LAS VEGAS COMMERICAL RENTAL ASSISTANCE PROGRAM -EXTENDED THRU 9/8/20

FYI – the state extended the application deadline through Sept 8 for up to 10k of rental assistance to small businesses (less than 50 employees) who can verify a loss of at least 30% in revenue since the previous year (see the link below for details).  They removed the requirement that you couldn’t have received …

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TRUMP EXECUTIVE ACTION-PAYROLL TAX DEFERRALS (AUG. 31, 2020)

Dear Clients and Friends, The President’s recent executive action called for a payroll tax deferral for employees effective Sept 1 through year end.  Employers would stop withholding the 6.2% FICA (aka social security) portion on employee paychecks.  To get the deferral, employees must earn less than $4,000 every two weeks (equates to $104,000 annual salary). …

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NEW PAYROLL TAX DEFERRAL & PPP LOAN FORGIVENESS UPDATE (AUGUST 15, 2020)

Dear Clients and Friends, I’d like to keep you informed about a few hot-topic tax developments that have occurred in the past week:    New Employee Payroll Tax Deferral Scheme On August 8, 2020, President Trump signed an executive order deferring payroll tax obligations of employees.  But what the heck does it really mean?  Like many …

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SBA EIDL (ECONOMIC INJURY DISASTER LOANS) ARE BAAAACK!! A SMALL BUSINESS LIFELINE (JUNE 18, 2020)

Dear Clients and Friends, FYI – SBA (Small Business Administration) has resumed accepting new EIDL (Economic Injury Disaster Loan) applications on a first-come, first-served basis.  SBA had halted new submissions on April 15 due to high demand.  On Monday, June 15, SBA began begin accepting new EIDL loan and EIDL Advance applications from qualified small businesses.  …

SBA EIDL (ECONOMIC INJURY DISASTER LOANS) ARE BAAAACK!! A SMALL BUSINESS LIFELINE (JUNE 18, 2020) Read More »

UPDATE: UNEMPLOYMENT BENEFITS FOR SELF EMPLOYED & CARES ACT RELIEF (May 15, 2020)

May 15, 2020 Dear Clients and Friends, The new $3 trillion coronavirus relief bill titled The Heroes Act is expected to pass the House of Representatives today.  However, it’s fate will be determined in the Senate.  The Act is expected to ultimately pass but with significant modifications.  It includes funding for additional economic Impact/stimulus payments, …

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UPDATE: SMALL BUSINESS PPP & SBA EIDL (April 22, 2020)

April 22, 2020 Dear Clients and Friends, The Senate on Tuesday approved additional funding of $310 billion to replenish the Paycheck Protection Program (PPP), which provides forgivable loans to certain types of businesses struggling as a result of the pandemic. It is expected to be passed by the House Thursday and signed by the President.  …

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Coronavirus Aid Relief And Economic Security Act on a piece of paper

CARES Act Tax Provisions Aim to Stabilize Pandemic-ravaged Economy

By Alistair M. Nevius, J.D. Journal of Accountancy March 25, 2020 The Coronavirus Aid, Relief, and Economic Security (CARES) Act, H.R. 748, which passed the Senate by a 96-0 vote late on Wednesday, contains a host of tax measures as part of a $2 trillion aid package designed to help the economy as it suffers …

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Stimulus package word cloud on a tablet

Financial Update on Coronavirus (COVID 19)

Dear Clients and Friends, As the coronavirus Covid-19 crisis continues to affect us, our local communities and global economies, you may have concerns about your financial well-being.  Or you may be wondering about how recently passed legislation impacts you and your business enterprise.  I’m providing a high-level summary of some of the key highlights from …

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