The U.S. Small Business Administration (“SBA”) announced on January 8, 2021 that the Paycheck Protection Program (“PPP”) will re-open the week of January 11 for new borrowers and certain existing PPP borrowers.
Rich Smith, CPA, MBA, is a Partner at Bowers & Company CPAs PLLC. Reach him at 315-234-8132 or RPS@bcpllc.com. Bowers & Company aims to offer helpful information to our clients and friends. Learn more about how we can help should your business need accounting services.
While PPP funding was thought to be tax-free funding to help navigate COVID-19, the IRS has issued guidance that potentially makes it a taxable event with real cash flow impacts.
As a result of Wayfair, more than 40 states have enacted economic nexus laws to tax out-of-state sellers for sales and use tax purposes.