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Health Savings Accounts: Annual Contribution Limits for 2021

The IRS recently announced the annual contribution limits for Health Savings Accounts (HSAs) for 2021.  For calendar year 2021, the annual limitation on deductions for an individual with self-only coverage under a high deductible health plan is $3,600.  The calendar...

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SBA PPP Loan Forgiveness Application

The SBA just released additional guidance, application and instructions to apply for loan forgiveness through their Payroll Protection Program (PPP).  To apply for forgiveness of your PPP loan, you (the Borrower) must complete this application as directed in the below...

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What should I do to return an Economic Impact Payment (EIP)?

You should return the payment as described below. If the payment was a paper check: Write "Void" in the endorsement section on the back of the check. Mail the voided Treasury check immediately to the appropriate IRS location listed below. Don't staple, bend, or paper...

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What Happens When Economic Impact Payments Differ?

As millions of Americans begin receiving their promised Economic Impact Payments from the IRS, as authorized by the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), some may find that they did not get the amount they were expecting. While the amount...

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Paycheck Protection Program (PPP) Loan Certification

The SBA just released further guidance on the Payroll Protection Program (PPP) Certification Question: How will SBA review borrowers’ required good-faith certification concerning the necessity of their loan request? Answer: When submitting a PPP application, all...

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PPP Loan Extension For Certification

Additional information has come out on the Paycheck Protection Program (PPP) loan extension for certification. The SBA just released a new Frequently Asked Question indicating that they are automatically extending the May 7 deadline for those who may feel that they...

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Continued Guidance on SBA Payroll Protection Program

The SBA continues to issue additional guidance in the form of responses to FAQs regarding the SBA Payroll Protection Program (PPP) loans.  A complete set of the FAQs published by the SBA to date can be found here. We would like to highlight FAQs #31 - #45.  These FAQs...

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