Unemployment Benefits Fraud Identity theft is an ongoing and increasing problem. It seems that no matter how many steps we take to protect our identities, fraudsters can be one step ahead of us. A new wrinkle is fraudulent unemployment benefit claims. In this scenario, a fraudster will file a claim with the state unemployment office,…
Cybersecurity and You! Cyber security is a quick way for your personal or business lives to be ruined in a very short time. People become targets of Cyber-attacks when they click on unknown links from unknown people or organizations with links and click on the link. The advent of malware and ransomware has allowed hackers…
——————- Disclaimer: The information contained in this Blog (the “Blog”) is intended solely to provide general guidance on matters of interest for the personal use of the reader, who accepts full responsibility for its use. In no event will BB or its partners, employees or agents, be liable to you or anyone else for any…
——————- Disclaimer: The information contained in this Blog (the “Blog”) is intended solely to provide general guidance on matters of interest for the personal use of the reader, who accepts full responsibility for its use. In no event will BB or its partners, employees or agents, be liable to you or anyone else for any…
——————- Disclaimer: The information contained in this Blog (the “Blog”) is intended solely to provide general guidance on matters of interest for the personal use of the reader, who accepts full responsibility for its use. In no event will BB or its partners, employees or agents, be liable to you or anyone else for any…
Trust, But Verify There is significant debate over whether there is validity to a management style of “trust, but verify”. There is no debating, however, that the old Russian proverb makes sense in considering an entity’s operations. As much as a business owner can, should and must trust their employees – especially those in positions…
Do not rush the process but be prepared for the forgiveness and the tax liability that may exist.
Session Overview. Identify the vital elements needed to maximize your loan forgiveness and understand what liability may exist with your PPP loan. We will walk through practical hands on examples of what you will need to do to guide compliance for pursuing forgiveness.
There is an income tax with your PPP loan. As of today, any expenditures made with PPP funding is not tax deductible. To give you a quick example of the potential impact let us examine a $250,000 PPP loan. Assuming you followed the rules and properly documented your loan you should have complete forgiveness. So,…
Employee Payroll Tax Deferral Update On August 28, 2020, the IRS issued Notice 2020-65 that provides some needed guidance for employers in regards to the employee payroll tax deferral described in the August 8, 2020 Presidential memorandum (often referred to as an “executive order.”). Though many questions are still unanswered, it addresses some key items. Insight: Although the IRS…
Do Not Rush Your PPP Loan Forgiveness Application Most lending institutions are not processing loan forgiveness applications and when they are ready there is no reason you need to be first in line. Take your time. Let others iron out the process first. Some key reasons to be patient include: You want to make sure…