the forgiveness process. They are familiar with the PPP Loan Forgiveness Application, which is complex and complicated, and can answer your questions.
Effective August 1, 2023, the U.S. Citizenship and Immigration Services (USCIS) will release a new Form I-9, used to check employment eligibility verification. Beginning November 1, 2023, all employers must use the new Form I-9.
The IRS compiled a list of its most famous and high-profile investigations of 2021. The most prominent case was a family sentenced to prison for fraudulently receiving millions of dollars in COVID money.
Managing supply chains in uncertain times means understanding the risks and finding ways to mitigate them. How do you manage some of the most common supply chain risks?
COVID-19 and its variants continue to disrupt the way we live, work, and play. The population disagrees on whether to wear masks or be vaccinated. One of the most pressing issues is whether businesses can — or should — issue a vaccine mandate for their employees.
Congress approved the PPP Extension Act of 2021, which extends the Payroll Protection Program (PPP). It was scheduled to expire on March 31, but the application deadline is now May 31.
The IRS is reminding taxpayers about the rules for required minimum distributions (RMDs) from retirement accounts. Previous rules stated that a retirement plan account owner must begin taking an RMD annually starting the year they reach 70½ or 72, depending on the birthdate and retirement year of the plan owner.
How does the American Rescue Plan Act of 2021 impact Arizona businesses, schools, and families? Here is a summary of the main provisions of the 600-page bill.
The IRS is providing some accommodation to employee benefit plans offering health flexible spending accounts (FSAs) and dependent care assistance plans (DCAPs). Under the COVID-19-related Taxpayer Certainty and Disaster Tax Relief Act of 2020, these plans now have additional discretion in 2021 and 2022 to adjust their programs to help employees better meet the unanticipated consequences of the public health emergency.
Beginning February 24, 2021, the Small Business Administration (SBA) is establishing an 14-day, exclusive PPP loan application period for businesses and nonprofits with fewer than 20 employees.
The Internal Revenue Service (IRS) urges employers to take advantage of the newly-extended Employee Retention Credit (ERC), designed to make it easier for businesses that, despite challenges posed by COVID-19, choose to keep their employees on the payroll. The ERC is one of the more popular relief items for businesses and recent legislation has made it even more attractive.
The new round of Paycheck Protection Program (PPP2) loans is available to both new and second-time borrowers. Who gets the money and what are the rules?
The pandemic relief package (Consolidated Appropriations Act, 2021) gives a break to the hardest-hit small businesses by reopening the Paycheck Protection Program and offers them the ability to apply for a second loan. The new round of loans will be limited to those with fewer than 300 employees that have experienced drops of at least 25% in revenue during any quarter of 2020 compared with the same quarter in 2019.
On January 6, 2021, the IRS and Treasury Department issued guidance allowing deductions for the payments of eligible expenses when such payments would result, or be expected to result, in the forgiveness of a covered loan under the Paycheck Protection Program (PPP).
The IRS published a Revenue Procedure and a Revenue Ruling to clarify certain complex and controversial details in PPP loan forgiveness. Read further for a summary of the new IRS guidance.
The adverse economic impact of COVID-19 has bolstered employers’ interest in supplemental unemployment benefits (SUB) plans. which is an employer-sponsored benefit that provides severance pay to employees who involuntarily lose their jobs such as through layoff, reduction in force, or plant closing.
Compensation planning in the COVID-19 era continues to shift. How should your company handle compensation during cash flow challenges?
Like earlier business crises, Covid-19 has forced many businesses to make hard choices regarding their future. Learn about restructuring debt and whether it is an option to consider.
The SBA issued a new form making it easier for smaller borrowers to qualify for loan forgiveness and clarified due dates. Is your company eligible for the simplified paperwork?
As more banks start accepting forgiveness applications, PPP borrowers need to know what to do to obtain maximum forgiveness, including required documentation for forgiveness application forms.
Strategizing for an uncertain future is not easy and Arizona businesses are taking a closer look at their response to COVID-19. Learn more about strategic planning in today’s environment.
The applicability of workers’ compensation programs to COVID-19 is one of the great legal and financial issues. Does workers’ compensation cover COVID-19? There are no firm answers.
The IRS is experiencing delays in processing paper tax returns due to limited staffing. Taxpayers are strongly encouraged to file electronically through a CPA or accountant or tax software provider. Paper returns are processed in the order they are received.
The DOL released additional guidance for workers and employers on how protections and requirements will affect the workplace as companies reopen. Additional guidance will help everyone understand workplace rights and responsibilities.
In March 2020, due to COVID-19, the IRS automatically extended the filing deadline for tax returns from April 15 to July 15, 2020. The extension applied to all individual returns, trusts, and corporations. The Arizona tax filing deadline was also extended to July 15, 2020.
President Trump extended acceptance of Paycheck Protection Program (PPP) loan applications until August 8, 2020, a five-week extension.
The U.S. Department of Commerce’s International Trade Administration (ITA) and U.S. & Foreign Commercial Service (USFCS) are temporarily reducing or eliminating costs of several export services to U.S. businesses affected by COVID-19.
The SBA and Treasury agreed with U.S. Senate Small Business Committee bipartisan leadership to make public additional data regarding the Paycheck Protection Program (PPP).
With the enactment of the Paycheck Protection Program Flexibility Act, more than $129 billion in PPP funds are still available.
Join Stephen J. Rodis, CPA and Mark R. Dreher, CPA in an ASCPA live online webcast on June 20, 2020, about current PPP tax issues and status of forgiveness portion of the PPP loan program, including financial reporting options.
The Small Business Administration (SBA) is accepting new Economic Injury Disaster Loan (EIDL) and EIDL Advance applications from qualified small businesses and agricultural businesses.
The PPP Flexibility Act offers partial loan forgiveness when a borrower uses less than 60% of the loan for payroll costs during the forgiveness covered period.
President Trump signed the Paycheck Protection Program Flexibility Act of 2020 modifying certain provisions related to PPP loan forgiveness. One important modification allows recipients of loan forgiveness to defer payroll taxes.
The SBA issued PPP loan guidance that businesses can exclude laid-off employees from loan forgiveness reduction calculations if employees reject a written offer to be rehired.
COVID-19 may have created tax complications for companies with employees working from home in another state. To prevent tax surprises for you and your employees, understanding how to classify wages will avoid penalties and amending tax filings.
Recent government aid in the face of COVID-19 extends beyond tax breaks. It also includes provisions for various aspects of retirement plans.
The CDC has given guidance for reopening certain businesses under specific circumstances. Businesses should start developing their reopening plans with these guidelines.
On May 15, 2020, the SBA published its PPP Loan Forgiveness Application, with instructions, providing some clarity about allowing borrowers to use their regular payroll schedule. Borrowers were concerned about matching their payroll cycle to the testing or covered period in the forgiveness formula.
Arizona Governor Ducey announced retail, including retailers in indoor shopping malls, pools, gyms, fitness providers, spas, massage therapists, and personal services may open on May 13, 2020, with physical distancing and enhanced sanitation.
The Trump Administration extended the deadline for companies to repay PPP loans from May 7, 2020 to May 14, 2020. The decision comes after many groups and organizations requested the administration provide additional time for companies to determine if they would return the funds.
The IRS and SBA issued guidance clarifying certain rules about PPP. Whether you have a loan already or preparing to apply, you should be aware of tax responsibilities and disbursement rules.
Arizona Governor Ducey announced barbers and cosmetologists can resume operations on May 8, 2020, and dine-in restaurants on May 11, 2020, with safety protocols and best practices.
On April 29, 2020, Governor Ducey loosen some Stay Home restrictions, including a phased in approach for retail stores effective May 4, 2020. The Stay Home order remains in effect through May 15, 2020, with modifications.
Are companies required to offer COBRA to employees that lose coverage under a group health plan due to a furlough relating to COVID-19?
The Internal Revenue Service issued guidance providing tax relief under the CARES Act for taxpayers with net operating losses, offering a six-month extension to file on carrybacks.
According to HHS, a portion of the $100 billion Provider Relief Fund will be used to reimburse healthcare providers, at Medicare rates, for COVID-related treatment of the uninsured. As a condition, providers are obligated to abstain from “balance billing” any patient for COVID-related treatment.
Many Arizona small businesses received Paycheck Protection Program (PPP) funding to maintain payroll levels from loss of revenue. The Small Business Administration (SBA) released an Interim Final Rule addressing eligibility issues and requirements for certain pledges. The CARES Act requires the SBA to issue additional guidance on rules for loan forgiveness by April 27, 2020.
The April 15, 2020 deadline for filing and paying Arizona and federal income taxes for the 2019 calendar year is July 15, 2020. The Arizona due date for first quarter estimated tax payments has not changed and remains April 15, 2020.
The CARES Act offers some relief for borrowers seeking student loan repayment delays. There are some limitations and not every loan classified as a student loan is eligible.
The CARES Act grants a payroll tax credit for employment taxes owed by certain eligible employers. Employers may be able to defer the employer portion of any Social Security taxes for the period beginning on March 27, 2020, and ending before January 1, 2021.