COVID-19 Tax & Business Implications

Status of Temporary COVID Tax Relief Measures after the New Appropriations Act

January 13, 2021

The Consolidated Appropriations Act (CAA) signed into law on December 27, 2020 had an impact on several temporary COVID-19-related federal tax relief measures set to expire on December 31, 2020. This article explains the current status of seven important temporary relief measures and whether the (CAA) extended them. 1. The…

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PPP Loan Changes Included in the New Appropriations Act

January 13, 2021

The Consolidated Appropriations Act (CAA) extends, liberalizes and expands the Paycheck Protection Program (PPP). Originally established by the CARES Act, the PPP expired on August 8, 2020. Now the CAA resurrects it. Here are the most important things small businesses should know from this section of the new law. What’s…

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Finally Trump Signs COVID-19 Relief & Government Funding Bill

December 28, 2020

Uncertainty, turmoil, and speculation as to what might happen if the legislation was not signed into law has come to a welcome halt. Yielding to the pressure from lawmakers of both parties, President Trump signed the COVID-19 relief and government funding bill.  President Trump disagreed with the recovery rebate of…

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Coronavirus Relief Package Finally Arrives

December 24, 2020

THIS RELIEF PACKAGE IS BEING SENT TO PRESIDENT TRUMP TO SIGN BUT HE HAS INDICATED HIS DISPLEASURE WITH THE PACKAGE AND IT IS UNCLEAR AT THIS TIME IF & WHEN HE WILL SIGN THIS LEGISLATION INTO LAW. The $900 billion pandemic relief package (COVID-related Tax Relief Act of 2020 or…

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Webinar Playback: Post-Election Predictions Tax & Estate Planning

December 8, 2020

On December 3, 2020,  we hosted a presentation moderated by Gene Marks, CPA of the Marks Group with panelists Jill Fowler, Esquire of Heckscher Teillon Terrill & Sager, PC, and Mitch Gerstein, CPA of Isdaner & Company, LLC. During the presentation, they discussed the results of the election and its…

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Gerstein Quoted in Philadelphia Inquirer About Coronavirus Relief Money

December 4, 2020

Massive influx of coronavirus-relief money saves jobs throughout Philly region. The findings demonstrate the vital role played by PPP in protecting workers’ livelihoods and keeping the economy afloat in the pandemic’s initial onslaught. Read the full article with a quote from Isdaner & Company.

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Expenses Paid With PPP Is Not Deductible. Read the full article with a quote from Isdaner & Company.

November 25, 2020

The IRS says businesses can’t take advantage around tax time unless their loans are not forgiven. Read the full article with a quote from Isdaner & Company.

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PPP Deduction Clarification

November 19, 2020

The U.S. Treasury Department and Internal Revenue Service (IRS) released guidance recently clarifying the tax treatment of expenses where a Paycheck Protection Program (PPP) loan has not been forgiven by the end of the year the loan was received. Since businesses are not taxed on the proceeds of a forgiven…

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SBA Offers Guidance Regarding PPP Liquidity

November 10, 2020

The Small Business Administration (SBA) recently released two liquidity questionnaires regarding the Paycheck Protection Program (PPP) loans. One questionnaire relates to for-profit PPP borrowers and the other one relates to non-profit borrowers.  These forms are directed toward borrowers with loans in excess of $2 million. These forms ask for various…

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PPP Form 3510 Loan Necessity Non-Profit

November 6, 2020

The purpose of this form is to facilitate the collection of supplemental information that will be used by SBA loan reviewers to evaluate the good-faith certification that you made on your PPP Borrower Application (SBA Form 2483 or Lender’s equivalent form) that economic uncertainty made the loan request necessary. Download…

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