Coronavirus Tax Update

Update - PPP Loan Forgiveness from SBA  6-22-20 Updates to PPP Loan Forgiveness from SBA were released June 17. Here is a summary from the Journal of Accountancy: 1) Revised loan application to incorporate changes form the PPP Flexibility Act. The revised PPP Loan...

Update - PPP Changes Approved by Senate  6-4-20 Yesterday, the Senate approved changes to PPP loan forgiveness as approved by the House last week. The bill still needs approval from the President. We will be providing further updates, but wanted to get this out...

CARES Act – Individuals Recovery Rebates          Eligible individuals are allowed a credit of $1,200 ($2,400 for joint filers), plus $500 for each qualifying child, for the first taxable year beginning in 2020. An eligible...

CARES Act – Businesses Paycheck Protection Program (PPP) Loan Forgiveness Please see our website for a summary of this provision of the Act.  SBA- Emergency Injury Disaster Loan (EIDL) If you have applied for and received this loan, it can be refinanced as part...

Part of the CARES Act approved and signed on March 27, 2020 Covered loan is a loan guaranteed under paragraph (36) of section 7(a) of Small Business Act. Eligible participants are employers with less than 500 employees including sole proprietors, independent...

The Federal income tax filing deadline has been extended until July 15, 2020.  At Tideline, we are trying to continue as normally as possible (and allowed).   That said, we also want to operate with the appropriate amount of caution.  Effective Monday,...