Navolio & Tallman LLP strives to keep abreast of the latest developments in tax, audit, and accounting. We periodically issue announcements and newsletters to update our clients on important issues.
From the time the Paycheck Protection Program was introduced with the enactment of the CARES Act on March 27, 2020, numerous clarifications, changes, and guidance have been issued by the Small Business Administration. This page consolidates all of our past communications to our clients on the topic and will continue to be updated as more […]
As you may already be aware, last week, the President signed the Consolidated Appropriations Act of 2021, a new stimulus package intended to further extend financial relief to both businesses and individuals. Following are some of the highlights: 1. Deductibility of PPP-Funded Expenses The legislation provides that expenses paid for with proceeds from a PPP […]
Last week, the IRS released guidance (via Notice 2020-39) providing for additional flexibility relating to Qualified Opportunity Zone investments in light of the current pandemic. For your reference, following are the highlights: 180-Day Investment Period Generally taxpayers must reinvest capital gain in a qualified opportunity fund (QOF) within 180 days after the gain is realized […]
The following is a summary of the tax provisions included in the CARES Act that was signed into law on March 27, 2020. BUSINESS TAX PROVISIONS: EMPLOYEE RETENTION CREDIT FOR EMPLOYERS SUBJECT TO CLOSURE DUE TO COVID-19 (SECTION 2301) Eligible employers can claim a refundable payroll tax credit equal to 50% of qualified wages […]