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VT Tax & Finance Blog

Paycheck Protection Program Update for 5/27/2020

May 27, 2020
The U.S. Small Business Administration (SBA) released additional guidance last Friday, 5/22/2020 in regards to the Paycheck Protection Program (PPP) loan forgiveness application.  While it provided some…

Paycheck Protection Program Update for 5/20/2020

May 20, 2020
PPP Loan Forgiveness Application Released On May 15th, The U.S. Department of Treasury’s Small Business Administration (SBA) finally released the Paycheck Protection Program (PPP) loan forgiveness application.…

Paycheck Protection Program Update for 5/14/2020

May 14, 2020
The Small Business Administration finally offered clarification yesterday, May 13, which provided an important safe harbor for the necessity certification in regards to PPP loans. They clarified that…

Paycheck Protection Program Update for 5/11/2020

May 11, 2020
While we are still waiting on additional guidance from the SBA in regards to the PPP loan forgiveness guidelines we came across this article from Forbes that we thought might be useful to you in the meantime:…

Paycheck Protection Program Update for 5/7/2020

May 07, 2020
What does economic uncertainty mean? That ambiguous and subjective certification from your Paycheck Protection Program loan application has been a hot topic over the last week or so. The SBA has published…

AICPA Urges SBA to Release Guidance for PPP Loan Forgiveness

May 06, 2020
The American Institute of Certified Public Accountants (AICPA) is urging the Treasury Department and the U.S. Small Business Administration (SBA) to release key guidance on Paycheck Protection Program…

How Are Unemployment Benefits Taxed?

Apr 29, 2020
While many people are finally beginning to receive unemployment benefits it is important to consider the tax consequences of those benefits so there are no surprises at tax time. As you receive your unemployment…

Business Owners: The R&D Tax Credit Could Provide You with the Cash You Need Now

Apr 27, 2020
There’s no sugar coating it - we are in the midst of a global pandemic and likely recession. Times are tough for business owners and the catch phrase “cash is king” has never rung so true. If you are in…

Paycheck Protection Update for 4/24/2020

Apr 24, 2020
With yesterday's Congressional approval for an additional $310 billion in Paycheck Protection Program (PPP) loans we are once again initiating our daily blog. As you read below, please keep in mind that…

Kiplinger: 10 Financial Boxes You Should Check During COVID-19 Pandemic

Apr 23, 2020
Kiplinger - 5 Financial Boxes You Should Check Before COVID-19 Strikes, by Evan T. Beach, CFP®, AWMA®, Wealth Manager, Campbell Wealth Management, 4/23/2020 I'm not sure I've ever read, let alone written,…

The Revolving Bookkeeper Door

Apr 14, 2020
Are you a small business owners suffering from the “revolving bookkeeper door”? Perhaps your need for a part-time bookkeeper is resulting in turnover as a result of your part-time bookkeeper leaving you…

Update: Important Tax Deadline and Payment Information

Apr 14, 2020
As most people know by now, July 15 is the new due date for your 2019 tax returns. This is particularly pertinent for those of you that need to make payments for any balance due from 2019, as well as paying…

Paycheck Protection Update for 4/8/2020

Apr 08, 2020
The Small Business Administration issued FAQs on April 6 in response to demands from banks and borrowers to provide greater clarity as to what information is required for purposes of obtaining a Paycheck…

Paycheck Protection Update for 4/7/2020

Apr 07, 2020
Unfortunately there is still not a lot of clarity coming out of the SBA with regard to the loan calculations. At this point we are applying our own interpretations for selected items which thus far seem…

Paycheck Protection Program Update for 4/6/2020

Apr 06, 2020
Although there has been a lot of discussions and attempts to interpret some of the guidance issued late last Thursday from the SBA, there has not been a lot of clarification for the program. Our impression…

Paycheck Protection Program Update for 4/3/2020

Apr 03, 2020
Last night the SBA issued their interim final rule with regard to the loan submission process. Today in our daily update we want to share with you our takeaways from this document. 1. The rate has increased…

The CARES Act PPP: Frequently Asked Questions

Apr 01, 2020
The following is an UPDATED summary of the Paycheck Protection Program as of April 8, 2020: On March 31, 2020, the Department of Treasury released the Paycheck Protection Program application and updated…

Summary of Tax Provisions within the CARES Act

Mar 31, 2020
As COVID-19 continues to upend nearly every aspect of life in the United States, Congress passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act in an attempt to get funds out to individuals. Following…

Federal and Vermont Tax Deadlines Extended

Mar 25, 2020
Federal Extended Deadline Rules: The IRS has issued their final ruling on extending the April 15th tax deadline for both filing your taxes and making any tax payments to July 15th.   It is not necessary…

How the Coronavirus Can Result in Positive Change for Small Business

Mar 16, 2020
The following article published in The Hill publication includes some very interesting insight in how small businesses can change for the better as a result of Coronavirus. By Gene Marks, 3/11/2020 -…