6 results for tag: Paycheck Protection Program

Loophole: Harvest Tax Losses on Bitcoin and other Cryptocurrency

Parts of this article are published with permission from Bradford Tax Institute, © 2021 Daniel Morris, Morris + D’Angelo You are not cheating when and if you use a loophole. The dictionary defines “Loophole” as a means of escape ... it’s a small opening to admit light and air or to permit observation. When it comes to tax losses on Bitcoin and other cryptocurrencies, you’ll find in this article an escape from a tax-loss rule that does not allow you to deduct a tax loss. Yes, you read that right! The tax code has rules that don’t allow current deductions for tax losses. Background In past articles, I may have explained the ...

Don’t Miss Out on the Employee Retention Credit

Parts of this article are published with permission from Bradford Tax Institute, © 2021 Daniel Morris, Morris + D’Angelo Since the start of all the challenges that the COVID-19 pandemic brought to us with all of its mandates, many inconveniences, and I’m sure business anxiety, one thing is for sure; that your U.S. Government does not want your small business to fail. The U.S. Federal Government wants your small business to survive and likely thrive. Since COVID-19 struck, the government has created free and/or easy money in the form of tax credits and loans that are forgiven. The Employee Retention Credit (ERC) is one such perk for your ...

New Laws—COVID-19-Related Government Grants: Taxable or Not?

In an effort to stave off economic devastation caused by the COVID-19 pandemic, billions of dollars in grants are being handed out to individuals and businesses by the federal government. State and local governments are participating as well.

Round 2: Additional Tax-Free PPP Money for You?

Is it “Tax-Free Money” or is it a “Loan” Did you receive money from a lender under the existing Paycheck Protection Program (PPP)? If so, you may qualify for more tax-free money. But first, let’s clarify what’s happening. When you think of the PPP program, do you think “Tax-Free Money” or do you think “Loan”?

Good News: There are New Paycheck Protection Program (PPP) Forgiveness Rules for Past, Current, and New PPP Money

The new Paycheck Protection Program (PPP) law enacted with the recent stimulus package adds dollars to your pockets if you have or had PPP money. If you are going to apply for PPP money for the first time, the favorable rules in this article apply to your newfound tax-free money.

2020 Last-Minute Year-End Medical Plan Strategies

All small-business owners with one to 49 employees should have a medical plan in their business. Sure, the tax law does not require you to have a plan, but you should. Most of the tax rules that apply to medical plans are straightforward when you have fewer than 50 employees. Here are the six opportunities for you to consider: If you did not obtain a Paycheck Protection Program (PPP) loan, then you should make sure to claim the federal tax credit equal to 100 percent of required emergency sick leave and emergency family leave payments made pursuant to the Families First Coronavirus Response Act (FFCRA). And as long as you are doing ...