As you might be aware some banks and financial institutions are opening their PPP forgiveness application intake. Note that after the PPP period of 24 weeks, there is a 10 month period of no interest so we recommend filing the forgiveness during the period. Currently, there are still some moving pieces and there is the
In the last weeks, we noted a significant increase in the notices received by our clients as there seem to be a backlog in the tax authorities. In some cases, the system automatically sends out a notice even if the documents and support was already provided to the tax authorities almost a year ago. Address
As included in our previous post http://ggcpaservices.com/blog/faq-on-ppp-loan-forgiveness-first-release/, the SBA is offering guidance in the loan forgiveness process, which includes the scenario of rejection of the PPP forgiveness. In many cases, the PPP application was prepared by CPAs, EAs, bankers, consultants and other business professionals. These professionals are already aware of the PPP application, support provided with
Democrats and Republicans have been in talks about the fourth and final stimulus relief package. Back in May, the House Democrats approved the HEROES Act but that bill was thrown out by the Republican-controlled Senate and President Donald Trump as Republicans supported the HEALS Act. Now, there is a new proposal for a $1,000 one time
We have been informing some of our client to be aware that unemployment is taxable. Otherwise, you can get an unpleasant surprise in next year's taxes. Any State or Federal unemployment received will be taxable and you should received a 1099 - G (Certain Government Payments) tax form in the mail. You will owe taxes
As expressed in our previous post titled " Deduction of PPP expenses? IRS Notice 2020-32 says no, but it might change " from May 2020, we mentioned that the legislators were planning to introduce legislation to allow the deductibility of expenses covered with PPP funds. After the IRS issued Notice 2020-32, several legislators commented that the IRS
We have had some conversations with clients asking if they should apply as soon as possible for the PPP application. Our response is "There is no need to rush as you might not need it or it might even be easier if you wait". The AICPA blog post has strong arguments to delay it as
In the last weeks, there have been some discussions requesting the disclosure of the PPP loan's recipients for transparency. Last week, the Treasury announced last Friday that more details will be disclosed. There will be several categories for the loans over $150k, which account for nearly 75% of the loan dollars approved, according to the
The first recording of Resolve it in 30 program for the hot topic of "Steps to maximize PPP loan forgiveness" brought to you thanks to the extraordinary GPHCC team - Jennifer Rodriguez, Javier Suarez, Keiren O'Connell and Yael Tacher for making it possible. Also, a big shut-out to my partners Brian Greenberg, and Erica Greenberg
On a joint statement Monday from SBA Administrator Jovita Carranza and Treasury Secretary Steven Mnuchin clarified that partial loan forgiveness will also be available under the 60% threshold. The New Jersey Small Business Development Center (NJ SBDC) recently shared our webinar focusing on small business taxes and updates related to Beneficial Ownership Interest (BOI). This
