Now that 09/15 for businesses is behind us, our next focus is 10/15 for individuals. If you are still waiting to send us your individual tax documents, please send the as soon as you can.
Caroline Torchin/Boca Kitchens & Floors
July 30 at 9:58 AM ·
My husbands office is all done! I Love the way it came out. #designedbyme #modernoffice #artconnection #interiordesign #commercialdesigner #residentialdesigner #bocaraton #cpa
Senate passes House-passed bill that provides more PPP flexibility
The Paycheck Protection Program (PPP) Flexibility Act of 2020 (H.R. 7010)
The Senate on June 3 passed by voice vote the Paycheck Protection Program (PPP) Flexibility Act of 2020 (H.R. 7010) which provides more flexibility for participants in the PPP loan program, including allowing those participants to defer the payment of certain payroll taxes that the CARES Act prevented them from deferring.
The House passed the bill last week. It now goes to the President for his signature.
The bill would also:
Allow businesses 24 weeks instead of eight weeks to use the loan money;
Eliminate restrictions limiting non-payroll expenses to 25% of loan proceeds;
Require loan recipients to comply with COVID-19 safety standards;
Eliminate restrictions that limit limit loan terms to two years; and
Extend the rehiring deadline.
ALIGNABLE.COM
Torchin CPA is Highly Recommended by locals!
https://www.irs.gov/coronavirus/economic-impact-payments
IRS.GOV
Economic Impact Payments | Internal Revenue Service
I could not be any prouder of my amazing staff, working around the clock to help our clients in this time of need. Bravo to Doreen, Matthew, Jacob, Wick, Reesa, & Tula!!
Fantastic.
https://advocacy.sba.gov/2020/12/28/yes-small-businesses-expenses-paid-with-forgiven-ppp-loans-are-deductible/
ADVOCACY.SBA.GOV
Yes, Small Businesses, Expenses Paid with Forgiven PPP Loans Are Deductible
Congratulations to Matthew. CPA exam next!!!
Happy Chanukah from our families to yours.