NEWS
Pandemic Planning: Tax Savvy Moves to Consider Now
It’s hard to believe we are already over half-way through 2020. Challenged with the COVID-19 crisis we have faced the unexpected, unanticipated, and unimaginable. Navigating this pandemic has caused us all to think differently and more strategically about all aspects...
Required Minimum Distributions (RMDs): August 31 is the Deadline to Roll Funds Back Into Your IRA
You may recall the CARES Act suspended RMDs for 2020. The IRS reminds taxpayers who took RMDs at any point in 2020 prior to the passage of the CARES Act that you may roll the funds back into your IRA by August 31, 2020, as the normal 60-day window for these rollovers...
NEW PPP Loan Forgiveness Guidance
NEW Paycheck Protection Program (PPP) Loan Forgiveness Guidance A new interim final rule was released last night addressing several issues related to the qualification of certain expenses for PPP loan forgiveness. The first provision of the new rule provides that the...
IRS Notices: What You Need to Know
Did you receive a notice from the IRS advising you that you owe money for your 2019 tax return? Had you already paid the amount being requested? Unfortunately you are not alone. The IRS is currently working through an enormous backlog of mail due to the Coronavirus...
How the Executive Order to Defer Payroll Taxes Impacts Employers and Employees
After Congress failed to act with additional economic relief legislation, the President issued four executive orders this past weekend. The most significant order provides for a deferral of payroll taxes. The remaining three orders address increased unemployment...
Pennsylvania Department of Community and Economic Development (DCED) Establishes “COVID-19 PA Hazard Pay Grant Program”
The Pennsylvania Department of Community and Economic Development (DCED) has established the “COVID-19 PA Hazard Pay Grant Program” which has been designed to assist employers in paying additional hazard pay to life-sustaining business “front-line workers” during the...
Facing Our Challenges Together
Dear Clients and Friends, Our lives begin to end the day we become silent about things that matter.* The tragic and senseless death of George Floyd has served as a flashpoint across the nation and brought to the forefront the racism, violence and fear members of our...
Paycheck Protection Program (PPP) Extended
The Paycheck Protection Program resumed accepting applications after passage of the Paycheck Protection Program Extension Act. This new Act re-opened the application window for new loans until August 8. You may recall the previous deadline to apply was June 30. The...
COVID-19 Relief Pennsylvania Statewide Small Business Assistance
Governor Wolf recently announced a relief package for Pennsylvania small businesses. The COVID-19 Relief Pennsylvania Statewide Small Business Assistance program will provide grants ranging between $5,000 and $50,000 to small businesses that have been economically...
U.S. Treasury Releases NEW Paycheck Protection Program (PPP) Loan Forgiveness Applications
Earlier this week, the Treasury Department released a new Paycheck Protection Program (PPP) Loan Forgiveness Application. You can access the application here and the related filing instructions here. The revision was necessary to take into account the changes made to...
