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HUGHES & COMPANY LLC BLOG

 


Fortunate enough to get a PPP loan? Forgiven expenses aren’t deductible

The IRS has issued guidance clarifying that certain deductions aren’t allowed if a business has received a Paycheck Protection Program…
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Clarifications of FAQs for the SBA Paycheck Protection Program Application

Clarifications of FAQs for the SBA Paycheck Protection Program Application Please be advised that the Small Business Administration (SBA), in…
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New Info Published Last Night on the SBA Loan Program

Please be advised that additional provisions and clarifications were published last night regarding the Paycheck Protection Program that I thought…
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PAYROLL PROTECTION PROGRAM – The time to act is NOW!

Paycheck Protection Program Application & Information On Friday, March 27, 2020, the President signed the Cares Act into law.  As…
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COVID-19 BUSINESS PROVISIONS

COVID-19 BUSINESS PROVISIONS IRS Extends Filing and Payment Deadline The 2019 income tax filing and payment deadlines for all taxpayers…
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COVID-19 INDIVIDUAL ASSISTANCE

COVID-19 INDIVIDUAL ASSISTANCE IRS Extends Filing and Payment Deadline The 2019 income tax filing and payment deadlines for all taxpayers…
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Prioritize customer service now more than ever

You’d be hard-pressed to find a business that doesn’t value its customers, but tough times put many things into perspective.…
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Homebuyers: Can you deduct seller-paid points?

Despite the COVID-19 pandemic, the National Association of Realtors (NAR) reports that existing home sales and prices are up nationwide,…
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ESOPs offer businesses a variety of potential benefits

Wouldn’t it be great if your employees worked as if they owned the company? An employee stock ownership plan (ESOP)…
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Back-to-school tax breaks on the books

Despite the COVID-19 pandemic, students are going back to school this fall, either remotely, in-person or under a hybrid schedule.…
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CARES Act made changes to excess business losses

The Coronavirus Aid, Relief and Economic Security (CARES) Act made changes to excess business losses. This includes some changes that…
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The President’s action to defer payroll taxes: What does it mean for your business?

On August 8, President Trump signed four executive actions, including a Presidential Memorandum to defer the employee’s portion of Social Security…
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6 key IT questions to ask in the new normal

The sudden shutdown of the economy in March because of the COVID-19 pandemic forced many businesses to rely more heavily…
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The tax implications of employer-provided life insurance

Does your employer provide you with group term life insurance? If so, and if the coverage is higher than $50,000,…
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More parents may owe “nanny tax” this year, due to COVID-19

In the COVID-19 era, many parents are hiring nannies and babysitters because their daycare centers and summer camps have closed.…
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The possible tax consequences of PPP loans

If your business was fortunate enough to get a Paycheck Protection Program (PPP) loan taken out in connection with the…
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