News & Resources

Tax

SBA releases revised/new PPP loan forgiveness applications

SBA releases revised/new PPP loan forgiveness applications

On June 17, 2020, the SBA released a revised PPP loan forgiveness application and a new EZ loan forgiveness application. Read more

Tax

PPP Forgiveness Opportunity Improved

PPP Forgiveness Opportunity Improved

On Friday June 5, 2020, President Donald Trump signed the Paycheck Protection Program Flexibility Act of 2020. It was a bipartisan effort and much applauded. Read more

Tax

PA corporations get even more time to file tax returns

PA corporations get even more time to file tax returns

The PA Department of Revenue has extended until February 16, 2021, the due date for corporations with tax returns that would be due from May through August 14, 2020. Read more

Tax

Employee Retention Tax Credit: Does your business qualify?

Employee Retention Tax Credit:  Does your business qualify?

The CARES Act contains multiple economic and tax incentives to retain employees. One of those is the Employee Retention Tax Credit. Read more

Tax

PPP Loan Forgiveness Application Issued by SBA

PPP Loan Forgiveness Application Issued by SBA

The U.S. Small Business Administration (SBA) has issued its Paycheck Protection Program loan forgiveness application with instructions. Read more

Tax

Deferral of employment tax through December 31, 2020

Deferral of employment tax through December 31, 2020

If your business did not qualify for a PPP loan, you have an opportunity to assist with cash-flow management under the CARES Act. Read more

Tax

SBA issues further guidance on demonstrating need for a PPP loan

SBA issues further guidance  on demonstrating need for a PPP loan

The SBA updated its frequently asked questions regarding the Paycheck Protection Program. Much needed guidance was added addressing borrowers' required good-faith certification that a loan was necessary to support its ongoing operations. Read more

Tax

Helping employees inpacted by COVID-19

Helping employees inpacted by COVID-19

Section 139 of the Internal Revenue Code permits employers to make non-taxable relief payments to employees for reasonable and necessary personal, family, living, or funeral expenses incurred as a result of a qualified disaster. Read more

Tax

Are expenses paid with PPP loan proceeds tax deductible?

Are expenses paid with PPP loan proceeds tax deductible?

Many businesses have applied for and/or received PPP loans. Such loans have provisions for forgiveness in whole/part to the extent loan proceeds are used for payroll costs, rent, utilities and mortgage interest during an eight-week period from the date the loan proceeds are received. Read more

Tax

Relaxed Deadline for Filing and Paying Corporation Tax

Relaxed Deadline for Filing and Paying Corporation Tax

Corporations in Pennsylvania are getting a relaxed deadline for filing and paying corporation tax. The PA Dept. of Revenue has provided a summary of tax extensions in response to the novel coronavirus (COVID-19). Read more

Tax

PDOR Warns of COVID-19 Scams

PDOR Warns of COVID-19 Scams

Beware of novel coronavirus (COVID-19) scams aimed at Pennsylvania residents, says the PA Dept. of Revenue (PDOR). Scammers are using phishing scams to target taxpayers who are expecting federal stimulus payments. Read more

Tax

April 15th Filing Deadline Extended to July 15th

April 15th Filing Deadline Extended to July 15th

According to Secretary Steven Mnuchin today, the April 15th tax deadline is being extended to July 15th. Read more

Tax

Additional Guidance Issued Clarifying Payment Deferral

Additional Guidance Issued Clarifying Payment Deferral

The Secretary of the Treasury issued additional guidance today pursuant to Notice 2020-17 clarifying that the payment deferral also applies to trusts and estates, as well as to 1Q 2020 estimates. Read more

Tax

Tax payments deferred. Filing date not extended.

Tax payments deferred. Filing date not extended.

Treasury Secretary Steven Mnuchin stated at a press conference on March 17, 2020, that individuals can defer tax payments up to $1 million for 90 days. Corporations can defer up to $10 million of tax payments for 90 days. Read more

Tax

Guidance on meal and entertainment deducations provided by the IRS

Guidance on meal and entertainment deducations provided by the IRS

The IRS has released proposed regulations addressing the deductibility of meal and entertainment expenses in tax years beginning after December 31, 2017. Read more

Tax

Do you pay non-employee compensation in excess of $600?

Do you pay non-employee compensation in excess of $600?

If you pay non-employee compensation in excess of $600 in 2020 or later, form 1099-NEC will need filed instead of form 1099-MISC. Read more

Tax

2020 Tax Calendar

2020 Tax Calendar

Summary of important 2020 tax deadlines. Read more

Tax

SECURE Act Changes the Required Minimum Distribution Age from 70-1/2 to 72

SECURE Act Changes the Required Minimum Distribution Age from 70-1/2 to 72

The "Setting Every Community Up for Retirement Enhancement Act of 2019" (the SECURE Act) was signed into law on December 20, 2019. The SECURE Act lays out major changes for retirement plans and IRAs, and creates a new pooled multiple employer plan. This is a summary of the changes. Read more

IRS Releases 2020 Standard Mileage Rates

IRS Releases 2020 Standard Mileage Rates

The IRS has issued the 2020 standard mileage rates used to calculate the deductible costs of operating an automobile for business and charitable purposes. Read more

Tax

Taxpayers should take some security steps during the holidays

Taxpayers should take some security steps during the holidays

The Pennsylvania Dept. of Revenue (PDOR) is warning taxpayers to take a few basic security steps during the holidays. Read more

Tax