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IRS Clarifies Deductibility and Timing of Payroll Protection Program Funded Expenses
On November 25, 2020, the IRS released a revenue ruling clarifying its stance on the Paycheck Protection Program (PPP) loan forgiveness...
2 min read
What the Payroll Tax Deferral Means for You and Your Employees
An executive order was issued to allow deferral of the collection and remittance of the social security tax payroll checks for employees.
2 min read
Business Depreciation (What Is It and How Can It Improve Cash Flow?)
Did you know that you can take a tax deduction for 100% of your equipment’s cost in the year you buy it using bonus depreciation and/or...
4 min read
Illinois Introduces Tax Credit to Offset the Increased Minimum Wage
On January 1, 2020, the IL minimum wage increased from $8.25 to $9.25 per hour. A second increase, to $10.00 per hour, begins on July 1,...
2 min read
Changes to the Paycheck Protection Program
Last week, the President signed into law the Paycheck Protection Program Flexibility Act (PPPFA) relaxing the rules regarding the use of...
2 min read
Lease Modifications – Understanding the Implications to Your Financial Reporting
It’s important to understand that any changes to your current lease agreements may have implications on your financial reporting under gener
2 min read
