Tag: PPP

$14,000 tax Credit Per Employee. Don’t miss it!

01/25/2021 | Mariah Elliott | agency tax deduction, business tax deduction, business tax planning, cares act, covid, employee retention credit, erc, PPP

New legislation means new benefits for agency owners! Under the Consolidated Appropriations Act passed in December, you’re now eligible for both PPP loan money AND tax credits for employees. Here’s everything you need to know about the Employee Retention Tax Credit (ERC) and what it means for you. What is the Employee Retention Tax Credit (ERC)? The Employee Retention Tax Credit is a refundable tax credit (up to $7,000 per employee per… Read more

Is My PPP Income Going to Be Taxed?

11/25/2020 | Jim Morrow | agency tax deduction, business tax deduction, cares act, marketing agency accounting, pandemic relief, paycheck protection plan, PPP, qbi

Unfortunately, there’s not a straightforward answer, yet. Within the CARES Act, Congress says that PPP recipients whose loans are forgiven are not required to treat the income as taxable. But the IRS says that expenses paid with PPP funds are not deductible. While not requiring you to pay income tax directly on the PPP money, this is a roundabout way of making sure you will pay taxes on it. Wiping… Read more