Tax & Accounting Blog
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New PPP Guidance: SBA Releases Additional Information
On May 3, the Small Business Administration (SBA) issued a new round of guidance regarding the Paycheck Protection Program (PPP). They addressed three issues for which business owners have requested clarification.
10 Contractor Questions About COVID-19
As this crisis continues to bring uncertainty to the economic landscape, the construction industry is feeling the impact. To assist contractors during uncertain times, the Smith Schafer Construction Experts are providing a list of the Top 10 Questions we hear in the industry.
IRS Denies Tax Deduction for Forgiven PPP Expenses
On Thursday, April 30, the IRS released Notice 2020-32. It disallows a tax deduction for any expenses paid via a forgiven Paycheck Protection Program (PPP) loan.
CARES Act FAQ: Retirement Plan Withdrawals
On March 27, President Trump enacted the CARES Act. The historic stimulus bill includes an allowance for penalty-free early withdrawals from retirement accounts.