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