The ERC provides a refundable payroll tax credit to employers: Whose operations were fully or partially suspended due to government orders Who experienced a quarterly decline in gross receipts compared to the same quarter in 2019 (a 50% decline for the 2020 ERC; a 20%decline for the 2021 ERC). For 2020, eligible employers are entitled…
Paycheck Protection Program | Second Draw Loans Deadline March 31, 2021 The Paycheck Protection Program (PPP) now allows certain eligible borrowers that previously received a PPP loan to apply for a Second Draw PPP Loan with the same general loan terms as their First Draw PPP Loan. Second Draw PPP Loans can be used to…
Impact: In light of the increased popularity of e-commerce and online retail and the impact of the pandemic on e-commerce shopping behavior, it is even more essential for businesses to understand different states’ economic nexus laws and be prepared for associated challenges. The Law: Mandates out-of-state sellers to collect and remit sales tax when they…
Business mastery and servant leadership builds your enterprise. This capstone is our final, integrative course in which student teams demonstrate their overall skill to research, analyze, determine and effectively communicate the most impactful, ethical, and strategic ways to grow your small and medium-size business. Free (ex $350 maximum team expenses), entirely confidential, quality consulting (total…
The IRS will accept digital signatures on emailed documents through June 30, 2021. In March 2020, the IRS announced that IRS employees would temporarily deviate from established procedures and accept scanned or photographed images of signatures and digital signatures on tax documents. IRS employees will also temporarily receive documents from and transmit documents to taxpayers…
The US District Court US v. Kaufman recently found the $10,000 penalty for non-willful failure to file the FBAR form applies per FBAR form, not per the number of bank or financial accounts required to be reported on the form. Two district courts have reached the same conclusion, with only one district court reaching the…
What’s Changed: The IRS recently issued final regulations for deducting meal and travel expenses. What’s changed? Elimination of the deduction for entertainment, amusement, or recreation expenses Limits to claiming food and beverage expenses Who Can Help: Contact Jeff Senney at (937) 223-1130 or jsenney@pselaw.com to understand how this affects you and your business. The Details:…
2020 COVID-related Tax Relief Act (COVIDTRA) and Taxpayer Certainty and Disaster Relief Act (TCDTR) EFFECTIVE DATE: Calendar years of 2021 and 2022 For questions about the Consolidation Appropriations Act or any other matter related to PPP loans, PPP loan forgiveness, or income taxation, please contact your Pickrel, Schaeffer and Ebeling business or tax attorney…
We are pleased to announce that attorneys Alan B. Schaeffer, Jeffrey S. Senney, John E. Clough, and Donald G. Schweller have been selected by their peers for inclusion into the 2020 edition of The Best Lawyers in America. Alan B. Schaeffer, is included in The Best Lawyers in America in the Real Estate Law section. …
Rehiring in the time of COVID-19: Best Practices for Employers Some companies are in the midst of rehiring employees laid off due to the pandemic, and for others that’s still in the future. Either way, as you make plans to protect your employees’ health, be sure you know how to protect your business too. In…