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Tax Breaks for Casualty Losses

By Nicole DeRosa, CPA, MAcc, Senior Tax Manager Hurricane Ida has wreaked havoc since it made landfall in Louisiana just this past week and has since caused massive destruction for all things in its path as it traveled up the coast.  Between widespread power outages, flooding, fires, and more, the last thing on people’s minds (as it should be) is the tax implications of suffering a casualty loss but it’s important to know that (believe it or not) you could be eligible for...

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Get Ready to Apply for the Restaurant Revitalization Fund

By Ilya Brodetskiy, Ilya Brodetskiy, CPA, MST, Senior Tax Manager In January, Congress passed the American Rescue Plan Act of 2021, landmark legislation designed to help U.S. residents and businesses stay afloat in the midst of the ongoing coronavirus pandemic. One under-reported element of the plan is the establishment of the $28.6 billion Restaurant Revitalization Fund (RRF), to be administered by the U.S. Small Business Administration (SBA). This program will offer tax-free...

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Got Unemployment Compensation? Don’t Rush to File or Amend Just Yet!

By Nicole DeRosa, CPA, MAcc, Senior Tax Manager Last week, the $1.9 trillion American Rescue Plan Act of 2021 signed into law by President Biden included a very welcome retroactive tax provision for unemployed workers.  The bill provides that up to the first $10,200 of unemployment compensation benefits, paid to you in 2020, can now be excluded from taxable income, provided household income is under $150,000.  Although a very welcomed provision for the unemployed, there...

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American Rescue Plan: Free COBRA Coverage

By Lisa Calick, Director, HR Advisory The American Rescue Plan Act (ARPA), now signed by President Biden, includes important changes which employers need to be aware of regarding COBRA coverage for certain eligible employees and their dependents.  It provides up to 6 months of free COBRA coverage for Assistance Eligible Individuals, a special COBRA enrollment window, and new notice obligations. Premium Subsidy for Assistance Eligible Individuals One of the major provisions...

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$1.9 Trillion American Rescue Plan Released – Perhaps the 3rd Time is a Charm!

By Nicole DeRosa, CPA, MAcc, Senior Tax Manager  The much anticipated $1.9 trillion American Rescue Plan was released by lawmakers last week and passed by House by a near party-line vote of 219-212 early Saturday morning.  The third stimulus package is now on its way to the Senate, which is expected to pass in hopes to meet a mid-March deadline, albeit with some potential changes.  Once signed into law by President Biden, this 592-page stimulus package will offer a wide range of...

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Biden Administration Targeting PPP Aid to Smallest Businesses – 2 Week Delay Starting Wednesday Morning

By Travis Miskowitz, Manager, CFO Advisory Early Monday morning, the Biden Administration announced it is instituting a 2-week period targeting Paycheck Protection Program (PPP) loans to small businesses only. The temporary freeze goes into effect Wednesday morning beginning at 9:00 am, and only small businesses with 20 or fewer employees will be eligible to apply for a PPP loan for the next 2 weeks. The move by the current Administration is an effort to provide much-needed funding...

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SBA to Speed Up PPP Approval Process

By Travis Miskowitz, Manager, CFO Advisory In response to concerns from the small business community regarding delays and processing issues with the latest round of PPP funding, the SBA released a procedural notice on 2/10 implementing changes to speed up the loan approval process. As many as 30% of all PPP loan applications have been delayed due to Hold or Error codes as a result of stepped-up front-end compliance and verification checks. Late last week, we covered the issues causing...

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PPP Processing Delays – More Communication Required from SBA

By Travis Miskowitz, Manager CFO Advisory When the Small Business Administration rolled out the Paycheck Protection Program in 2020, there was an immediate need to stem the losses and financial difficulties that small business owners were facing due to the pandemic and government-mandated shutdown orders. The early days of PPP were fraught with processing issues, incomplete or inconsistent guidance, and a lack of reliable resources for small business owners to reference when applying...

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Capital Formation Advisory

Whatever stage your company is in, Wiss Capital Advisors can help you make the right financing decisions. We can advise on securing equity capital for growth-oriented companies, including expansion capital and pre-IPO financing. We can help you secure financing for a management buyout, management buy-in, or corporate divestiture.  And we have the experience and expertise needed to help you in special situations, including acquisition financing, public-to-private transactions, and...

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What type of entity should my startup be (a C-Corp or LLC)?

CPA and Partner at WISS & Co., Matt Barbieri discusses the reason he’s doing this podcast (basically to answer all those questions he gets over-and-over) and then answers a question he gets ALL THE TIME from startup founders, which is, What type of entity should our company be? Listen to the episode here… Still need more guidance? No problem! Reach out to a Wiss expert for answers. Contact Us

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