Financial Resources & News
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...
Paycheck Proctection Program Flexability Act
Paycheck Proctection Program Flexability Act On Friday, June 5, 2020, President Trump signed into law the Paycheck Protection Program Flexibility Act of 2020. The PPP Flexibility Act provides some relief and flexibility in the use of the Paycheck Protection Program...
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...
Caleb Lendy Named Partner at Bronswick Benjamin
Bronswick Benjamin is proud to announce Caleb D. Lendy has been named partner. Caleb graduated from Loyola University and holds a Masters of Science in Taxation from DePaul University. He specializes in tax compliance, tax planning, and business advisory services....
Americans Face the Most Challenging Tax Code in History Part 1
The federal government and state revenue departments are continuing to substantially increase the number and scope of tax audits to secure more funds. All aspects of taxation from sales tax to customs charges are affected. Tax controversy is an area of practice that involves assisting taxpayers with representation before tax authorities.