4 03, 2021

SBA Issues New Guidelines for Calculating PPP Loans for Schedule C Taxpayers

By |2021-03-04T16:03:46+00:00March 4th, 2021|Blog, Covid-19|

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 amount using gross income. Prior

3 03, 2021

IRS Issues Updated Guidance for Claiming 2020 Employer Retention Credits

By |2021-03-03T18:12:16+00:00March 3rd, 2021|Blog, Covid-19|

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 future guidance. Background The Taxpayer

16 02, 2021

4 Questions Business Owners Should Consider During the 2020 Tax Season

By |2021-02-16T17:38:25+00:00February 16th, 2021|Blog|

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 again as business owners sit

16 02, 2021

Congress Has Authorized a Second Round of PPP Loans

By |2021-02-16T17:37:39+00:00February 16th, 2021|Blog|

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 location could not have more

16 02, 2021

How Biden’s Rescue Plan Might Impact Your Taxes

By |2021-02-16T17:36:49+00:00February 16th, 2021|Blog|

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 a stretch of the imagination

16 02, 2021

How to Address Rising Tax Problems During COVID-19

By |2021-02-16T17:35:59+00:00February 16th, 2021|Blog|

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 have some tax implications that

16 02, 2021

Finally, The COVID Relief Package Is Law

By |2021-02-16T17:34:51+00:00February 16th, 2021|Blog|

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 omnibus bill, the Consolidated Appropriations

8 02, 2021

Louis Plung & Company Announces New Principal

By |2021-02-08T16:54:51+00:00February 8th, 2021|Blog|

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 a year serving as an

27 01, 2021

Changes to the Employee Retention Credit Greatly Expand Eligibility for Businesses

By |2021-01-27T17:30:33+00:00January 27th, 2021|Blog, Covid-19|

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 to more small business are

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