COVID-19

Wednesday, 03 February 2021

State Income Tax and PPP Loans: Don’t Assume Conformity

Written by Lisa Pohl

In the wake of the pandemic, the Coronavirus Aid, Relief, and Economic Security (CARES) Act and the Coronavirus Response and Relief Supplemental Appropriations Act of 2021 have provided immediate assistance to the American workforce. While these bills have delivered direct economic assistance to small businesses nationwide, some business owners have been left perplexed regarding the tax deductibility of their Paycheck Protection Program (PPP) or PPP2 loans. What We Know It cannot and should not be assumed that states will adhere to the federal tax treatment of forgiven PPP loans and the deductibility of expenses related to those loans. Existing state laws dictate—whether by formal legislation or informal guidance—when specific CARES Act and coronavirus-related Tax Relief Act guidance do not exist...

Published in COVID-19

On Jan. 15, 2021, The U.S. Department of Health and Human Services (HHS) announced an amendment to the reporting timeline and process for the Provider Relief Fund Program and opened registration for their Provider Relief Fund Reporting Portal...

Published in COVID-19, Healthcare
Thursday, 28 January 2021

Employee Retention Tax Credit

Written by The Rehmann Team

  Key Areas Last Updated on November 9, 2021 PPP Loan recipients now eligible for the credit for both 2020 and 2021 For employers that originally did not qualify for the credit in 2020 because of a PPP loan – now is the time to revisit the credit. Under the CAA, employers who received a PPP loan are no longer precluded from taking the ERC – as long as wages used for the ERC are not also used for PPP loan forgiveness. Expanded credit for 2021 Eligible wages are expanded to include wages paid thru September 30, 2021. For 2021, the per employee cap on the benefit is increased, the definition of a small employer is expanded, and the gross receipts reduction threshold is reduced...

Published in COVID-19

During this Rehmann webinar, landlords and their lenders will understand the tremendous financial disadvantage the Consolidated Appropriations Act (CAA) has created for them as they negotiate with tenants and navigate non-paying tenants...

Published in COVID-19

The CAA is expansive and at nearly 5,600 pages, many are left with more questions than answers. Join us for a complimentary webinar and Q&A session where we'll begin to address the most broadly applicable elements of the CAA, including the greatest tax impacts and relief aid provisions affecting both businesses and individuals...

Thursday, 31 December 2020

PPP2: What to expect from round two of the Paycheck Protection Program

Written by The Rehmann Team

Updated 12/31/20 With a second round of Paycheck Protection Program loans officially on its way – this renewed PPP2 program is part of a $900 billion pandemic relief provision signed into law by President Trump on Dec. 27 – businesses and organizations are eager to know if, when, and how this assistance could help their operations. While further guidance and clarification is expected in the coming days – the U.S...

Published in COVID-19
Tuesday, 22 December 2020

Congress Passes Additional Coronavirus Relief

Written by The Rehmann Team

Updated: 12/23/20 The $900 billion stimulus bill that Congress passed late last night is an important step toward providing pandemic relief aid to both businesses and individuals. The Consolidated Appropriations Act, 2021 (CAA), as its known, includes stimulus funding and additional assistance, as well as extends and expands several existing tax provisions. The CAA now makes its way to President Donald Trump, who is expected to sign it into law sometime next week. Given how massive the stimulus bill is – it’s paired with a $1...

Published in COVID-19

With banks now accepting Paycheck Protection Program (PPP) loan forgiveness applications, businesses with these loans should make preparing their forgiveness application a top priority. Organizations also should determine the most appropriate timing of submitting their application, given the potential financial and tax impacts of forgiveness on the business. Having the critical pieces in place as your organization starts to prepare its forgiveness application makes all the difference – Eliana Mendez, accounting manager for Grand Haven-based LightCorp, can attest to this. Mendez makes this point while recognizing that keeping up on the PPP loan process isn’t an especially easy one...

Published in COVID-19
Monday, 14 September 2020

Tax Relief And Loan Forgiveness: Updates On PPP, PPPFA

Written by Kimberly Schwaiger, CPA

Whether the tumultuous events of 2020 led to you closing your shop doors temporarily, or your business remains open with a reduced workforce, or you’ve pivoted operations to something else entirely, you’re likely contemplating how to lock in the long-term success of your business. We face a long journey of recovery ahead. But we’re all striving to find productive ways of settling into our new reality. Now is the time to not only renew, restart and rebuild, but also re-imagine all that can be...

Published in COVID-19

Prudent risk management and consumer protection principles are topics covered in a joint statement released on Aug. 3, 2020 by the Federal Financial Institutions Examination Council. The joint statement provides this guidance as financial institutions work with borrowers on the continuation loan accommodations that will likely be needed throughout the ongoing economic crisis. Accommodations outlined in this interagency statement include: agreement to defer one or more payments, making a partial payment, forbear any delinquent amounts, modify a loan or contract or provide other assistance or relief to a borrower who is experiencing a financial challenge Prudent risk management The statement addresses the need for institutions to further apply “prudent accommodation options” for their borrowers...

Published in COVID-19
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