Latest News

Payroll Tax Deferral Effective Sept. 1

The IRS has issued new guidance on the payroll tax deferral that was ordered by President Trump's Executive Order on August 8. This guidance requires the immediate attention of employers, as the payroll tax relief is applicable to wages paid from September 1, 2020, through December 31, 2020.Employers can defer the withholding, deposit, and payment of the employee portion of the Old Age, Survivors, and Disability... Read More

SBA Issues Interim Final Rule for PPP

The SBA has released new guidance on PPP loan forgiveness. This guidance provides the following clarifications on prior PPP-related legislation:Owner exemption from the PPP owner-employee compensation rule - Owner-employees with less than a 5 percent ownership stake in a C or S Corporation are not subject to the owner-employee compensation rule. This exemption is intended to cover owner-employees who have no... Read More

Suspension of Required Minimum Distributions

An important provision within the CARES Act is the suspension of Required Minimum Distributions ("RMDs") from qualified retirement plans and IRAs for 2020. 2019 RMDs that were not taken before January 1, 2020 and that were required to be taken by April 1, 2020 are also waived. There are no coronavirus eligibility requirements associated with this suspension. Taxpayers who have already taken some of their 2020... Read More

Trump Issues Executive Orders for Economic Relief

While lawmakers have been unable to agree on the next phase of relief, President Trump has signed four executive orders to provide immediate economic relief. The executive orders address the following:Unemployment payments: While the $600 per week additional unemployment payment instated in the CARES Act has lapsed, the executive orders reinstate an additional unemployment benefit of $400 per week through... Read More

SBA Releases FAQs on Loan Forgiveness

The Small Business Administration, in consultation with the Department of the Treasury, has published answers to frequently asked questions regarding PPP loan forgiveness. These FAQs provide additional clarification and address some of the confusion around specific aspects of attaining forgiveness. A few items worth noting:Compensation limitation for owners- The maximum amount of compensation that qualifies for... Read More

Next Coronavirus Relief Act in the Works

A much anticipated Coronavirus relief act has been released by the Senate. The Health, Economic Assistance, Liability Protection and Schools Act (HEALS Act), is the proposal set forth by Senate Republicans for the much anticipated "Phase 4" economic relief. Although this $1 trillion relief bill is significantly less than the $3 trillion bill proposed by the House of Representatives, discussions are underway to... Read More

Additional Cobb Small Business Relief Grants Available

Small businesses in Cobb County who missed out on the first round of grant funding through SelectCobb have another opportunity to apply. Round two applications are now available for grants ranging from $20,000 to $40,000 to use toward personnel, rent, utilities and acquiring PPE. For this round of applications, those who received PPP funding will also be eligible for the grants. Key requirements... Read More

Data Analytics: Discovery, Implementation and Management

With so much uncertainty in the market, data analytics are becoming an essential tool for business success. Read More

SBA Accepting New EIDL Loan Applications

The SBA is now accepting new applications for Economic Injury Disaster Loans (EIDL) as well as EIDL Advance applications. The application portal was shut down in April after exhausting the authorized funds, and then reopened in May but only for farm and agricultural businesses with a limitation of up to $10,000 per applicant. Effective June 15, 2020, the SBA resumed taking disaster loan applications from all... Read More