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No More PPP Funds: What Options Are Available For Businesses Struggling During the Pandemic?

In an effort to ease the financial burden of the pandemic, Congress authorized the Paycheck Protection Program (PPP) as part of the 2020 Coronavirus Aid, Relief, and Economic Security Act (CARES Act). Employers who took advantage of this popular program enjoyed the opportunity to obtain loans with favorable terms and the possibility of forgiveness — […]

FAQ About the Trust Fund Recovery Penalty During COVID

Life goes on during a pandemic — and that includes tax confusion and frustration. While deferrals gave many people temporary respite from their IRS concerns, the usual tax drama is now back in full force. The Trust Fund Recovery Penalty (TFRP), in particular, is a major source of anxiety among those already struggling with the […]

Rebooting 2020: How to Take Back the Second Half of the Year After COVID And Economic Uncertainty

Think back to your resolutions for 2020. You might not have felt confident about your ability to save money or lose weight, but you probably assumed that, at worst, you’d continue with the status quo. COVID-19 threw all that for a loop, with illness, job loss, and lockdown changing nearly every facet of daily life. […]

You Owe the IRS — And COVID Is Affecting Your Business: What Can You Do?

There’s no discounting the economic impact of the coronavirus pandemic, which has proven devastating for already vulnerable businesses. Even as quarantine restrictions ease, you may face a variety of unprecedented challenges that prevent your business from achieving expected profits — and handling already overwhelming tax issues. Thankfully, the IRS and SBA offer a variety of […]

What the IRS Is Doing Now to Help Taxpayers Who Owe 250K Or Less

The coronavirus arrived at a tough time for taxpayers, many of whom were already struggling to file returns and make payments prior to the pandemic. Now, concerns that taxpayers hoped to resolve months ago continue to loom large. If there’s a silver lining to all this, it’s an unexpected break from IRS issues that would […]

Quick Guide to Tracking Your EIDL Money

The Small Business Administration has long maintained a program known as the Economic Injury Disaster Loan (EIDL). Until recently, however, most businesses did not need to take advantage of this loan. All that changed as the coronavirus took over. In response to economic concerns related to quarantine, the loan program saw a significant expansion via […]