With the passing of the October 15th deadline, tax season has finally ended. October 15th is not just the extended deadline for taxes to be filled. It is also the extended deadline for Form 5500 to be filed for retirement plans, and if the plan is a “large plan”, an...
When it comes to the various types of employee compensation, small business employers may find it difficult to determine what to tax and what not to tax on their employees’ paychecks. While everyone knows that compensation in the form of gross wages, commissions, and...
With the election occurring a few weeks ago, there are many aspects that everyone should consider. His new tax plan is likely to come in the wake of Democratic candidate Joe Biden's win. The proposed changes can be a little difficult to figure out, so we have...
On Thursday, October 8, 2020, SBA announced that small businesses with Paycheck Protection loans of $50,000 or less can now use a streamlined application to apply for their loan forgiveness. This news comes as a bit of a relief to many who have been holding out hope...
Pennsylvania has now opened the first application window for the "COVID-10 Relief Pennsylvania Statewide Small Business Assistance Program" which will provide $225 million in grants ranging from $5,000 to $50,000 to small businesses that have been economically...
As we round out the second quarter, which has been an interesting quarter to say the least, you or your payroll provider will be looking at a new quarterly Form 941 to report your federal payroll taxes to the IRS. There are 18 added lines + an additional worksheet in...
In an effort to amend the widely criticized paycheck protection program within the CARES Act, the House & Senate have agreed upon some favorable changes noted as the “Paycheck Protection Program Flexibility Act of 2020”. Loan Maturity has been extended to a...
The Coronavirus Aid, Relief and Economic Security (CARES) Act includes several provisions that give retirement plan participants increased access to assets in their 401(k), 403(b), individual retirement account (IRA) and other qualified retirement accounts. The...
The SBA recently released question #46 in the frequently asked questions in regards to PPP. Loans with an original principal amount of less than $2 million will be deemed to have made the required certification concerning the necessity of the loan request in good...