On Friday evening, the Treasury Department released the Paycheck Protection Program Loan Forgiveness Application which contains instructions for borrowers on how to apply for forgiveness of their PPP loans. The Treasury Department also indicated that the SBA will soon be releasing regulations and guidance. The PPP Loan Forgiveness Application included many items which will help […]
News & Email Blasts
Our newsletter and email blasts are designed to enlighten our clients on the major opportunities and hazards that abound with running a business in an ever-changing environment. As we learn of new directions being mapped in Congress, we inform our clients about how pending developments could affect them.
One day it might be the FDIC rules that can either help protect or delude an investor into thinking their money is protected. Another day it might be an IRS audit strategic development that attacks certain kinds of losses. Or maybe it’s about both the advantages and pitfalls of rebuilding in a post-hurricane zone. And then of course there is the ever-present estate and gift tax law, which presents unique challenges with planning the succession of a business.
We do our best to make our clients promptly aware of the regulatory mandates that are out there, the penalties for non-compliance, and the ways to minimize risk while exploiting available tax and financial benefits. And we try to communicate that in plain English without confusing technical jargon.
Paycheck Protection Program Safe Harbor
Yesterday, the SBA issued additional guidance regarding the required good-faith certification concerning the necessity of PPP Loan requests. The guidance contained the following safe harbor: “Any borrower that, together with its affiliates, received PPP loans with an original principal amount of less than $2 million will be deemed to have made the required certification […]
Paycheck Protection Program Loans
Over the last two weeks, many employers across the US have applied for Paycheck Protection Program (“PPP”) Loans, and some have even started to receive the funds. Below are important items for employers to remember to ensure that they qualify for the maximum level of loan forgiveness. Timing: 8 WeeksThe amount of forgiveness of a […]
Coronavirus Relief & Your Retirement Plan
If your company sponsors a retirement plan, know that the Sweeping stimulus bill recently signed into law includes many retirement plan relief provisions which could impact you or your employees. Highlights of the major retirement related provisions can be found below. Distributions Coronavirus – Related Distributions Employers now have the option to amend their […]
SECURE Act Increases Credit for Small Employer Pension Plan Startup Costs
Under the SECURE Act, small businesses can receive a tax credit for the first 3 years for implementing a retirement plan. For taxable years beginning 1/1/20 and beyond, employers with fewer than 100 employees who implement a retirement plan could be eligible for a credit up to $5,000. Previously this credit was capped at $500. […]
SECURE ACT and Student Loan Repayments
The recently passed SECURE act allows families to withdraw up to $10,000 tax-free for payments towards qualified education loans. However, when student loan interest is paid via 529 plan distribution, the interest is not eligible for the student loan interest deduction.
Updated Withholding Calculator, Form W-4 Released; Calculator Helps Taxpayers Review Withholding Following New Tax Law
WASHINGTON –The Internal Revenue Service today released an updated Withholding Calculator on IRS.gov and a new version of Form W-4 to help taxpayers check their 2018 tax withholding following passage of the Tax Cuts and Jobs Act in December. The IRS urges taxpayers to use these tools to make sure they have the right amount […]
Do you Owe Back Taxes? Don’t Let the IRS Deny or Revoke your Passport
If you owe the IRS more than $50,000 in back taxes, your passport could be revoked or denied. Last month, the IRS announced that the State Department shall deny new passport applications and/or may revoke current passports for those individuals that have seriously delinquent tax debt. According to the IRS, your tax debt is considered […]
IR-2018-32: Interest on Home Equity Loans Often Still Deductible Under New Law
The Internal Revenue Service today advised taxpayers that in many cases they can continue to deduct interest paid on home equity loans. Responding to many questions received from taxpayers and tax professionals, the IRS said that despite newly-enacted restrictions on home mortgages, taxpayers can often still deduct interest on a home equity loan, home equity […]
State Tax Day – Current,S.7,Georgia—Corporate, Personal Income Taxes: Governor’s IRC Conformity Bill Introduced
Georgia’s governor introduced legislation that would update the income tax federal Internal Revenue Code (IRC) conformity date to January 1, 2018, with certain exceptions. The current IRC conformity date is January 1, 2017. The governor states the legislation mirrors recently adopted federal tax legislation by adopting a 10 year time frame. Further, taxpayers could use […]
Users Beware – Keep a skeptical “AUDITOR” mind at all times
We at LARGE & GILBERT take our clients’ trust and confidential information seriously! If you receive a phone call after emailing a request for us to send information to someone, understand that we are verifying the request to ensure your computer/email has not been compromised. Below is helpful information we recommend to help safeguard your […]
New Overtime Rule: Increased Salary Threshold for White Collar Exemption
Under the Fair Labor Standards Act’s “Final Rule” (or “Overtime Rule”), the salary threshold required for the executive, administrative and professional (“white collar”) exemption from overtime pay to apply more than doubles from the current threshold of $23,660 per year to the new threshold of $47,476 per year. Generally, employees whose salaries are under the […]
