On Sunday December 27, 2020 President Trump signed the Consolidated Appropriations Act, 2021 (CAA, 2021). The act contains many individual, business, payroll, disaster, and energy-related provisions, as well as tax extenders. The Consolidated Appropriations Act, 2021 includes the COVID-Related Tax Relief Act of 2020 (COVIDTRA) and the Taxpayer Certainty and Disaster Tax Relief Act of
As many of you are aware the Consolidated Appropriations Act of 2021 (CAA), all 5500 pages, had additional COVID stimulus included in the bill. Besides additional relief, mainly additional Paycheck Protection Program (PPP) funding, the bill also corrected a number of problems in the initial PPP encountered by borrowers. Below are highlights for business clients.
As we head into the weekend there is continued pressure for Congress to pass another relief bill. Current negotiations on the Emergency Coronavirus Relief Act of 2020 appear to be getting closer to passage. Major components of this relief include another round of Paycheck Protection Program (PPP). While this legislation is still being negotiated the
As we approach year end for many of you, tax planning still has some uncertainties. Many business clients received financial assistance through the Paycheck Protection Program (PPP). The PPP is essentially a government loan that can be forgiven if the proceeds are used to pay certain qualifying expenses, mainly compensation to employees. There has been
cHb Clients, As most of you know, in January 2020 cHb acquired Advanced Tax Strategies, PC (ATS). We have added Mike Sommers and Bill Steinhart to our team; two very strong resources in the tax area. Mike was the sole-owner of ATS and has been practicing as a CPA for over 35 years. He specializes
Now that we are past the initial shock of COVID-19 and the first wave of relief we wanted to circle back and follow-up with you on some items that might require action on your behalf. On June 5, 2020 the Paycheck Protection Program Flexibility Act (PPPF) was signed into law, which will provide more loan
The Paycheck Protection Program (PPP) has been touted as relief for small businesses, giving small businesses cash to survive during this unprecedented time. The program features a component of forgiveness for payroll costs paid within eight weeks of funding. The program is clear that this forgiveness will not be taxable to the borrower. While the
On Friday, March 27, 2020, the President signed phase three of the COVID-19 relief acts, also known as the CARES Act , in order to assist Americans with the current pandemic. The CARES Act provides much needed stimulus to small businesses, families, individuals, and hospitals in response to the economic distress caused by COVID-19. The CARES Act provides
We are facing together an unprecedented event that none of us have seen in our lifetime as a result of the COVID-19 Pandemic. Let’s rest assured we will survive this and be better for it. Many of us are already seeing new ways to do business that we did not previously consider. Depending on your
We recognize that with the constantly changing COVID 19 situation, this is an unprecedented time for everyone. The team at cHb Advisors is here to help navigate you through these difficult times. We are working diligently to gather and disseminate valuable information for your business. Please monitor your inbox tomorrow, Thursday, March 26, 2020 for
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