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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 […]

Covid 19 Tax Updates & Helpful Links

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Information from the Wyoming Department of Workforce Services for employees who refuse to return to work Frequently asked questions about unemployment benefits from the Wyoming Department of Workforce Services ___________________ IRS’s “Get My Payment” portal is up and running.  Use it to enter direct deposit information to get your stimulus payment quicker.  Don’t be surprised […]

COVID-19 & TAXES UPDATE April 20th

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Many of you have asked numerous great questions about the requirements for the number of employees and their pay rates after you receive your PPP loan proceeds. There are a couple of questions, which keep cropping up so we think it beneficial to cover it here.  The situation is that many of you have already […]

COVID-19 & TAXES UPDATE April 15th

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We previously informed you of the Paycheck Protection Program SBA loan and how to request a loan.  Hopefully, you have your PPP loan applications either submitted, approved or even better, have your loan funded already.  Just so you are aware, once the loan is approved by the SBA, the bank must fund the loan within […]

COVID-19 & TAXES UPDATE April 3rd

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Wouldn’t you know it, the SBA changed the Paycheck Protection Program loan application.  So the bad news is the applications that were circulated and being used thus far are no longer valid.  The good news is the new application is very similar to the old one, simple to complete and is still only two pages long.  […]