COVID-19 Tax & Business Implications

Deferment Period for EIDL Payments Extended for Third Time

March 23, 2022

There is good news for small businesses and nonprofits that received Economic Injury Disaster Loan (EIDL) funds. The U.S. Small Business Administration (SBA) has extended the deferment period for COVID-19 EIDL payments for the third time in 12 months. The extension is effective for all COVID-19 EIDL funds approved in…

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SBA Streamlines Forgiveness of Smaller PPP Loans

August 11, 2021

The Small Business Administration (SBA) has released new guidance intended to expedite the forgiveness process for certain borrowers under the Paycheck Protection Program (PPP). The simplified process generally is available for loans of $150,000 or less, which the SBA reports account for 93% of outstanding PPP loans. The guidance comes…

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PPP Forgiveness & Repayment: What Businesses Need to Know Now

July 28, 2021

A critical deadline is approaching for many of the businesses that have received loans under the Paycheck Protection Program (PPP), which was created in March 2020 by the CARES Act. If these borrowers don’t take action before the deadline expires, their loans will become standard loans, and the borrowers could…

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Here come the child tax credit payments: What you need to know.

July 8, 2021

The first advance payments under the temporarily expanded child tax credit (CTC) will begin to arrive for nearly 39 million households in mid-July 2021 — unless, that is, they opt-out. Most eligible families won’t need to do anything to receive the payments, but you need to understand the implications and…

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Is Your PPP Loan Forgiveness Deadline Fast Approaching?

June 21, 2021

More than 30% of borrowers of Paycheck Protection Program (PPP) loans in 2020 have not submitted for loan forgiveness. PPP loan borrowers may submit a loan forgiveness application any time before the loan maturity date. This maturity date would be either two or five years from the loan date depending…

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Gerstein Quoted About PPP Loans in Philadelphia Inquirer

June 17, 2021

Mitch Gerstein, CPA, was quoted in the June 17, 2021, Small Business section of the Philadelphia Inquirer regarding PPP loans for small business owners. Mitch Gerstein, a senior tax adviser at Isdaner & Company in Bala Cynwyd, agrees that focusing just on the ERTC and not paying down their PPP…

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Is your small business is eligible for the Employee Retention Tax Credit (“ERTC”)?

June 17, 2021

If you are eligible, this tax credit could be even more lucrative for your small business than the Paycheck Protection Program (“PPP”) loans.  Plus, you may be eligible even if you received a PPP loan! Consider these questions: Was your business fully or partially closed during 2020 due to governmental…

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Many Parents Will Receive Advance Child Tax Credit Payments beginning July 15

May 26, 2021

Eligible parents will soon begin receiving payments from the federal government. The IRS announced that the 2021 advance child tax credit (CTC) payments, which were created in the American Rescue Plan Act (ARPA), will begin being made on July 15, 2021. How have child tax credits changed? The ARPA temporarily…

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IRS Provides Guidance On Temporary 100% Expense Deduction For Meals

April 26, 2021

Good news for restaurants and business owners – temporary 100% deduction of restaurant meals! The IRS recently released guidance addressing when the temporary 100% deduction for restaurant meals is available and when the 50% limitation on the deduction for food and beverages continues to apply for IRC 274 purposes (Notice…

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Mitch Gerstein quoted in Philadelphia Inquirer Article – Tax Season Questions

March 30, 2021

Mitch Gerstein’s quote appeared in the March 30, Philadelphia Inquirer article “Didn’t get $1,400 stimulus checks? Took money from retirement accounts? Q&A with readers.” Read the full article.

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