WE'RE HERE TO HELP

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.

SIGN-UP FOR COVID-19 TAX UPDATES

TAX GUIDANCE & RESOURCES

On March 27, 2020, President Trump signed into law the latest 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.

TAX ARTICLES

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 »

paycheck protection program questions

Paycheck Protection Program Flexibility Act

Last night, on June 3, 2020, the Senate passed a bill which was passed in the House last week to provide flexibility for the Paycheck Protection Program. It is expected the President will sign the Bill.This Bill… Read more »

paycheck protection program questions and answers

May 27 Update on PPP Loan Forgiveness: DHJJ Urges Caution at This Time

For our readers who are closely following developments in PPP Loan forgiveness, we offer a brief update. Officially the most recent updates were on May 22 when two Interim Final Rules (IFRs) were released providing additional guidance… Read more »

paycheck protection program questions

Paycheck Protection Program – Income Tax Treatment Clarified

Slowly the details of the Paycheck Protection Program (PPP) Loan program are coming into focus. The most recent clarification has come from the Internal Revenue Service in IRS Notice 2020-32. The IRS stated eligible expenses the business… Read more »

remote seller sales tax - road and horizon

Required Minimum Distributions Provisions in the CARES Act

The Coronavirus Aid, Relief, and Economic Security (CARES) Act provides for a variety of measures to aid the economy but also to protect retirees. One provision allows retirees to forgo taking RMD’s in 2020. RMD amounts are… Read more »

paycheck protection program questions and answers

Paycheck Protection Program Questions and Answers

When the Paycheck Protection Program launched Friday, April 3, there were still many questions on how to determine the loan amount, especially surrounding the payroll calculations. As of Tuesday, April 7, more guidance came out from the… Read more »

Cares Act Overview

CARES Act Overview: The Impact on Taxpayers and Businesses

On March 27, 2020, President Trump signed into law the latest COVID-19 relief bill: Coronavirus Aid, Relief, and Economic Security (CARES) Act. The bill brings with it several elements of relief for businesses, employees, and families in… Read more »

SBA Loans Under The Cares Act

Small Business Administration (SBA) Loans Under the CARES Act

SBA 7(a) Loans under the CARES Act-Paycheck Protection Program (PPP) The purpose is to incentivize small businesses to maintain their workforce and rehire workers who were laid-off due to COVID-19 interruptions. View the Paycheck Protection Program details… Read more »

Cares signed into law.

Key Tax Implications for Individuals in The CARES Act

Key Updates for Friday, March 27: The “Coronavirus Aid, Relief, and Economic Security Act” (the CARES Act) has been signed into law by President Trump after passing the House of Representatives on Friday, March 27, after passing… Read more »