E-News Alert Library
PPP: New IFR on Owner-Employees, Related Party Rent, Nonpayroll Costs
August 26, 2020
Earlier this week the SBA issued an Interim Final Rule (IFR) on forgiveness issues related to owner-employee compensation and on nonpayroll costs, including new limitations on related party rent.
read more…
August 26, 2020
Earlier this week the SBA issued an Interim Final Rule (IFR) on forgiveness issues related to owner-employee compensation and on nonpayroll costs, including new limitations on related party rent.
read more…
IRS Backlog in Processing Tax Payments
August 20, 2020
Many taxpayers have been receiving balance-due notices from the IRS even though they sent in their tax payments to the IRS months ago, because trailers full of mail have remained unopened during the pandemic.
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August 20, 2020
Many taxpayers have been receiving balance-due notices from the IRS even though they sent in their tax payments to the IRS months ago, because trailers full of mail have remained unopened during the pandemic.
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New FAQs on Loan Forgiveness
August 13, 2020
The SBA recently issued new frequently asked questions on PPP Loan Forgiveness. Although most of the FAQs repeated information that was already published, a few points were clarified.
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August 13, 2020
The SBA recently issued new frequently asked questions on PPP Loan Forgiveness. Although most of the FAQs repeated information that was already published, a few points were clarified.
read more…
Protective Claim for Refund
July 13, 2020
The US Supreme Court has agreed to hear arguments regarding the constitutionality of the Affordable Care Act (the ACA, or Obamacare). This may have tax ramifications for you.
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July 13, 2020
The US Supreme Court has agreed to hear arguments regarding the constitutionality of the Affordable Care Act (the ACA, or Obamacare). This may have tax ramifications for you.
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PPP Update - Don't Have to Wait 24 Weeks
June 23, 2020
Last night, the SBA published additional welcome guidance.
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June 23, 2020
Last night, the SBA published additional welcome guidance.
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PPP Update New Law, Flexibility
June 5, 2020
Today the President signed into law the “Paycheck Protection Program Flexibility Act of 2020”, which was passed by the Senate on Wednesday night.
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June 5, 2020
Today the President signed into law the “Paycheck Protection Program Flexibility Act of 2020”, which was passed by the Senate on Wednesday night.
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PPP Forgiveness and Other PPP Terms Likely to Change
May 28, 2020
There has been concern that the 8-week covered period in the forgiveness guidance is not sufficient, as many borrowers have been restricted from opening their doors or are not operating at full capacity.
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May 28, 2020
There has been concern that the 8-week covered period in the forgiveness guidance is not sufficient, as many borrowers have been restricted from opening their doors or are not operating at full capacity.
read more...
PPP Forgiveness Regulations Issued
May 26, 2020
Late Friday evening, the SBA released the eagerly-anticipated forgiveness regulations, as well as a document on loan review procedures.
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May 26, 2020
Late Friday evening, the SBA released the eagerly-anticipated forgiveness regulations, as well as a document on loan review procedures.
read more...
PPP Forgiveness Application Released
May 17, 2020
Late Friday, the SBA released an 11-page PPP loan forgiveness application which includes instructions.
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May 17, 2020
Late Friday, the SBA released an 11-page PPP loan forgiveness application which includes instructions.
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PPP Update: Clarification on PPP Certification
May 13, 2020
Guidance was previously posted on Treasury’s website regarding the borrower’s good faith certification, which provided a safe harbor date of May 14, 2020 to repay the loan if the borrower determined that the certification was not made in good faith.
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May 13, 2020
Guidance was previously posted on Treasury’s website regarding the borrower’s good faith certification, which provided a safe harbor date of May 14, 2020 to repay the loan if the borrower determined that the certification was not made in good faith.
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PPP Update: (1) Safe Harbor Extended to 5/14; (2)Congressional Support for Deduction
May 6, 2020
On Friday we sent an alert regarding eligibility for a PPP loan and the borrower certification that “current economic uncertainty makes this loan request necessary to support the ongoing operations of the Applicant.”
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May 6, 2020
On Friday we sent an alert regarding eligibility for a PPP loan and the borrower certification that “current economic uncertainty makes this loan request necessary to support the ongoing operations of the Applicant.”
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PPP New FAQ, Rehire Offer Rejected
May 4, 2020
Certain employers have been concerned that even though they are ready to re-hire with
their PPP funds.
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May 4, 2020
Certain employers have been concerned that even though they are ready to re-hire with
their PPP funds.
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PPP Update: (1) Risk Factors and (2) Tax Impact
May 1, 2020
Risk Factors & Tax Impact to Consider for PPP Loan Eligibility/ Certification
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May 1, 2020
Risk Factors & Tax Impact to Consider for PPP Loan Eligibility/ Certification
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PPP Guidance on Partners and Self-Employed, Forgiveness
April 14, 2020
This afternoon, Treasury issued guidance on how partners and self-employed individuals fit in on the Paycheck Protection Program (PPP) loans, and provided additional guidance on how forgiveness will be calculated.
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April 14, 2020
This afternoon, Treasury issued guidance on how partners and self-employed individuals fit in on the Paycheck Protection Program (PPP) loans, and provided additional guidance on how forgiveness will be calculated.
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Additional IRS due dates moved to 7/15
April 10, 2020
Yesterday, the IRS issued Notice 2020-23 (here) which extended additional IRS tax return filing and payment due dates. No action is required ? these extensions are automatic.
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April 10, 2020
Yesterday, the IRS issued Notice 2020-23 (here) which extended additional IRS tax return filing and payment due dates. No action is required ? these extensions are automatic.
read more...
FINALLY - FAQs Issued on Paycheck Protection Program
April 7, 2020
Late last night, Treasury released the much?needed guidance we’ve all been waiting for on the Paycheck Protection Program (PPP), in a series of Frequently Asked Questions (FAQs.)
read more...
April 7, 2020
Late last night, Treasury released the much?needed guidance we’ve all been waiting for on the Paycheck Protection Program (PPP), in a series of Frequently Asked Questions (FAQs.)
read more...
PPP Application Form New Questions
April 3, 2020
Note that there are new questions and other minor changes on the Borrower Application Form (SBA Form 2483) - please make sure you are using the most recent version.
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April 3, 2020
Note that there are new questions and other minor changes on the Borrower Application Form (SBA Form 2483) - please make sure you are using the most recent version.
read more...
New Guidance Issued on PPP Loans
April 3, 2020
New guidance (the “Interim Final Rule”) was posted to the Treasury website around midnight last night.
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April 3, 2020
New guidance (the “Interim Final Rule”) was posted to the Treasury website around midnight last night.
read more...
Application Form Now Available for PPP
April 1, 2020
The application for borrowers for the new Paycheck Protection Program is now available.
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April 1, 2020
The application for borrowers for the new Paycheck Protection Program is now available.
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CARES Act / SBA Loan Forgiveness
March 26, 2020
Senate passed the $2 trillion dollar economic stimulus package discussed in yesterday’s alert, referred to as the “CARES Act”
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March 26, 2020
Senate passed the $2 trillion dollar economic stimulus package discussed in yesterday’s alert, referred to as the “CARES Act”
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COVID-19 Relief Programs for Businesses
March 25, 2020
Relief programs are being updated daily. Following are some programs available to help impacted businesses
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March 25, 2020
Relief programs are being updated daily. Following are some programs available to help impacted businesses
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COVID-19 Updates and Helpful Links
March 23, 2020
Changes related to COVID-19 relief have been evolving daily and even hourly. We will keep you updated of relevant changes as they happen. Enclosed are helpful links and updates for individuals and businesses
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March 23, 2020
Changes related to COVID-19 relief have been evolving daily and even hourly. We will keep you updated of relevant changes as they happen. Enclosed are helpful links and updates for individuals and businesses
read more...
GOOD NEWS – EXTENSION OF TAX PAYMENT DEADLINE
March 13, 2020
GOOD NEWS – the IRS has officially announced that the tax payment deadline has been moved from April 15th to July 15th (up to $1 million for individuals and up to $10 million for corporations.)
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March 13, 2020
GOOD NEWS – the IRS has officially announced that the tax payment deadline has been moved from April 15th to July 15th (up to $1 million for individuals and up to $10 million for corporations.)
read more...
A Practical Approach - Tax Law Changes in Spending Package
December 23, 2019
The “Further Consolidated Appropriations Act, 2020” was signed into law by the President on Friday, December 20, and takes effect January 1, 2020.
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December 23, 2019
The “Further Consolidated Appropriations Act, 2020” was signed into law by the President on Friday, December 20, and takes effect January 1, 2020.
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Retirement Plan Dollar Limitations on Benefits and Contributions
December 6, 2019
The IRS has announced the 2020 cost-of-living adjustments (COLAs) with respect to retirement plan limits. Many limits are changed for 2020 since the increase in the cost-of-living index met the statutory thresholds that trigger their adjustment. However, others remain unchanged.
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December 6, 2019
The IRS has announced the 2020 cost-of-living adjustments (COLAs) with respect to retirement plan limits. Many limits are changed for 2020 since the increase in the cost-of-living index met the statutory thresholds that trigger their adjustment. However, others remain unchanged.
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GMS SURGENT 2019 YEAR-END TAX SAVING TIPS
December 3, 2019
We are entering year 2 of the “Tax Cuts and Jobs Act” (TCJA) which resulted in significant tax changes to both individual and business taxpayers. As the year-end quickly approaches, it is time to revisit some of these changes and present year-end tax planning ideas and suggestions.
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December 3, 2019
We are entering year 2 of the “Tax Cuts and Jobs Act” (TCJA) which resulted in significant tax changes to both individual and business taxpayers. As the year-end quickly approaches, it is time to revisit some of these changes and present year-end tax planning ideas and suggestions.
read more...
A Practical Approach: Charitable Contribution Tax Planning Opportunities
November 21, 2019
While the new tax law (effective 1/1/2018) didn’t specifically create significant new opportunities to claim tax deductions resulting from charitable contributions, there are several charitable contribution opportunities that should be considered.
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November 21, 2019
While the new tax law (effective 1/1/2018) didn’t specifically create significant new opportunities to claim tax deductions resulting from charitable contributions, there are several charitable contribution opportunities that should be considered.
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Accounting Update: Deferral of Lease Accounting Standard to 2021
October 17, 2019
On October 16, 2019, the Financial Accounting Standards Board (“FASB”) declared its decision on amendments to the effective dates for three significant accounting standards.
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October 17, 2019
On October 16, 2019, the Financial Accounting Standards Board (“FASB”) declared its decision on amendments to the effective dates for three significant accounting standards.
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Deadline Approaching for Pennsylvania EITC/OSTC Tax Credit Program
May 8, 2019
If you participate in the EITC/OSTC tax credit program through your business, see the link for application deadlines.
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May 8, 2019
If you participate in the EITC/OSTC tax credit program through your business, see the link for application deadlines.
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A Reporting Company Automobile Expenses
December 18, 2018
We at GMS Surgent have been asked by our clients to provide specific guidance as to the proper reporting of company automobile expenses as taxable employee compensation. The determination of taxability is dependent upon whether the automobile was used by an employee for business (excludable) or personal (includable) use.
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December 18, 2018
We at GMS Surgent have been asked by our clients to provide specific guidance as to the proper reporting of company automobile expenses as taxable employee compensation. The determination of taxability is dependent upon whether the automobile was used by an employee for business (excludable) or personal (includable) use.
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GMS Surgent 2018 Year End Tax Saving Tips
December 13, 2018
Previously we wrote to you regarding the “Tax Cuts and Jobs Act” (TCJA) that was signed into law at the end of 2017. The TCJA has broad implications for both individual and business taxpayers. As the year-end quickly approaches, it is time to revisit year-end tax planning ideas and suggestions.
read more...
December 13, 2018
Previously we wrote to you regarding the “Tax Cuts and Jobs Act” (TCJA) that was signed into law at the end of 2017. The TCJA has broad implications for both individual and business taxpayers. As the year-end quickly approaches, it is time to revisit year-end tax planning ideas and suggestions.
read more...
Retirement Plan Dollar Limitations on Benefits and Contributions
November 14, 2018
The IRS has announced the 2019 cost-of-living adjustments (COLAs) with respect to retirement plan limits. Many limits are changed for 2019 since the increase in the cost-of-living index met the statutory thresholds that trigger their adjustment. However, others remain unchanged.
read more...
November 14, 2018
The IRS has announced the 2019 cost-of-living adjustments (COLAs) with respect to retirement plan limits. Many limits are changed for 2019 since the increase in the cost-of-living index met the statutory thresholds that trigger their adjustment. However, others remain unchanged.
read more...
A Practical Approach to Tax Reform: Meals & Entertainment
October 31, 2018
In October 2018, the IRS issued guidance on the business expense deduction for meals and entertainment following law changes in the Tax Cuts and Jobs Act (“TCJA.”) The TCJA eliminated the deduction for any expenses related to activities generally considered entertainment, amusement, or recreation.
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October 31, 2018
In October 2018, the IRS issued guidance on the business expense deduction for meals and entertainment following law changes in the Tax Cuts and Jobs Act (“TCJA.”) The TCJA eliminated the deduction for any expenses related to activities generally considered entertainment, amusement, or recreation.
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Record Retention Guidelines for Business Documents
August 6, 2018
“What should I keep and what should I throw out?” This is a question that is asked often by our clients this time of year. It’s a great question and the answer, like many answers we give is, “it depends”. With this in mind, we have put together a guide that can be used when trying to determine what a business should keep and what should be destroyed.
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August 6, 2018
“What should I keep and what should I throw out?” This is a question that is asked often by our clients this time of year. It’s a great question and the answer, like many answers we give is, “it depends”. With this in mind, we have put together a guide that can be used when trying to determine what a business should keep and what should be destroyed.
read more...
Record Retention Guidelines for Your Personal Records
August 6, 2018
Save the date! GMS Surgent will host a shred event August 15th & 16th. Simply bring all your confidential documents to the GMS Surgent location, and one of our team members will place them in a locked and secure collection bin for on–site destruction. This service is for confidential documents only. Limit (2) boxes.
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August 6, 2018
Save the date! GMS Surgent will host a shred event August 15th & 16th. Simply bring all your confidential documents to the GMS Surgent location, and one of our team members will place them in a locked and secure collection bin for on–site destruction. This service is for confidential documents only. Limit (2) boxes.
read more...
Supreme Court Abandons Physical Presence Standard for Sales Tax
June 22, 2018
On June 21, 2018, the U.S. Supreme Court issued a decision in the South Dakota v. Wayfair case, which overturned the physical presence standard that was adopted in the Quill v. North Dakota case in 1992.
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June 22, 2018
On June 21, 2018, the U.S. Supreme Court issued a decision in the South Dakota v. Wayfair case, which overturned the physical presence standard that was adopted in the Quill v. North Dakota case in 1992.
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A Practical Approach: The Opportunity Zones Program Under the Tax Cuts & Jobs Act
June 12, 2018
Under the Opportunity Zones program, taxpayers may be able to receive very favorable tax treatment on the sale of currently held investments.
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June 12, 2018
Under the Opportunity Zones program, taxpayers may be able to receive very favorable tax treatment on the sale of currently held investments.
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A Practical Approach: Tax Depreciation Opportunities under the Tax Cuts and Jobs Act
March 19, 2018
The new tax law has created new opportunities to accelerate tax write‐offs. Below is a summary of some of the changes made to tax depreciation under the new tax law.
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March 19, 2018
The new tax law has created new opportunities to accelerate tax write‐offs. Below is a summary of some of the changes made to tax depreciation under the new tax law.
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A Practical Approach to Tax Reform: New 20% Pass‐Through Deduction
February 6, 2018
The Tax Cuts and Jobs Act, signed into law on December 22, 2017, created IRC §199A, which allows an individual a deduction for 20% of qualified business income (QBI) from pass‐through or rental property income.
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February 6, 2018
The Tax Cuts and Jobs Act, signed into law on December 22, 2017, created IRC §199A, which allows an individual a deduction for 20% of qualified business income (QBI) from pass‐through or rental property income.
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