PPP loans have reopened: Let’s review the tax consequences

The Small Business Administration (SBA) announced that the Paycheck Protection Program (PPP) reopened the week of January 11. If you’re fortunate to get a PPP loan to help during the COVID-19 crisis (or you received one last year), you may wonder about the tax consequences. Background on the loans In March of 2020, the CARES Act…

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PPP Loan Update: Deductibility of Expenses

While many businesses were recipients of loans from the Paycheck Protection Program (PPP), taxpayers have been anxiously awaiting guidance regarding the tax treatment of related expenses.  WellsColeman wanted to provide an update on a recent ruling that provides clarity on expenses paid with PPP funds so that you can appropriately plan for your 2020 taxes.…

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COVID-19 Resources

coronavirus scrabble stock

As of July 6th, 2020, our office is open to serve the needs of our clients. To ensure the safety of our team and clients, we are following CDC recommendations on social distancing and masks. Resources: AICPA Article: “Top Strategy for a Delayed 2020 Peer Review? Plan it now” https://future.aicpa.org/news/article/top-strategy-for-a-delayed-2020-peer-review-plan-it-now Virginia Department of Taxation Coronavirus Updates https://www.tax.virginia.gov/news/coronavirus-updates…

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