This past year was relatively quiet on the tax legislation front. Over the past couple of years, several tax acts were enacted to assist in the taxpayer recovery from the COVID-19 pandemic. Most of the tax legislation from the American Rescue Plan (ARP) Act, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) and…
January 14, 2022 As the recovery from the pandemic takes hold and life begins to return to a more recognizable form of normal, we hope you and your loved ones are safe and in good health. Throughout 2021, Congress has enacted various provisions designed to help taxpayers recover from the COVID-19 pandemic and extended previously…
We understand the past couple weeks have created more questions than answers. The team at FRSCPA is committed to assist you in finding those answers, so please do not hesitate to reach out. The Paycheck Protection Program (PPP), while providing some much needed financial relief, has created a lot of these questions. One being, how…
There is a massive amount of information from a variety of sources circulating minute-by-minute. We know time is valuable beyond measure and want to give you accurate information and best advice as you are seeking your PPP loan through your lender. We will be here for you every step of the way to provide the…
Sunday, March 29, 2020, members of the NFLA, NFCA, McDonald’s Treasury, and the National Lenders collaborated together via conference call to discuss the urgency and open questions that remain concerning the SBA PPP program available to businesses. As of now, this is what we know: 1) All National Lenders will participate in PPP loans. 2)…
House of Representatives Pass the CARE Act, including Paycheck Protection Program, which provides access to emergency capital for small businesses. This afternoon, after some eleventh hour drama, the U.S. House of Representatives passed the CARE Act. President Trump is expected to sign the act into law soon. In addition to the tax changes outlined previously,…
On Tuesday night, the Senate unanimously passed the Coronavirus Aid, Relief and Economic Security Act or “CARES Act”. The House is expected to pass this bill without significant changes and the President is expected to sign into law, shortly thereafter. The bill is a massive 880 pages and includes needed economic stimulus, as well as…
As our team works diligently to prepare for the unknown as it relates to COVID-19 and our business, we are steadfastly working on solutions to help our beloved clients. While it has not yet been mandated for our office to close, most of our team is working remotely. Our technology permits all of our staff…
The IRS issued Notice 2020-18 officially postponing Tax Day to July 15, 2020. All federal income tax filings and payments originally due April 15, 2020, are not required to be filed or paid until July 15, 2020. This includes both 2019 balance-due and first-quarter estimated 2020 tax payments. Notably, the notice does not automatically postpone…
We understand that many of our Small Business Clients are being severely impacted by COVID-19. This impact includes loss of revenue, liquidity concerns, potential employee layoffs, and the concern of making payroll. Small Business owners are now eligible to apply for low-interest loans due to the COVID-19. The SBA is providing working capital loans of…