Posts Tagged ‘caresact’
2020 Year-end Charitable Giving Tax Incentives for Corporations
Summary of Keypoints The CARES Act temporarily expanded corporate charitable giving incentives for 2020, increasing the charitable deduction limit for C-corporations from 10% to 25% of taxable income and raising the limit for food inventory donations from 15% to 25%. Equity gifting remains a common year-end strategy for business owners, using the $15,000 annual gift…
Read MoreTax Implications of the Cares Act
Summary of Keypoints The presentation titled “Tax Implications of the CARES Act” took place on December 29, 2020, focusing on tax-related provisions of the CARES Act. Jim Niblock, Senior Manager of Tax Services, and Jennifer Eubanks of Eubanks Accounting & Advisory served as presenters, providing professional insight into the topic. The session was designed as…
Read MoreMurky Waters for Government Contractors Receiving PPP Funds
Government contractors, constantly vigilant and monitoring compliance with Federal Acquisition Regulations are faced with unprecedented uncertainty and questions surrounding acceptance of Paycheck Protection Program (PPP) funds and payments under Section 3610 of the CARES Act. Contractors must consider a) the ban against ‘double dipping’ of funds and b) must also consider that loan forgiveness under the PPP may be interpreted as a credit due back to the government in accordance with FAR 31.201-1 (a).
Read MoreCARES Act – Tax Savings and Business Opportunities
Summary of Keypoints Employer payroll tax deferral: The CARES Act allows businesses to defer the employer portion of Social Security payroll taxes (6.2%) on wages paid from March 27–December 31, 2020, with repayment split between December 31, 2021 and December 31, 2022; the deferral is unavailable if PPP loan forgiveness is taken. Employee retention credit:…
Read MoreStep by Step Guidance and Application Forms – A Small Business Owner’s Guide to the CARES Act
Summary of Keypoints Primary resource provided: The post directs readers to a U.S. Chamber of Commerce CARES Act step-by-step guide for detailed instructions on how small business owners can access federal assistance. PPP application support materials: It includes downloadable documents to help business owners understand and complete the Paycheck Protection Program (PPP) process. Included PPP…
Read MoreComprehensive List of Private and Public Loans, Grants, and Financial Support for Small Businesses
Summary of Keypoints Purpose of resource: The post highlights financial relief efforts launched in response to COVID-19 by federal, state, local governments, and private organizations to support small businesses. Compiled by Gusto: Gusto created a comprehensive, centralized list of available loans, grants, and financial support programs. Scope of assistance: The resource includes both public and…
Read MoreFor Small Businesses: New COVID-19 Federal Assistance – CARES Act
Summary of Keypoints Overview of CARES Act relief for small businesses: The CARES Act, enacted March 27, 2020, provides payroll, rent, and cash-flow relief for small businesses, including loan forgiveness for eligible expenses and the option to defer employer Social Security tax payments over two years. Paycheck Protection Program (PPP) and loan forgiveness: The Act…
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