Connecting the FCPA with the “Travel Act” in 2020
The Travel Act ( 18 U.S.C. § 1952 -one of the older members of the family of money laundering criminal statutes) is close to celebrating its 60th year. The Travel Act is still relevant today because of its “broad spectrum” and enforcement targeting illegal activity. The Act prohibits using of the U.S. mail, or interstate […]
FinCEN re-clarifies FAQ’s on how Lenders can meet BSA requirements when issuing PPP loans
On April 13, 2020, FinCEN, as the administrator of the BSA, re-published FAQs on how borrowers and lenders may rely on the guidance provided for the SBA’s interpretation of the CARES Act and of the PPP (Paycheck Protection Program) Interim Final Rule (“PPP Interim Final Rule”). FinCEN stated that the U.S. government will not challenge […]
IRS extends more Covid-19 Relief for many including Americans who live and work abroad
The IRS continues to process electronic tax returns, issue direct deposit refunds and accept electronic payments while simultaneously granting additional, broad tax filing and payment deadline Covid-19 relief to all Taxpayers that have a filing or payment deadline falling on or after April 1, 2020, and before July 15, 2020. What is New IRS Notice […]
The Paycheck Protection Program and the Affiliation Rules
Under the Paycheck Protection Program (PPP), there are four tests that apply for affiliation based on control. The Applicant, under the PPP, will be considered together with its affiliates for the purpose of determining the number of employees of an Applicant. Existence of the power to control The US Treasury states that concerns and entities […]
Taxpayers and Tax Professionals can use digital and imaged signatures for tax documents during Covid-19
When a Tax Professional files an electronic Return on behalf of a Taxpayer, the Tax Professional obtains Forms 8878 and 8879 as declaration documents required by the IRS on behalf of a Taxpayer. Forms 8878 and 8879 are declaration documents and signature authorizations for an e-filed return filed by an Electronic Return Originator (ERO). These […]
An Eligible Employer that receives a Paycheck Protection Loan should not claim Employee Retention Credits
The Economic Security Act (CARES Act), enacted on March 27, 2020, provides for the use of and Employee Retention Credit (ERT). It is designed to encourage ELIGIBLE EMPLOYERS to maintainemployees on their payroll despite experiencing economic hardship related to COVID-19. Where application is appropriate, the credit is available to Employers regardless of size including tax […]
Small and Midsize Employers can begin taking advantage of Two New Refundable Payroll Tax Credits
Coronavirus tax relief for Employers is important. When employers pay their employees, they are required to withhold from their employees’ paychecks federal income taxes and the employees’ share of Social Security and Medicare taxes. The employers are then required to deposit these federal taxes, along with their share of Social Security and Medicare taxes, with […]
U.S. Small Business Administration (SBA) Disaster Loan Assistance
U.S. Small Business Administration (SBA) Disaster Loan Assistance SBA provides low-interest disaster loans to businesses of all sizes, private non-profit organizations, homeowners, and renters. SBA disaster loans can be used to repair or replace the following items damaged or destroyed in a declared disaster: real estate, personal property, machinery and equipment, and inventory and business […]
IRS wants to be part of the Solution under Covid-19
IRS wants to be part of the solution to improve the lives of all people in the US. On March 25, 2020, IRS released the “IRS People First Initiative” providing immediate relief to help people facing uncertainty over taxes. IRS People First Initiative includes: • Suspension of Existing Installment Agreements (for taxpayers under an existing […]
Loans for Allowable Uses under the PAYCHECK PROTECTION PROGRAM may be Forgiven
The enactment of the Coronavirus Aid, Relief, and Economic Security (CARES) Act includes the Paycheck Protection Program (PPP). The PAYCHECK PROTECTION PROGRAM authorizes up to $349 billion in forgivable loans to small businesses to pay their employees during the COVID-19 crisis. The Small Business Administration (SBA) has the authority to provide 100% federally backed loans […]
Understanding the Economic Impact Payments (Recovery Rebates)
The distribution of economic impact payments will begin in the next three weeks (weeks of April 6th, 13th and 20th of 2020). According to the IRS, the payments will be distributed automatically, with no action required for most people. The IRS will calculate and automatically send the economic impact payment to those eligible. Tax filers […]
Florida small businesses can “bridge the gap” between the time damage is incurred and when a business secures other financial resources
Florida currently has the Florida Small Business Emergency Bridge Loan Program available to small business owners located in all Florida counties statewide that experienced economic damage as a result of COVID-19. The loans are characterized as short-term, interest-free (12 months) working capital loans intended to “bridge the gap”. Meaning, between the time a major catastrophe […]
