Loans under the Payroll Protection Program (PPP) are eligible for forgiveness depending upon whether and when the loan proceeds are used for qualified business expenses. One of the benefits of this program is that there is no taxable income for the borrower upon loan forgiveness. While many borro...
When a target employer, before an equity acquisition, either (1) fully satisfies its PPP loan in accordance with Section 1 of theSmall Business Administration’s October 2, 2020 notice(via repayment or forgiveness in full); or (2) submits a forgiveness application and establishes an escrow acc...
In addition, a business cannot claim the ERC on wages that it reported as payroll costs when it applied for Paycheck Protection Program (PPP) loan forgiveness or it was used to claim certain other tax credits. Also, a business must reduce the wage deductions claimed on its federal income tax...
If you need assistance navigating the Fresh Start Tax Program or your application has been denied, consider seeking professional help from a tax relief company. A tax relief company can provide you with the necessary assistance and guidance to help you with the application process, payment plans,...
You must be a plan administrator with filing duties under Title 1 of ERISA and provide adequate notice to the DOL that employer guide IRS Form 5500 has not yet been filed to be eligible for penalty forgiveness under the DFVCP. If you operate a private sector employee benefits plan that was...
The Paycheck Protection Program offers an alluring loan of up to $10M tax free. If you comply, you don’t even have to pay it back. What’s more, there is no forgiveness of debt income when your loan is forgiven, something that is standard fare if you are relieved of paying back deb...