MRPR Blog

American Rescue Plan Provides Additional Tax Benefits

Posted by MRPR on Mar 12, 2021 2:12:22 PM

 

On Thursday March 11, 2021 President Biden signed the American Rescue Plan Act of 2021, H.R. 1319. This is the third major relief package to help Americans who are struggling with losses and setbacks from COVID-19 related government lockdowns and countermeasures.

Following the $1.7 million Coronavirus Aid, Relief, and Economic Security Act (CARES) of March 2020, and the $900 billion Consolidated Appropriations Act (CAA) of December 2020, the $1.9 trillion American Rescue Plan Act “the Act” provides several tax benefits for individuals and businesses alike.

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Topics: Tax Topics, News, COVID-19 Updates

SBA Opens Second Round of PPP Applications

Posted by MRPR on Jan 12, 2021 12:14:05 PM

On Saturday, January 9th the Treasury and the SBA released new PPP guidance and application forms. The new guidance includes overviews of the First and Second PPP draws and the Revised PPP1-Borrower-Application-Form and Second-Draw-Borrower-Application-Form.

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Topics: Business Planning & Operations, News, COVID-19 Updates

Consolidated Appropriations Act of 2021 Offers Help to Businesses and Individuals

Posted by MRPR on Dec 22, 2020 7:00:00 PM

Christmas came early this year! As part of the Consolidated Appropriations Act of 2021, Congress has passed a stimulus package (“COVID-related Tax Relief Act of 2020”) that has provided a variety of useful provisions and clarifications for individual and business taxpayers alike. While not as comprehensive as the CARES Act passed earlier this year, it provides much-needed aid.

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Topics: News, COVID-19 Updates

Large SBA Loans Require SBA Form 3509

Posted by Denise Thompson, CPA on Dec 16, 2020 2:02:20 PM

Under the Paycheck Protection Program (PPP), borrowers who received a PPP loan in excess of $2 million, whether from a single loan or the combined total (together with affiliates), have known for a while that their loans would receive increased attention from the Small Business Administration (SBA). To that end, the SBA Form 3509 must be submitted for loan amounts of $2 million or greater.

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Topics: Accounting Hot Topics, News, COVID-19 Updates

Michigan Small Businesses Get $15K From Relief Initiative

Posted by Greg Zink on Dec 7, 2020 10:50:52 AM

On November 30th, the MEDC announced that the Michigan Strategic Fund approved the funding of up to $10 million to assist small businesses disproportionately impacted by COVID -19. The “Pure Michigan Small Business Relief Initiative” will utilize Federal CARES Act monies to award up to $15,000 each to Michigan small businesses.

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Topics: News, COVID-19 Updates

IRS Issues PPP Loan Taxability Guidance

Posted by Louis DiSarno, CPA on Nov 20, 2020 2:33:43 PM

There has been considerable confusion regarding how expenses are to be treated for our clients who have received Paycheck Protection Program (PPP) loans, which are eligible for forgiveness under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act).

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Topics: Accounting Hot Topics, COVID-19 Updates

Back to School: FFCRA Q&A

Posted by Amy Rohlman on Sep 25, 2020 10:00:00 AM

The DOL has released additional Q&As, while updating others, in order to provide further guidance and clarification under the FFCRA as it relates to 1) schools back in session, and 2) New York court decisions regarding the Act. Being armed with the latest information will help make planning more productive and conversations more supportive within your organization.

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Topics: Accounting Hot Topics, COVID-19 Updates

PPP Forgiveness Update

Posted by Lyndi Smith on Sep 15, 2020 12:00:00 PM

The SBA released an Interim Final Rule for the Paycheck Protection Program (PPP) on August 24th, 2020. The rule creates forgiveness limitations and/or clarification on limitations in three areas. The full IFR goes into full detail of the treatment of owners and forgiveness of certain non-payroll costs.

Here are the key highlights to help you stay updated.

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Topics: Accounting Hot Topics, COVID-19 Updates

CARES Act Update: Retirement Plan Distribution Relief

Posted by Angela Mastroionni CPA on Aug 5, 2020 7:45:00 AM

The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) was enacted on March 27, 2020. Since then, the IRS has issued several Notices with additional information and guidance related to the CARES Act including the tax rules applicable to employer-sponsored qualified retirement plans and individual retirement accounts (IRAs). Individuals and plan sponsors should be aware of these key provisions. Here are the highlights...

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Topics: Accounting Hot Topics, COVID-19 Updates

New Tax From 941 due July 31, 2020

Posted by Becky Amo on Jul 30, 2020 2:15:00 PM

The IRS has revised Form 941 beginning with the filing of the 2nd Quarter of 2020, in conjunction with reporting the various Covid-19 tax credits and deductions. Please use this as a reference to assist in reviewing the information that has been filed on Form 941 by your company or your payroll provider.

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Topics: Accounting Hot Topics, COVID-19 Updates