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CORONAVIRUS "COVID-19" TAX RESOURCE CENTER

We're here to provide you with guidance and resources to help you with growing concerns during this uncertain time. DHJJ remains committed to the needs of our clients while keeping health and safety at the forefront of our minds.

Our team is working virtually while our physical office locations are temporarily closed. During this time, clients can utilize our safe and secure ShareFile portal to digitally exchange documents with their tax advisor.

We're continuously monitoring this fluid situation and will provide updates with the latest information and guidance from the Federal government and state governing bodies.

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TAX GUIDANCE & RESOURCES

On March 27, 2020, President Trump signed into law the first COVID-19 relief bill: Coronavirus Aid, Relief, and Economic Security (CARES) Act. The bill provides several elements of relief for businesses, employees, and families to help maintain livelihoods throughout the crisis and after. The expected cost of the bill is nearly $2 trillion and includes nearly $500 billion in economic distress relief for companies.

On December 29, 2020, President Trump signed into law an additional COVOD-19 relief bill. The bill provides an additional $908 billion in relief including stimulus checks, additional unemployment benefits, and payroll protection.

 

TAX ARTICLES

employees wearing masks during pandemic

Consider Employee Retention Credits Before Applying for PPP Loan Forgiveness

Many of you with PPP loans may not know about Employee Retention Credits (ERC). Under the original CARES Act from March 2020, you were not eligible to benefit from both the PPP loan and ERC. The Consolidated… Read more »

New covid-19 relief legislation

New Legislation for COVID-19 Relief December 2020

There is a LOT to be covered within the newest COVID relief legislation. Following is a list of many of the key provisions contained in the Bill approved by the House and Senate and sent to the… Read more »

PPP Updates from IRS and SBA

In the past few days, the IRS and SBA have issued additional guidance. Here are some of the highlights: REVENUE RULING 2020-27: This IRS ruling amplifies IRS Notice 2020-32 and reiterates that taxpayers that received a PPP… Read more »

cpa for businesses

CPA For Businesses: Redefining How Businesses Work with Their CPA

The year 2020 has not been what any of us expected. We were all thrown for a loop in March when COVID-19 upended our workdays, businesses, and social entertainment. Every professional is questioning how they can utilize… Read more »

Restaurant owner with mask on

PPP Loan Forgiveness – News for PPP Borrowers of $50,000 and Below

There has been much anticipation that the SBA would announce some sort of automatic forgiveness for smaller Paycheck Protection Program loan Borrowers. The rumors were put to rest yesterday with the SBA issuing another Interim Final Rule…. Read more »

woman on tablet

Clarification Issued by SBA: PPP Borrowers Get Extended Deferral Period

We’ve been telling our readers since August that there is no rush to apply for forgiveness, and that no payments would be due for 10 months following the end of the borrower’s covered period. Apparently there has… Read more »

paycheck protection program questions

PPP Loan Forgiveness Updates and FAQs

On August 4 and August 11, the SBA posted additional FAQs regarding PPP forgiveness matters. There are a lot of information and some examples included in these FAQs. Below, I attempted to extract the topics that have… Read more »

ppp loan forgiveness

PPP Forgiveness – Wait for it… wait for it…

This seems to be the mantra that we have been preaching for months – and “wait for it” remains the best advice we can give today. The process-in brief The Paycheck Protection Program (PPP) loan forgiveness process… Read more »

PPP forgiveness

PPP Loan Forgiveness–One Step Closer

The much awaited Paycheck Protection Program Loan forgiveness application revision is now available! The current application, issued June 16, 2020, incorporates the many changes and interpretations that have been issued by the Treasury and SBA since the… Read more »

Accounting for Paycheck Protection Program Forgiveness

On Wednesday, June 10, 2020, the AICPA published Technical Questions and Answers (TQA) 3200.18, Borrower Accounting for a Forgivable Loan Received Under the Small Business Administration Paycheck Protection Program providing guidance on the accounting for loan forgiveness… Read more »