Blog

PPP LOAN FORGIVENESS UPDATE

admin

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… Read More »

Net Operating Loss Rule Changes

admin

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… Read More »

Required Minimum Distribution Change For 2020

admin

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… Read More »

WYOMING BUSINESS RELIEF FUND AND MITIGATION FUND

admin

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… Read More »

PPP LOAN FORGIVENESS PERIOD EXTENDED TO 24 WEEKS

admin

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… Read More »

BUSINESS INTERRUPTION STIPEND PROGRAM

admin

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… Read More »

EMPLOYMENT ISSUES AFTER PPP LOAN FUNDING

admin

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… Read More »

Covid 19 Tax Updates & Helpful Links

admin

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… Read More »

COVID-19 & TAXES UPDATE April 20th

admin

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… Read More »

COVID-19 & TAXES UPDATE April 15th

admin

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… Read More »