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The Employee Retention Credit Can Be A Significant Boost for Qualifying Employers

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The Consolidated Appropriations Act signed by President Trump on December 27, 2020, had various COVID-19 relief provisions for small businesses.  One of the more significant provisions was the eligibility revisions for the Employee Retention Credit.  The Act made it possible for many small businesses to be able to take advantage of this refundable tax credit […]

PPP LOAN AND TAX UPDATE

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Congress passed and President Trump signed the COVID-Related Tax Relief Act of 2020 (COVIDTRA).  COVIDTRA includes updates on rules concerning the original PPP loans allowed under the CARES Act as well as allocating $284 billion to additional PPP loan funding for both first and potentially second-time borrowers. Expenses paid with PPP loan proceeds ARE tax-deductible […]

WYOMING BUSINESS COUNCIL AGRICULTURE FUND AND ENDURANCE FUND

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The Wyoming Business Council (WBC) has announced two more Covid-19 Business Relief Programs, one called the Agriculture Fund and the other is the Endurance Fund.  Both may be applied for at www.wyobizrelief.org starting Nov 2 through Nov 18.  There is $90 million allocated to the Agriculture Fund and at least $24 million to the Endurance […]

PPP LOAN FORGIVENESS UPDATE

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Time for an update on PPP loan forgiveness rules and procedures.  Unfortunately, there is still much unknown about the PPP loan forgiveness application (App) and approval process so we will try to differentiate between what is known and what is speculation/possible. There is a bill in Congress to allow streamlined forgiveness for PPP loans less […]

Net Operating Loss Rule Changes

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The CARES Act has changed many items for taxpayers.  One of these has to do with Net Operating Loss (NOL) rules.  Prior to the CARES Act losses incurred for years starting with 2018 were only allowed to be carried forward to the next tax year with a limit on the amount that could be deducted […]

Required Minimum Distribution Change For 2020

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The federal government has met the current COVID pandemic with a multitude of financial assistance programs and tax law changes in order to alleviate the financial burden many individuals and businesses are currently feeling as a result of the various public orders to combat the disease.  A lot of the tax law changes are time-sensitive […]

WYOMING BUSINESS RELIEF FUND AND MITIGATION FUND

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The second and third phases of the Wyoming Business Council (WBC) Covid-19 Business Relief Program, called the Relief Fund and the Mitigation Fund, are set to launch sometime around August 3, according to the WBC.  There is $175 million allocated to the Relief Fund and $50 million to the Mitigation Fund.  Click here for some […]

PPP LOAN FORGIVENESS PERIOD EXTENDED TO 24 WEEKS

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Congress has passed, and the President has signed, a bill extending the time your business has to spend PPP loan proceeds to qualify for forgiveness.  This is good news for businesses who are struggling to spend all the proceeds in the 8 weeks originally allowed.  Here are the highlights of the changes: Allows a business […]

BUSINESS INTERRUPTION STIPEND PROGRAM

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The Wyoming Legislature recently approved distributing $325 Million of the $1.25 Billion given to it by the federal government in the form of three different business relief programs.  All three programs are being administered by the Wyoming Business Council (WBC).  The first program, called the Business Interruption Stipend Program, is scheduled to launch the first […]

EMPLOYMENT ISSUES AFTER PPP LOAN FUNDING

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Most of you who applied for a PPP loan now have the loan proceeds, which has required you to bring back employees previously laid off or hire new ones. Questions continue to roll in, mainly about loan forgiveness, so we will address some here. To qualify for full forgiveness, PPP loan provisions require you have […]