What You Need to Know! President-Elect Biden’s Tax Plan
Posted by Sarah Russell on November 9, 2020
Sarah Russell
Now that presumed U.S. President-Elect Joe Biden has been named, many people may be wondering what his tax plan looks like and whether there is anything they can do now to prepare for changes that may be coming. Here are some important highlights of his plan.
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New Interim Final Rule Issued
Posted by Sarah Russell on August 25, 2020
The SBA and Treasury issued a new interim final rule on August 24, 2020 with updates regarding owner-employee compensation and forgiveness eligibility associated with Paycheck Protection Program (PPP) forgiveness. Here is a summary of the key updates.
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All Things Considered: Featuring Sarah Russell
Posted by Sarah Russell on June 30, 2020
Shareholder Sarah Russell continues her education of the PPP loan during a recent interview on Michigan’s All Things Considered radio program. Sarah led an 9-week live video series on the topic and has been a regular contributor of content related to the CARES Act, the PPP loan and loan forgiveness.
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Paycheck Protection Program Flexibility Act Passed by the Senate!
Posted by Sarah Russell on June 4, 2020
It took a little longer than anticipated, but after some back and forth between a few Senators, the Senate passed the Paycheck Protection Program Flexibility Act (The Act) on June 3 with unanimous consent. We expect the President to sign the bill before the end of the week, giving small business more to utilize the funds and achieve full forgiveness.
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Paycheck Protection Program Flexibility Act Passed by the House!
Posted by Sarah Russell on May 28, 2020
As expected, the House passed the Paycheck Protection Program Flexibility Act today, May 28, 2020. We were hoping the Senate might act on this in their Pro Forma session today, but it looks like we will have to wait until next week to see how the Senate responds to the bill
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Fixes to Paycheck Protection Program on the Way?
Posted by Sarah Russell on May 21, 2020
As small business owners begin to navigate the loan forgiveness portion of the Paycheck Protection Program it has become clear many will not be able to achieve full forgiveness because they will not be able to spend all of the funds in 8-week Covered Period.
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PPP Loan Forgiveness Application & Guidance Released
Posted by Sarah Russell and Tim Hilligoss on May 18, 2020
On May 15, 2020, the Treasury and Small Business Administration (SBA) issued long-awaited information on PPP loan forgiveness, including the application for forgiveness and relevant instructions.
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Good News for PPP Loan Borrowers
Posted by Sarah Russell on May 14, 2020
As we have previously stated, there is a fair amount of uncertainty regarding all of the rules surrounding the Paycheck Protection Program (PPP). One item which caused concern among many small businesses was the previous SBA guidance regarding the good-faith certification required as part of the PPP application.
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HEROES Act Introduced May 12: Stimulus Package Phase 4
Posted by Sarah Russell on May 13, 2020
As we anxiously wait for additional guidance related to the CARES Act and the Paycheck Protection Program (PPP) loan, the House is busy drafting their next round of legislation.
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Senate Passes Additional Paycheck Protection Program (PPP) Funding
Posted by Sarah Russell on April 21, 2020
Late this afternoon, the Senate passed a bill that expanded funding for PPP by an additional $310 billion. It also increased funding for the Emergency Injury Disaster Loan (EIDL) program by $60 billion, of which $10 billion is earmarked for grants, and $50 billion for the loan program.
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The CARES Act Fosters Collaboration
Posted by Sarah Russell on April 10, 2020
As the leader of the firm’s tax team, Shareholder Sarah Russell has been on the front lines of the CARES Act; particularly the need for accountants and attorneys to collaborate to support the business community.
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CARES Act Video: April 14, Noon to 1pm
Posted by Sarah Russell on April 10, 2020
As the largest stimulus package in U.S. history, the CARES Act has generated plenty of conversation. Between the tax filing changes and many different options within the stimulus packages, where should leaders focus first?
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Paycheck Protection Program and Other Financing Options
Posted by Sarah Russell on March 27, 2020
The CARES Act provides many benefits, including the Paycheck Protection Program. As promised, here is our detailed analysis of what the program entails.
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CARES Act: Largest Stimulus Package in U.S. History!
Posted by Sarah Russell on March 27, 2020
After days of Congressional negotiations, the President signed the CARES Act, the largest stimulus package in U.S. history. Below is an overview of the provisions included in the package...
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New COVID-19 Stimulus Package Results in 5 Key Action Steps
Posted by Sarah Russell on March 27, 2020
To help navigate the myriad business disruptions caused by COVID-19, Congress has been busy working on a Stimulus package to help taxpayers. For a deep dive into those topics, please see our article on the Summary of Cares Act.
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Coronavirus Stimulus – Where do we Stand Today?
Posted by Sarah Russell on March 23, 2020
As mentioned in recent days, things are changing fast in the wake of Covid-19. There is a lot of information out there, which makes it difficult for business owners to make informed decisions.
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Treasury Extension Revisions
Posted by Sarah Russell on March 22, 2020
As the Coronavirus numbers move fast, so does the Treasury Department! On Friday, March 20 the Treasury revised the previous guidance issued.
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2020 IRS Tax Filing Deadline Extended – 3.20.20 Update
Posted by Sarah Russell on March 21, 2020
Treasury Secretary Mnuchin announced the IRS has moved the tax filing deadline from April 15 to July 15 to allow taxpayers more time to prepare filings and pay income taxes owed.
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Treasury Announces 90-Day Extension
Posted by Sarah Russell on March 18, 2020
Yesterday we let you know the Treasury has announced they were providing a 90-day extension of time to pay taxes owed for many taxpayers. Today the IRS has provided some guidance as to what was included in the extension.
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Coronavirus: Families First Response Act
Posted by Sarah Russell on March 18, 2020
Coronavirus has affected almost all facets of life. The stock market has plummeted, schools have closed, church services have been canceled or are being live-streamed, sporting events and concerts are canceled, travel is restricted, and toilet paper has become a scarce commodity.
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Top Considerations for System Integrators with the Tax Cuts and Jobs Act
Posted by Sarah Russell and Timothy Finerty on May 1, 2019
With the change in tax law, and key court decisions in the past few years, there has never been a better time to reevaluate your ability to qualify and utilize the R&E tax credit.
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Research & Experimentation Funding for Control Groups
Posted by Sarah Russell and Tim Finerty on January 2, 2019
A common misconception about the Research and Experimentation Tax Credit for Increasing Research Activities (hereinafter the R&E Credit) arises when control group members share expenses related to qualified research activities; and when the ultimate user or decision maker is not the same entity who conducted the research activities.
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C-Corp vs. S-Corp: Tax Reform and R&E Credits
Posted by Sarah Russell and Timothy Finerty on November 2, 2018
Before making the decision to change to a corporation, it is important to consider and have a conversation about the R&E Credit.
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Employer Tax Credit for Paid Family and Medical Leave
Posted by Sarah Russell on September 12, 2018
Many questions remain about the paid family and medical leave credit, and the IRS plans to provide additional information.
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What the FDII and GILTI Provisions Will Mean to You
Posted by Sarah Russell on June 25, 2018
The TCJA has changed the game as it comes to international tax planning and taxpayers should be meeting with international tax advisors to ensure they understand the new rules. Both GILTI and FDII need to calculated and reviewed annually.
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Misconceptions About the Research & Experimentation Tax Credit
Posted by Sarah Russell and Timothy Finerty on March 21, 2018
Development efforts only need to be new to you to qualify.
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International Tax Provisions
Posted by Sarah Russell on December 22, 2017
As mentioned in our last two updates recapping changes in the individual and business tax provisions, legislation passed December 20, 2017 and is expected to …
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Interest Charge Domestic International Sales Corporation (IC-DISC)
Posted by Sarah Russell on May 10, 2016
The United States has continually offered encouragement and support to domestic companies to promote export sales of domestically produced goods. One …
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Top 5 Questions about the Foreign Tax Compliance Act (FATCA)
Posted by Sarah Russell and Nina Wang on September 29, 2015
In our first article, we discussed the basics of FATCA, considerations for non-financial domestic entities, and foreign entities. We subsequently published another article that discussed …
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5 Low-Tax Jurisdiction Strategies for Small- and Medium-Sized Businesses
Posted by Sarah Russell on June 25, 2015
There has been much publicity lately regarding large multi-national companies and their offshore tax planning strategies, which has led many business owners to wonder how …
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5 Questions Answered about the Foreign Tax Compliance Act (FATCA)
Posted by Sarah Russell on April 2, 2015
In our last article, we discussed the basics of the Foreign Tax Compliance Act (FATCA), as well as considerations for non-financial domestic entities and foreign …
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Reward Your Business with the Domestic Production Activities Deduction
Posted by Sarah Russell on March 17, 2015
The Domestic Production Activities Deduction May Be for You Does your business manufacture products in the US? Does your company employ US residents that work …
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IRS Changes the Streamlined Filing Compliance Procedures and Offshore Voluntary Disclosure Program
Posted by Sarah Russell on September 4, 2014
Earlier articles have focused on the filing requirements for U.S. persons with foreign bank accounts or other foreign financial accounts. If you have such accounts …
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Outbound International Filings
Posted by Sarah Russell on March 18, 2014
Are you a resident of the US doing business in other countries? Or perhaps your company has expanded to other countries. While that business is …
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IRS Releases Final Regulations Affecting the Net Investment Income Tax
Posted by Sarah Russell on December 19, 2013
As the Holiday season is in full swing the last thing on most taxpayers’ minds is the upcoming tax filing season. However, we have been …
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Proving Beneficial Ownership to China Requires Right Approach
Posted by Sarah Russell on February 1, 2013
Foreign investors in China who want to obtain tax treaty benefits for withholding taxes on dividends need to understand the concept of beneficial ownership, communicate …
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PPP Double Jeopardy: Loan Forgiveness and Tax Implications
Posted by Bryan Powrozek and Sarah Russell on October 20, 2020
Learn about the potential tax implications of PPP loan forgiveness and how this impacts companies who claim the R&E tax credit.
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PPP Loan Forgiveness FAQs
Posted by Tim Hilligoss and Sarah Russell on August 10, 2020
The COVID-19 pandemic caught many by surprise including business owners who were required to comply with forced business closures and others who experienced modified operating rules or dwindling demand.
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Maximizing Tax Savings for System Integrators & Automation Companies
Posted by Tim Finerty and Sarah Russell on June 8, 2016
Clayton & McKervey Shareholders Tim Finerty and Sarah Russell hosted a video, "Maximizing Tax Savings for System Integrators & Automation Companies," produced by the Robotic Industries Association (RIA). The presentation discussed recent changes in legislation and the current eligibility requirements for companies interested in benefitting from R&E tax credits.
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