High Rock Accounting

Compliance, Deferrals, and Carrybacks are Confusing.
Let us Help.

Compliance, Deferrals, and Carrybacks are Confusing.
Let us Help.

It’s easy be overwhelmed and confused. If your business is facing losses in 2020 you may have a tax liability from last year that you can get refunded.

It’s easy be overwhelmed and confused. If your business is facing losses in 2020 you may have a tax liability from last year that you can get refunded.

Click to Call
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What is PPP Loan Compliance
and Forgiveness?

The Paycheck Protection Program (PPP) is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll. The loans given out have an interest rate of 1%. Loans issued before June 5 have a maturity of 2 years. Loans issued after June 5 have a maturity of 5 years.

PPP Forgiveness is where businesses may be eligible for loan forgiveness if the funds were used for eligible costs.

+ Read more about PPP compliance and forgiveness

Great! Now What?

  • How do I complete the forgiveness form?
  • What documentation am I needing?
  • How will all of this affect my taxes?

We are your one stop shop for forgiveness application support and understanding the impact on your business’s taxes.

Get Started

Great! Now What?

  • How do I complete the forgiveness form?
  • What documentation am I needing?
  • How will all of this affect my taxes?

We are your one stop shop for forgiveness application support and understanding the impact on your business’s taxes.

Get Started
PPP Loan Compliance Tax Services

PPP Timeline for Your Business

Apply for Forgiveness

You can apply for forgiveness anytime for any amounts you’ve spent.

Deferral Period

After your covered period ends, you have ten months before payments are required.

Lender Evaluation

Your lender has up to 60 days to review your forgiveness application.

SBA Evaluation

Your lender will send their decision to the SBA. The SBA has up to 90 days to evaluate your application. 

Click to Call

PPP Timeline for Your Business

Apply for Forgiveness

You can apply for forgiveness anytime for any amounts you’ve spent.

Deferral Period

After your covered period ends, you have ten months before payments are required.

Lender Evaluation

Your lender has up to 60 days to review your forgiveness application.

SBA Evaluation

Your lender will send their decision to the SBA. The SBA has up to 90 days to evaluate your application. 

Click to Call

What is the CARES Act?

The CARES Act stands for The Coronavirus Aid, Relief, and Economic Security Act. This has allowed employers to defer the deposit and payment of the business’s share of Social Security taxes and self-employed individuals to defer payment of certain self-employment taxes.

+ Read more about the CARES Act

What is the CARES Act?

The CARES Act stands for The Coronavirus Aid, Relief, and Economic Security Act. This has allowed employers to defer the deposit and payment of the business’s share of Social Security taxes and self-employed individuals to defer payment of certain self-employment taxes.

+ Read more about the CARES Act

I’m Eligible For What?

Did you keep your business’s staff throughout the coronavirus crisis? Have you maintained your payroll? Did you know that your business may be eligible for payroll credits that can put cash back in your business bank account today? We can help!

Get Started

I’m Eligible For What?

Did you keep your business’s staff throughout the coronavirus crisis? Have you maintained your payroll? Did you know that you may be eligible for payroll credits that can put cash back in your business bank account today? We can help!

Get Started

Net Operating Loss Carryback

The CARES Act made three changes to Net Operating Loss (NOL) that improves cash flow for struggling businesses:

Provided a five-year carryback for losses earned in 2018, 2019, or 2020, which allows businesses to modify tax returns up to five years prior to offset taxable income from those tax years.
Suspended the NOL limit of 80% of taxable income – meaning a business may deduct their NOLs to eliminate all of their taxable income in a given year, instead of carry forward any NOL beyond 80% of taxable income.
Pass-through business owners can use NOLs to offset their non-business income above the previous limits of $250k and $500k for 2018, 2019, and 2020.

Is Your Business Facing a Loss in 2020?

This particular piece of legislation is going to be critical to a lot of businesses who may have had a tax liability last year that they can now get refunded to them.

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