Fraud Considerations in the Paycheck Protection Program
(authored by RSM US LLP) Given the lack of due diligence executed for each PPP application, it’s likely there will be a number of violations uncovered in the future....
21 October, 2020
CARES Act Tag
Utah Governor Announces Small Business Grant
On October 1, 2020, Utah Governor Herbert announced the launch of a new $2 million “Small Business Quarantined Employee Grant” for small businesses in Utah. The grant was created using federal...
05 October, 2020
CARES Act Expands Donation Deductions
In most cases, charitable gifts are deducted by taxpayers who itemize. Those donations are claimed on Schedule A of their annual tax return. However, this year, the Coronavirus Aid, Relief...
18 September, 2020
COVID-19 Foreclosure Tax Issues
As part of the CARES Act, Congress provided temporary relief for homeowners with federally backed mortgages who were financially impacted by COVID-19. For those unable to keep up with their...
18 September, 2020
Guidance on Employee Tax Deferral
President Trump issued a Presidential Memorandum, that directs the Treasury Secretary to use his authority to defer the withholding, deposit and payment of employees’ portions of Social Security taxes from...
04 September, 2020
Unemployment is Taxable: Withhold Now to Avoid Tax-Time Surprise
Authored by the Internal Revenue Service: IR-2020-185, August 18, 2020 With millions of Americans now receiving taxable unemployment compensation, many of them for the first time, the Internal Revenue Service today...
25 August, 2020
CARES Act Allows Loans from IRAs and Retirement Plans
IR-2020-172, July 29, 2020 The IRS provided a reminder today that the Coronavirus Aid, Relief, and Economic Security (CARES) Act can help eligible taxpayers in need by providing favorable tax treatment...
24 August, 2020
New PPP Guidance and Lender Forgiveness Portal
Authored by RSM US LLP SBA releases additional PPP guidance/opens lender forgiveness portal. On Aug. 10, 2020 the Small Business Administration (SBA) Paycheck Protection Program (PPP) Forgiveness Platform went live. This...
17 August, 2020