Just released: SBA “Paycheck Protection Program Loan Forgiveness Application” Form and Instructions

Marci RomneyBlog

It has become clear that the SBA requirements for loan forgiveness will require detailed records and supporting documents.  Navigating a lengthy and detailed application can be tricky, but the good news is that you will be rewarded for your hard work.  To make sure everything is done correctly you will want a qualified CPA in your corner to help you … Read More

SBA slashes disaster-loan limit from $2 million to $150,000, shuts out nearly all new applicants

Marci RomneyBlog

An emergency disaster lending program for small businesses has been so overwhelmed by demand that it has significantly limited the size of loans it issues, while blocking nearly all new applications from small businesses, according to people familiar with the situation. After initially telling businesses that individual disaster loans could be as high as $2 million, SBA has now imposed … Read More

What Now? Next Steps for Phase 4 Relief

Marci RomneyBlog

Among other tax changes, the CARES Act loosened rules governing net operating loss deductions (NOLs). These modifications provided much-needed relief for businesses, and there is an opportunity to build upon them in upcoming “Phase 4” economic relief legislation. Contrary to some of the rhetoric surrounding the changes to NOL deductions in the CARES Act, the provisions are a step forward … Read More

No PPP Loan? Then you may qualify for a Credit.

Marci RomneyBlog

If you weren’t able to get a PPP Loan… this one is you.The Internal Revenue Service is reminding employers who have been impacted by the Coronavirus pandemic that three new credits are available for them. The first of these, the Employee Retention Credit, is intended to encourage businesses to keep employees on the payroll. The ERC is a refundable tax … Read More

SBA provides a safe harbor for PPP loans under $2 million

Marci RomneyBlog

“Businesses that together with their affiliates accepted Paycheck Protection Program (PPP) funds of less than $2 million will be assumed to have performed the required certification concerning the necessity of their loan requests in good faith, according to guidance posted by the U.S. Small Business Administration (SBA) on Wednesday. According to the SBA, borrowers with loans below the $2 million … Read More

Are PPP Loans going to be Taxable Income?

Marci RomneyBlog

A bipartisan group of lawmakers introduced legislation on May 6 to enable small businesses to deduct their expenses even if they have received a loan from the federal government’s Paycheck Protection Protection Program that was later forgiven. On April 30, the IRS issued a notice that said small businesses couldn’t deduct these expenses and that no tax deduction is allowed … Read More

IRS UPDATE: 2nd QUARTERLY ESTIMATED TAX PAYMENT POSTPONED

Marci RomneyBlog

On March 21, the IRS officially announced that it was extending the deadline for filing 2019 tax returns and paying any required tax from April 15 to July 15, along with the due date for the first quarterly installment of estimated tax for 2020. But it didn’t say anything about the second quarter, until now.  The IRS is setting the … Read More

The big mistake newly remote businesses are making

Marci RomneyBlog

There is one all-too-common mistake that firms are making right now: trying to replicate their existing communication practices across their newly distributed team. A video conferencing solution such as Zoom is brilliant for replacing in-person meetings, and instant messaging tools like Slack or Microsoft Teams can be useful for hashing something out quickly or as a virtual ‘water-cooler’. However, these … Read More

Common Mistakes Taxpayers are making and how to avoid them

Marci RomneyBlog

It’s no surprise that many taxpayers are making mistakes including missing or inaccurate Social Security numbers, misspelled names, wrong filing statuses, math errors, and incorrect bank account numbers when giving their information to their preparer. Outside of Utah, clients still misunderstand that although they might not be able to itemize deductions for IRS purposes, they still might be able to … Read More

PPP Loans – How to Track Your Finances After Filing

Marci RomneyBlog

Now that you’ve wrapped up your Paycheck Protection Program (PPP) loan application, it’s time to move on to the next step. As you likely noticed, there is a precise list of approved uses for your government-granted funds, so you and your business must keep detailed records of your expenses to avoid needing to pay it all back.  Approved Uses for … Read More

IRS Introduces Get My Payment to Track Stimulus Payments

Marci RomneyBlog

The Internal Revenue Service, working with the Treasury Department, announced the new tool Get My Payment, enabling taxpayers to check on their Economic Impact Payment date and update direct deposit information. Get My Payment will help taxpayers track the Economic Impact Payments as they start to hit bank accounts, and will answer common questions. It will also show the projected … Read More

IRS not processing paper tax returns due to coronavirus

Marci RomneyBlog

The Internal Revenue Service has stopped processing paper tax returns, with much of its staff now working remotely because of the novel coronavirus pandemic, and is encouraging taxpayers to file their taxes electronically during the three-month extension period for this year’s tax season. The IRS said Friday that to protect the public and its own employees, and in compliance with … Read More