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VT Tax & Finance Blog

Paycheck Protection Update for 6/19/2020

Jun 22, 2020
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…

CARES Act Funding for Vermont Businesses

Jun 16, 2020
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…

Paycheck Protection Update for 6/9/2020

Jun 09, 2020
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…

How Better Bookkeeping Can Avoid Surprises at Tax Time

Jun 04, 2020
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…

Paycheck Protection Update for 6/4/2020

Jun 04, 2020
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…

Paycheck Protection Update for 6/3/2020

Jun 04, 2020
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…

Stimulus Checks Via Debit Cards

Jun 03, 2020
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…

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…