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Tax-free Disaster Relief Payments to Employees
Employers can issue tax-free disaster payments to their employees under Section 139 of the Internal Revenue Code. The payments are deductible for the employer, but not included in the income of the employee.
PPP Loan Certification & Forgiveness Update
This morning, Treasury issued additional guidance related to the certification for the need of Paycheck Protection Program (PPP) Loan funds.
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.