by Andrews Tax Accounting & Bookkeeping | May 29, 2020 | Educational
The Legislative Branch Yesterday, the Paycheck Protection Flexibility Act, a bipartisan bill, passed in the House of Representatives. Â The bill is expected to pass in the Senate, as well. Two Big Changes The first change to PPP loan forgiveness involves the period in...
by Andrews Tax Accounting & Bookkeeping | May 22, 2020 | Educational
Eligibility And Benefits If you were laid-off, furloughed or your place of business shut down due to COVID-19, you are eligible for unemployment benefits from Washington state and the federal government. The Employment Security Department (ESD) of Washington State has...
by Andrews Tax Accounting & Bookkeeping | May 21, 2020 | Educational
Forgiveness Finalized? The Small Business Administration (SBA) has finally decided on the rules it will use to determine the Paycheck Protection Program (PPP) loan forgiveness. The SBA has published an application that borrowers will use to ask their lender to remove...
by Andrews Tax Accounting & Bookkeeping | May 16, 2020 | Educational
PPP Loan Forgiveness Updates A stipulation to have a PPP loan forgiven is to prove COVID-19 has had a negative impact no your business. Recently this condition was nullified for small businesses with PPP loans less than $2 million. Other conditions still hold though....
by Andrews Tax Accounting & Bookkeeping | May 7, 2020 | Educational
Business Deductions and PPP Loans Tax deductions are subtracted from your adjusted gross income which results in paying a lower amount in taxes. Businesses can take advantage of many deductions to reduce their tax bill. Some common deductions for businesses are...
by Andrews Tax Accounting & Bookkeeping | Apr 17, 2020 | Educational
Stimulus Checks This week marks the third week of the IRS depositing stimulus checks directly into taxpayers’ bank accounts. If you have not received your stimulus check it is probably due to one of the following reasons: you are not eligible for a stimulus check, you...
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