Tax Information

On April 30th, the IRS released guidance announcing that expenses related to Paycheck Protection Program (PPP) forgivable loans will not be tax-deductible. The PPP was originally created as part of the CARES Act, a $2.2 trillion coronavirus relief bill. The program provides low-interest loans to small businesses that will be forgivable as long as the…

In the face of the global pandemic and the subsequent economic crisis it has spurred, the federal government has taken several steps to protect small business owners. One of the most notable of these steps is the offering of Paycheck Protection Program (PPP) loans, which are being trumpeted as forgivable loans. Though the loans are indeed…

The North Carolina Department of Revenue confirmed they will not charge interest between now and July 15th on balances related to the 2019 tax year. The exact wording from the notice is below. Please note that the interest waiver does not apply to balances related to tax years prior to 2019. Those balances will continue…

Article Highlights: Economic Impact Payments What Rebates Are Based Upon Non-Filers Get My Payment Auto-Deposit and Addresses Family Makeup & Income IRS Q&A The IRS has finally started making those much anticipated Economic Impact Payments, aka “Recovery Rebates.”  However, not everyone who was expecting one has received theirs, and some may not be the amount…

United States Small Business Administration (SBA) Paycheck Protection Program – Small and midsize employers (generally those with 500 or fewer employees), sole proprietors, independent contractors, self-employed individuals and gig workers are eligible for the Paycheck Protection Program. If eligible you can borrow two and a half times your average monthly payroll expense up to a…

Due to the Coronavirus the IRS moved the filing deadline for individual tax returns from April 15th to July 15th. To our clients that already dropped of tax documents, we will continue to work diligently to prepare your tax returns as quickly as possible and will keep you informed of the progress. We are experiencing…

Due to concerns over the Coronavirus, the IRS extended the deadline to pay individual income taxes related to the 2019 tax year by three months. Normally these taxes are due April 15th however this year the deadline has changed to July 15th. Please note that tax returns are still due on April 15th, so if you…