Huge news yesterday for all of us swimming in the PPP pool. Yesterday, the Senate passed H.R. 7010 that will bring forth dramatic changes to the PPP. This legislation now sits on the desk of the President for his signature. Specific language and additional guidance have yet to be released but the high points of H.R. 7010 are […]
How to Make Virginia Extension Payments Online
Reminder – your 2019 Virginia tax due and 2020 1st quarter estimated payments are due Monday, June 1st. Please do not forget to submit your payments, as Virginia delayed payments to only June 1st and not to July 15th, as many other states and the IRS did. For assistance, click here.
New Guidance Regarding Your PPP Loan and Certifying Necessity
The US Treasury issued new guidance via question and answer on May 13, 2020 regarding how the SBA will deal with the good-faith certification concerning the necessity of applicant loans. Direct from their answer is the following when addressing PPP loans under $2 million, “Any borrow that, together with its affiliates, received PPP loans with […]
Flexibility with Retirement Plan Assets and Charitable Giving Among CARES Act Changes
In addition to the recovery rebates provided to individuals, supplemental unemployment benefits and payroll assistance given to small businesses, the third coronavirus relief package, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) provided other important tax relief to individual taxpayers. No 10% additional tax for coronavirus-related retirement plan distributions Typically, a distribution from a qualified […]
Federal COVID-19 Resources
Employees May Defer Social Security Taxes September 22, 2020 Recent Treasury guidance permitting employers to defer employee Social Security taxes has been widely reported in the media. READ MORE Flexibility with Retirement Plan Assets and Charitable Giving Among CARES Act Changes April 28, 2020 In addition to the recovery rebates provided to individuals, supplemental unemployment benefits and payroll […]
Paycheck Protection Program Forgiveness FAQs
Paycheck Protection Program- Next Steps- Loan Forgiveness
We’re happy to hear that many of our clients have secured their Paycheck Protection Program funds. It sounds like approvals are coming in hourly. Inevitably, the next question is likely – what now? Here is what we know as of April 9, 2020. From the day the loan funds are made available to you, the “covered […]
Preparation for the Payroll Protection Program
Ten days ago, MUAC began reading and interpreting the Cares Act that was signed into law on Friday. Over the past seven days, we developed a task force to assist clients with each section of the Act and have been daily in contact with banks in our community to ensure the process can be as […]
Protecting Cash Flow
The impacts of the virus haven’t effected all industries equally to this point. Certainly consumer related businesses have been impacted the most so far, but business to business industries may see the effects months down the road. No need to sound the alarm, but we want to be your forward thinking advisors and provide a […]
House Passes and President signs the CARES Act
On March 27, the House passed by voice vote, and the President signed, a third Coronavirus relief package, the Coronavirus Aid, Relief, and Economic Security Act. The Senate had previously passed the Act on March 25 by unanimous vote. The bill contains many tax related provisions. INDIVIDUAL PROVISIONS An eligible individual is allowed an income […]
