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PPP Formula Enhanced For Sole Proprietors Earning Less Than $100K:

by KNSS | Mar 8, 2021 | 2021 March Newsletter, COVID Misc Practices

The SBA announced on 2/22/21 at: https://www.sba.gov/article/2021/feb/22/sba-prioritizes-smallest-small-businesses-paycheck-protection-program: The SBA will Allow sole proprietors, independent contractors, and self-employed individuals to receive more financial...

Employee Retention Credit Update

by KNSS | Mar 8, 2021 | 2021 March Newsletter, COVID Misc Practices

The IRS has issued guidance on the Employee Retention Credit (IRS Notice 2021-20). In short, the current rules require that employers looking to claim the ERTC must amend the applicable 2020 quarterly payroll tax filings (Form 941) and must also reduce the deduction...

ERTC Spells Opportunity But Also Filing Delays For Practice Owners

by KNSS | Mar 1, 2021 | 2021 March Newsletter, COVID Misc Practices

Just checked the IRS website to read about the updated Employee Retention Tax Credit (ERTC) rules at: https://www.irs.gov/newsroom/faqs-employee-retention-credit-under-the-cares-act, and was greeted by this message: Alert: Note that the Taxpayer Certainty and Disaster...

Mass Confusion for Massachusetts Practice Owners

by KNSS | Mar 1, 2021 | 2021 March Newsletter, COVID Misc Practices

According to the Mass Department of Revenue at:  Tax Filing Season Frequently Asked Questions | Mass.gov, Massachusetts is not currently providing the same tax-free treatment to the PPP Loans and EIDL advance as the federal government.  There is still a chance that...

PPP For Small Business and Sole Proprietors

by KNSS | Feb 24, 2021 | 2021 February Newsletter, COVID Misc Practices, COVID-19

The SBA offers several different relief options to help small practice owners recover from the impacts of COVID-19. Please note these very important facts about the PPP Loan program: The PPP Loan is available to self-employed physicians, dentists, and mental health...

You Might Qualify For Additional PPP1 Funds

by KNSS | Feb 8, 2021 | 2021 February Newsletter, COVID Misc Practices, PPP Forgiveness

According to the Top-line Overview of First Draw PPP loans available at: https://www.sba.gov/document/support-top-line-overview-first-draw-ppp PAYCHECK PROTECTION PROGRAM FIRST DRAW LOANS SBA is reopening the Paycheck Protection Program (PPP) for First Draw Loans the...
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