Financial Resources & News
The Strategy to Use for Your PPP Loan Forgiveness Process
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
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...
Employee Payroll Tax Deferral Update
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...
Do Not Rush Your PPP Loan Forgiveness Application
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...
We are pleased to announce the promotion of Christine Reed to Operations Supervisor!
Bronswick Benjamin is pleased to announce the promotion of Christine Reed to Operations Supervisor. Christine has made a tremendous impact on Bronswick Benjamin since she joined the firm 5 years ago. She finds solutions to improve client service through the use of...
Laura Stempien has been promoted to Supervisor
Bronswick Benjamin is pleased to announce the promotion of Laura Stempien to Supervisor. She has over 16 years of experience with the firm and is a very recognized face to many of our clients. She provides excellent service, is easy to talk to and helps steer the firm...
Sales Tax Update: South Dakota vs Wayfair
In the case of South Dakota vs Wayfair, the Supreme Court has sided with South Dakota and set precedent that sales tax may be collected from online purchases.
IRS set to close the Offshore Voluntary Disclosure Program (OVDP)
By Gabe Tsui - Tax Principal, CPA, JD The IRS announced that it will close the Offshore Voluntary Disclosure Program (OVDP) on September 28, 2018. The IRS decided to announce the closure in advance so that any taxpayers who are in delinquent compliance with the...
Americans Face the Most Challenging Tax Code in History: Part 2
By Gabe Tsui - Tax Principal, CPA, JD IRS audits of taxpayers are seemingly on the rise. Keep in mind that the IRS will always initiate an inquiry with a written letter via U.S. mail. Ignore all those recorded messages and robocalls threatening that you owe money to...