By Steven N. Smith, CPA, JD Initially, the employee retention credit (ERC), enacted by the CARES Act, was not available to paycheck protection program (PPP) borrowers. The passage of the
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The Employee Retention Credit (ERC) under the CARES Act encourages businesses to keep employees on their payroll. Join us on March 4th as we discuss the complexities of this credit
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On Friday, February 12, Governor Kay Ivey signed three bills into law which include provisions that have a significant impact on businesses operating in Alabama, and also impact individual taxpayers
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Employers that received a PPP loan and were previously prohibited from claiming the Employee Retention Credit (ERC) may now retroactively claim the ERC for 2020. Employers may use ERCs to offset
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2020 presents unique opportunities for tax planning with regards to your retirement accounts. The SECURE Act and CARES Act, both enacted
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When the Paycheck Protection Program (PPP) was introduced as part of the CARES Act in March, the law provided that any loan forgiveness would not be included in taxable income.
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2020 has been a year filled with challenges and adversity like no other and has affected each and every one of us. The coronavirus global pandemic has resulted in economic
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The Paycheck Protection Program, which was established by the CARES Act, was created to provide small businesses with funds to provide coverage of payroll
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For most of you who received Paycheck Protection Program (PPP) loans under the CARES Act, the receipt of these funds provided a lifeline to your business during these challenging and
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If you are participating in the Paycheck Protection Program (PPP) and have received your funding, it is likely you have questions about the second phase of the program – loan
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The IRS released FAQs on Sec 2302 of the CARES Act, Delay of Payment of Employer Payroll Taxes. This provision generally provides that employers may defer the deposit and payment
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The accounting, tax and general business implications of COVID-19 is a rapidly evolving situation. BMSS will provide an update and/or revised information as it becomes known to us and we
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