How to Request Loan Forgiveness?

May 4, 2021 | Tax

Initial guidance in the legislation indicates that a borrower should submit to their lender an application to request loan forgiveness and supply the lender with the following documentation relating to the covered period:  Documentation verifying the number of FTE and...

Special Rules for Self-Employed (Schedule C Taxpayers)

May 4, 2021 | Tax

In addition to the permitted use of  Paycheck Protection Program (PPP) funds, a sole proprietor may use PPP funds for owner compensation replacement per the following guidelines below:  Owner compensation replacement for a sole proprietor is defined as 2019 Schedule C...

Accounting Support During Remote Work Orders

May 4, 2021 | Tax

COVID-19 has presented challenges that many businesses and organizations never contemplated. Bookkeeping and accounting functions,while working remotely, may be one of the many critical tasks you’re struggling to figure out. In this time of crisis, keeping your...

New Employer Tax Credits Under CARES Act

May 4, 2021 | Tax

Many businesses that have been severely impacted by coronavirus (COVID-19) will qualify for two new employer tax credits – the Credit for Sick and Family Leave and the Employee Retention Credit, both a result of the new CARES Act.   McConnell & Jones is keeping a...