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...
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...
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...
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...
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...
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...
