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Lake Wylie Tax Service | Bookkeeping | Payroll Service

Lake Wylie Tax Service | Bookkeeping | Payroll Service

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Tag Archives: Business Expenses

Congress Has Authorized a Second Round of PPP Loans

Lake Wylie Tax Service | Bookkeeping | Payroll Service Posted on January 15, 2021 by Lake Wylie Tax Services StaffJanuary 15, 2021

Congress Passes Second round of PPP LoansCongress passed, and President Trump signed, the Consolidated Appropriations Act, 2021. Included in its approximately 5,600 pages is a second draw of forgivable Paycheck Protection Program (PPP) loans. The first round allowed loans to businesses with 500 or fewer employees and to certain businesses with multiple locations, for which each location could not have more than 500 employees. Unfortunately, this opened the door to some large businesses gobbling up the allocated funding and shutting out the smaller businesses that the loans were intended to help until additional funding was authorized.

Unlike the prior loan program, this round will truly be limited to small businesses that incurred revenue losses.

Eligibility is limited to businesses

  • with 300 or fewer employees per physical location;
  • that had previously received a PPP loan; and
  • that can demonstrate that they sustained at least a 25% reduction in gross receipts in the first, second, or third quarter of 2020 relative to the same 2019 quarter. Businesses submitting an application on or after Jan. 1, 2021, are eligible to utilize the gross receipts from the fourth quarter of 2020.
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Posted in For Business | Tagged Business Expenses, Covid-19

Meals & Entertainment Expenses Post Tax Reform

Lake Wylie Tax Service | Bookkeeping | Payroll Service Posted on November 13, 2018 by Lake Wylie Tax Services StaffJanuary 23, 2020

Business MealsTax reform imposed limitations on food, beverage and entertainment expenses. Expenses considered entertainment are not deductible at all during the years 2018 through 2025. The tax reform act also imposed a number of restrictions on food and beverage expenses as explained in this week’s article. Learn more….

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Posted in Business Taxes, For Business, Tax Deductions | Tagged Business Expenses, Infographic
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