COVID-19 Tax & Business Implications

Gerstein quoted in PBJ about why you should wait before filing for PPP loan forgiveness.

October 14, 2020

PPP loan forgiveness: 3 reasons local experts say you should wait before filing   By Jeff Blumenthal Reporter, Philadelphia Business Journal   Two local accountants are still urging their clients to wait before filing for Paycheck Protection Program forgiveness despite the Small Business Administration releasing a much-anticipated, streamlined application last week…

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Update: SBA & Treasury Announce Simpler PPP Loan Forgiveness for Loans of $50,000 or Less

October 12, 2020

The updates keep coming!  The Small Business Administration (SBA) in consultation with the Treasury Department released a simpler loan forgiveness application for Paycheck Protection Program (PPP) loans of $50,000 or less. A new interim rule (IFR) also provides guidance relating to forgiveness and loan review processes for loans under $50,000.…

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Update: Ownership Change Obligations for PPP Loans

October 7, 2020

The Small Business Administration (SBA) has issued a new notice relating to the Paycheck Protection Program (PPP) loans and change of ownership transaction of a business (borrower). The notice specifies when a change of ownership is considered to have occurred and the responsibilities a PPP borrower continues to have regardless…

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What you need and resources for your PPP Loan Forgiveness Application

September 16, 2020

We are heading into the last quarter of 2020, which should come as some relief for everyone.  This whirlwind of a year has brought unparalleled change and uncertainty into all our lives as a result of the novel coronavirus, COVID-19. As we seek a return to normalcy, we must deal…

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PPP Loans hide a hidden kicker: A Big Tax Bill

September 16, 2020

PPP Loans hide a hidden kicker: A Big Tax Bill – September 16, 2020 Mitch Gerstein is quoted in the Philadelphia Inquirer article by Gene Marks.

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IRS Issues Payroll Tax Deferral Guidance

September 2, 2020

On August 28, the IRS issued guidance that provides some explanation of how employers can defer withholding and remitting an employee’s share of Social Security tax when wages are below a certain amount. The guidance in Notice 2020-65 was issued to implement President Trump’s executive order signed in early August.…

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FEMA AID: No word on when PA, NJ residents to get stopgap funds

August 27, 2020

Mitch Gerstein quoted in Philadelphia Inquirer reporter Erin Arvedlund’s article FEMA AID: No word on when PA, NJ residents to get stopgap funds

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New PPP Loan Forgiveness Guidance Released: Owner-Employee Compensation & Rent-Related Costs

August 26, 2020

On Monday, the Small Business Administration (SBA) and Treasury issued an interim rule relating to Paycheck Protection Program (PPP) forgiveness issues. The purpose of this interim final rule is to provide additional guidance concerning the ownership percentage that triggers the applicability of the owner-employee compensation rule for forgiveness purposes and…

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Backlogged IRS results in long delays for taxpayers

August 18, 2020

Due to the pandemic, the IRS is experiencing staff shortages and other issues. As a result, there have been delays in processing payments sent to the IRS for some types of returns, resulting in the IRS sending erroneous notices and in some cases, returning the timely sent checks. We have heard…

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Mitch Gerstein quoted in article by Jeff Blumenthal about PPP forgiveness questions still need more answers.

July 28, 2020

PPP forgiveness questions still plague lenders, borrowers — and there’s not always answers

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