Payroll Tax Deferral: Updated Guidance

The IRS recently posted guidance on how to report the deferral of withholding, depositing, and paying of certain payroll tax obligations, as authorized by the Aug. 8, 2020, presidential memorandum directing Treasury to defer taxes under Sec. 7508A. The IRS has also updated Form 941, Employer’s Quarterly Federal Tax Return, to allow for reporting the […]

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SBA issues new questionnaire for larger PPP borrowers

The Small Business Administration (SBA) has begun issuing loan necessity questionnaires to Paycheck Protection Program (PPP) borrowers with loans over $2 million. SBA will use the questionnaire as they review PPP borrower’s good-faith certifications. There are two versions of the questionnaire, one for-profit borrowers, and one for non-profit borrowers. After a borrower’s lender has submitted […]

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New business? It’s a good time to start a retirement plan

If you recently launched a business, you may want to set up a tax-favored retirement plan for yourself and your employees. There are several types of qualified plans that are eligible for these tax advantages: A current deduction from income to the employer for contributions to the plan, Tax-free buildup of the value of plan […]

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