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The IRS has released a graphic that gives information regarding the Employee Retention Credit. To view the IRS graphic, click here.

The SBA and the Treasury Department recently clarified that partial loan forgiveness will be available even if less than 60% of the funds are spent on payroll costs. Read more in this AICPA article here.

  We are sad to hear about the passing of William “Bill” Laukhuf, on June 5, 2020.  Bill founded our Van Wert office in 1968, where he worked until 2013, when he retired.  His 45 years of service to our firm, clients, community and co-workers will not be forgotten.  His high moral standards, commitment to

On June 3, 2020 the U.S. Senate passed the Paycheck Protection Flexibility Act, which extends the time allotted for Paycheck Protection Program (PPP) borrowers to spend their PPP funds and still qualify for forgiveness of the loans. The new legislation also changes the amount of the PPP funds required to be spent on payroll from

There is some confusion over the amount that self-employed individuals are supposed to be paying themselves from the Paycheck Protection Loan.  The Interim Final Rules from the SBA say that the compensation to the sole proprietor filing on a Schedule C or Schedule F is the 2019 net income divided by 52 and then paid

According to an IRS FAQ regarding CARES Act questions, employers who received PPP funds can defer Social Security tax payments until they are notified of the PPP forgiveness (See FAQ #4 in the link below). Once the PPP loan forgiveness is confirmed, the PPP borrower can no longer defer any future Social Security tax payments,

Last Friday, the Small Business Administration (SBA) and the Department of the Treasury released the Paycheck Protection Program (PPP) Forgiveness Application along with instructions for PPP borrowers. The instructions give guidance on the PPP forgiveness calculation for borrowers on how to apply for forgiveness of their PPP loans. We recommend that you review the instructions

According to guidance released by the SBA regarding PPP loans, the SBA will assume that any business who received a PPP loan of less than $2 million requested it in good faith and will not subject it to review. PPP loans in excess of $2 million will still be subject to review by the SBA

The IRS posted a News Release which explained why the amount of Economic Impact Payment could be different than anticipated for some taxpayers. To read the factors that could affect the Economic Impact Payment amount, click here.

The SBA recently announced that they will accept applications for Economic Injury Disaster Loans (EIDL) from those in agricultural businesses.