Rob Weinberg

Starting a New Business? Get Up to $100,000 in Tax-Free Money

You likely already know that the employee retention credit (ERC) is a good deal—if you qualify. Now, thanks to the recently enacted American Rescue Plan Act of 2021 (ARPA), you can qualify for up to $100,000 of ERC in the third and fourth quarters of 2021 if you begin the business after February 15, 2020 …

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PPP Extended—Act Fast or Miss Out

Good news. The PPP Extension Act of 2021 makes Paycheck Protection Program (PPP) monies available until the earlier of May 31, 2021, or when the money runs out. If you are looking for first- or second-draw PPP money, make sure to saddle up on that horse now. Don’t wait. Also, make sure that your application …

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Deducting Disaster Losses for Individuals

We seem to be living in an age of natural disasters. Uninsured losses to personal non-business property such as your home, personal belongings, or personal car due to a disaster can be deductible. But the rules are complex and not as generous as they used to be. Only Casualty Losses Are Deductible Damage to personal …

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Breaking News: New PPP for the Self-Employed and Small Businesses

Two big deals. Big Deal 1 To reserve Paycheck Protection Program (PPP) monies for you, the Small Business Administration (SBA) established a 14-day exclusive application period for small businesses with fewer than 20 employees. The window closes on March 9 at 5:00 p.m. Eastern time, so if you are an S or C corporation with …

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Secrets to IRS Penalty Forgiveness Using Reasonable Cause Uh-oh!

In your mailbox you found that dreaded envelope—the one from the IRS. Inside the envelope, you find a notice from the IRS informing you that it assessed additional tax, penalties, and interest on your tax return from two years ago! After you recover from the shock, you review your tax records for that year and …

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Are You Taxed If the SBA Makes Loan Payments on Your Behalf?

The Small Business Administration (SBA) Paycheck Protection Program (PPP) loans and Economic Injury Disaster Loans (EIDLs) have gotten the most attention from businesses seeking a quick cash infusion during the COVID-19 pandemic. But the SBA has several other loan programs that pre-date the pandemic and don’t require a disaster for eligibility. These include the following: …

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Who Qualifies for First Draw PPP Money Today?

Answer—you most likely—if you file a business tax return and have not yet received any Paycheck Protection Program (PPP) monies. But don’t wait. The money is going to run out fast and once it’s gone, so is the PPP. And the new PPP ends March 31, even if the money is not gone by then. …

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COVID-19 Relief Law Turbocharged Employee Retention Credit

When Congress passed the CARES Act in March 2020, most businesses took advantage of the Paycheck Protection Program (PPP) loan to help keep them afloat. Congress also authorized a second option to help employers—an employee retention credit fully refundable against the business’s payroll tax liabilities. Since a business could do only one or the other, …

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COVID-19-Related Government Grants: Taxable or Not?

In an effort to stave off economic devastation caused by the COVID-19 pandemic, billions of dollars in grants are being handed out to individuals and businesses by the federal government and by state and local governments as well. Are these grants taxable? Like most things in the world of taxes, it depends. What Is a …

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