State tax collections have nosedived as much as 50 percent in the fallout of the coronavirus pandemic. All states, without question, will face significant fiscal challenges as a result of the COVID-19 pandemic. However, as [...]
In addition to providing economic relief to individuals and loans to businesses struggling during the coronavirus crisis, the Coronavirus Aid, Relief, and Economic Security (CARES) Act changed some tax provisions to ensure firms survive a [...]
The Paycheck Protection Program Flexibility Act (HR 7010) was signed into law on June 5, 2020. We thought it would be helpful to share what we have gleaned from the bill so that you can [...]
The team at Sousa & Weber have had several inquiries related to employee layoffs and rehires with respect to the Paycheck Protection Program (PPP). Some employers are finding it difficult to get hourly employees to [...]
The IRS has issued new guidance related to the accounting for PPP loans in Notice 2020-32. The IRS’ position is that while loan forgiveness is excluded from gross income, the expenses that resulted in qualification [...]
As you may be aware, Congress has enacted the Families First Coronavirus Response Act to provide relief for employees and employers during the conditions occasioned by COVID-19. The FFCRA will be effective from 4/1/2020 to [...]
The CARES Act of 2020 provides assistance to small businesses impacted by COVID-19. In addition, the Families First Coronavirus Response Act (FFCRA) of 2020 imposes a mandate on many small businesses to provide paid sick [...]
Just a reminder that the Federal income tax filing deadline for 2019 individual and business income tax returns has been automatically extended from April 15, 2020, to July 15, 2020. Taxpayers can also defer Federal income tax [...]
Sousa & Weber is continually monitoring, reviewing and managing our response to the evolving COVID-19 situation. Ongoing reviews include managing the current and potential impacts on our people, client services, office locations and operations. Due [...]
Great news for business owners in California: As of January 28, 2020, the Franchise Tax Board’s Office of Tax Appeals (OTA) denied the appeal of Sharon Mitchell case that would prevent “drop and swap” exchanges. [...]
