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PPP

Why PPP Borrowers Should Get PPP Tax Break

December 17, 2020 By Stephen Nelson CPA

Sometime soon, Congress will pass additional Covid-19 relief. And probably a key feature of this relief? Giving PPP borrowers a tax deduction for the … [Read more...] about Why PPP Borrowers Should Get PPP Tax Break

Filed Under: COVID-19, PPP

PPP Loan Tax Returns: What We Know Now

November 20, 2020 By Stephen Nelson CPA

PPP loan tax returns will be a little bit more complicated than many hope or expect.

The IRS provided additional rules for PPP loan tax return preparation this week. In this short post, therefore, I want to review what we now know … [Read more...] about PPP Loan Tax Returns: What We Know Now

Filed Under: COVID-19, PPP

Applying for PPP Forgiveness with 3508S Form

October 13, 2020 By Stephen Nelson CPA

On October 7, 2020, the Small Business Administration issued a new rule for PPP loan borrowers who received $50,000 or less in proceeds. That new … [Read more...] about Applying for PPP Forgiveness with 3508S Form

Filed Under: PPP

Forgiveness for PPP Loans $50,000 or Less: The New 3508S Form

October 9, 2020 By Stephen Nelson CPA

PPP loan forgiveness application now easy for small $50,000 loans.

Yesterday, the Small Business Administration provided a simpler forgiveness application for PPP loans of $50,000 or less. The key simplification? A … [Read more...] about Forgiveness for PPP Loans $50,000 or Less: The New 3508S Form

Filed Under: PPP

Rubio’s New PPP Bill: The Two Minute Overview

September 21, 2020 By Stephen Nelson CPA

Picture of Senator Rubio,author of the new PPP bill

Senator Marco Rubio’s new PPP bill, the “Continuing Small Business Recovery and Paycheck Program Program Act,” continues to inch along. And my hunch? … [Read more...] about Rubio’s New PPP Bill: The Two Minute Overview

Filed Under: COVID-19, PPP

Covid-19 Closures Killing Millions of Small Businesses

September 11, 2020 By Stephen Nelson CPA

Some bad news, I’m afraid. Covid-19 closures appear to be killing millions of small businesses. That’s maybe not a huge surprise. Also, we’ve had … [Read more...] about Covid-19 Closures Killing Millions of Small Businesses

Filed Under: COVID-19, management, New business, PPP, Strategy

Sole Proprietorship PPP Loan Applications

September 2, 2020 By Stephen Nelson CPA

I want to talk about sole proprietor PPP loan applications. More specifically, about PPP loans for sole proprietors who don’t employ other workers … [Read more...] about Sole Proprietorship PPP Loan Applications

Filed Under: PPP

Sole Proprietor and Partnership PPP Tax Rules

August 20, 2020 By Stephen Nelson CPA

Partnership PPP tax accounting complicated and uncertain at this point.

Sole proprietor and partnership PPP tax rules get complicated. A sole proprietor who uses her or his PPP loan money to pay the owner probably … [Read more...] about Sole Proprietor and Partnership PPP Tax Rules

Filed Under: business taxes, PPP

PPP Loan Amount Increases After-the-fact

August 5, 2020 By Stephen Nelson CPA

The proposed “Continuing Small Business Recovery and Paycheck Protection Program Act” tweaks the Paycheck Protection Program in a bunch of … [Read more...] about PPP Loan Amount Increases After-the-fact

Filed Under: COVID-19, PPP

How You Should Have Done Your PPP Loan

July 28, 2020 By Stephen Nelson CPA

Hindsight is 20/20, the saying goes. But in most cases, hindsight doesn’t matter much. Knowing now that I should not have sold those Microsoft … [Read more...] about How You Should Have Done Your PPP Loan

Filed Under: COVID-19, PPP

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Featured Posts

Washington state estate tax pushes wealthy residents to consider estate planning options.

Planning for the 35% Washington State Estate Tax

Washington state levies an estate tax of up to 35% on estates of decedents dying on or after July 1 2025. That new rate is by far the highest estate … [Read More...] about Planning for the 35% Washington State Estate Tax

the new Washington state professional services sales tax starts October 1, 2025.

Washington State Professional Services Sales Tax

Starting October 1, 2025, Washington State levies a sales tax on many, maybe most, business professional services. Thus, if you’re a business … [Read More...] about Washington State Professional Services Sales Tax

Washington state qualified family-owned business interest deduction

Washington’s Qualified Family-Owned Business Interest Estate Tax Deduction: Updated for 2025

Washington state taxes the estates of high-net-worth residents and high-net-worth nonresidents who own property in the state. The tax rates start at … [Read More...] about Washington’s Qualified Family-Owned Business Interest Estate Tax Deduction: Updated for 2025

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