With the signing of the new stimulus package there are many key takeaways that you must be aware of:
Payroll Protection Program
There is an additional $284 Billion of funding for the PPP program. Within that line-item there is a specific earmark set aside for businesses with less than 10 employees. The $284 Billion is for both first time borrowers and borrowers seeking a second loan.
We want to take this moment to update you on a few new rulings our friends at the IRS have implemented.
First, please note that any funds forgiven from your PPP loans will be treated as taxable income. Yes, I am saying this correctly.
The IRS has added a new wrinkle to the Small Business Administration's Paycheck Protection Program. The new guidance, issued Nov. 18,
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At Interactive Accountants, we have one primary goal. We help you minimize your taxes and measure your success. Throughout the years, we’ve helped hundreds of entrepreneurs by taking accounting matters off their plate, providing stellar ongoing tax advice and amazing customer support.
