The Louis Plung Blog
Find out about the latest news and trends …
SBA Issues New Guidelines for Calculating PPP Loans for Schedule C Taxpayers
On March 3, 2021, the SBA issued a new interim rule making changes to the PPP loan calculation methodology for IRS Form 1040, Schedule C (“Schedule C”) taxpayers. This change will allow qualifying Schedule C taxpayers (which includes independent contractors, sole proprietors, and self-employed individuals) to calculate their maximum loan
IRS Issues Updated Guidance for Claiming 2020 Employer Retention Credits
On March 1, 2021, the IRS issued Notice 2021-20 “Guidance for Employers Claiming Employee Retention Credit Against Payroll Tax for 2020”. This guidance does not address changes made to the employer retention credits (“ERC”) for qualified wages paid after December 31, 2020. The IRS will address 2021 credits in
4 Questions Business Owners Should Consider During the 2020 Tax Season
As if 2020 wasn’t challenging enough, this season’s tax-filing is going to be even more complicated than usual. Though the CARES Act and the Paycheck Protection Program were put into place to help small businesses, the old adage about “no such thing as a free lunch” is proving true once
Congress Has Authorized a Second Round of PPP Loans
Congress passed, and President Trump signed, the Consolidated Appropriations Act, 2021. Included in its approximately 5,600 pages is a second draw of forgivable Paycheck Protection Program (PPP) loans. The first round allowed loans to businesses with 500 or fewer employees and to certain businesses with multiple locations, for which each
How Biden’s Rescue Plan Might Impact Your Taxes
President Biden released his “American Rescue Plan” on January 14. It is a wish list of proposals he wants Congress to enact to address the COVID-19 pandemic and associated economic crisis. While some of the proposals are intended to be in effect for just one year, it isn’t too great
How to Address Rising Tax Problems During COVID-19
COVID-19 has caused the death of over 300,000 people. There have been nearly 19 million reported cases in the United States. COVID-19 has touched nearly every aspect of the lives of every American. It has even affected finances for most Americans as well, creating waves of economic stress. It will
Finally, The COVID Relief Package Is Law
After several months of the Republicans and Democrats not being able to agree on additional COVID-related tax relief and other matters, as 2020 was coming to an end, horses were traded, and deals were made so that Congress could put together the much-needed legislation. The result is a nearly 5,600-page
Louis Plung & Company Announces New Principal
PITTSBURGH, PA – The Pittsburgh accounting and consulting firm Louis Plung & Company (LPC) is pleased to announce that Kevin Wilkes, JD has been promoted to principal. Wilkes joined the firm in 2020, bringing with him 12 years of experience in mergers and acquisitions tax and tax consulting. He spent
Changes to the Employee Retention Credit Greatly Expand Eligibility for Businesses
The recently passed Consolidated Appropriations Act (“CAA”) contains retroactive changes and expansions to the Employee Retention Credits (“ERC”) that make these previously underutilized tax credits now potentially very lucrative for many small businesses. As explained in more detail below, three main retroactive changes in the CAA making the ERC applicable
SBA Announces Application Dates for Second Round of PPP Loans
The SBA will open the application window for PPP loans from all lenders starting at 9 a.m. EST on Tuesday, January 19th. All borrowers seeking either a first or second-draw PPP loan are will be eligible to apply at that time. Small lenders with under $1 billion in assets will
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