VT Tax & Finance Blog

Thanks to the PPP, small business owners could face a huge tax bill this year

Paycheck Protection Program Update 7/28/2020

As part of the CARES Act, the Health and Human Services (HHS) was allocated $175 billion in relief funds allocated to the stimulate hospitals, health care providers, and front line workers. Dentists were…

The IRS has recently provided additional guidance pertaining to 1) the waiver of required minimum distributions – in particular for those who took distributions in January or February, and 2) added clarification…

The following is information from the June 30 newsletter by Linda Rossi state director of the Vermont Small Business Development Center. We suggest reading the link documents in their entirety. Use the…

Following is this week's status update for you in regards to the Paycheck Protection Program. There is a lot covered in this update as a result of the recent release of new information about PPP loan forgiveness. 15…

It cannot be overstated - the benefits of keeping your books up to date is critical to the success of your business. Why? It gives you a better understanding of the overall financial health of your…

Leonine Public Affairs - The Vermont Legislature spent long hours every day last week working to finalize tax and spending bills for the first quarter of FY21 and allocate hundreds of millions of dollars…

Last week brought great news for freelancers and the self-employed! From Forbes.com, June 17, 2020 by Brian Thompson: "The SBA filed its 19th Interim Final Rule (IFR), scheduled to be published on Friday…

For today's update we thought you would appreciate knowing more about what the Vermont Governor and Legislature are proposing with regard to the use of the COVID 19 funds allocated to the state. This update…

The U.S. Small Business Administration (SBA) and Treasury department announced on Monday that PPP borrowers are able to qualify for partial loan forgiveness if less than 60% of the PPP loan is used for…

Have you ever received your tax preparation bill from your accountant with an extremely large added bonus of “accounting assistance” added to the bill? If your books are not in good order when you provide…

The U.S. Senate passed the House version of anticipated changes to the Paycheck Protection Program (PPP) legislation late Wednesday night. The bill passed in a unanimous voice vote hours after Wisconsin…

On May 28th the House passed the Paycheck Protection Program (PPP) Flexibility Act of 2020 (H.R. 7010) which is intended to address the challenges that business owners have faced with their PPP loans and…

During the Coronavirus pandemic, millions of Americans expected to get their economic impact payments or stimulus check from the government due to the CARES Act. Many expected to receive their stimulus…

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…

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.…

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…

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:…

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…