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Tag: Gross Income

Winning a Gold Medal Can Be Taxing

Written on . Posted in Tax.

By Nicole DeRosa, CPA, MAcc, Senior Tax Manager The price tag on victory is not cheap, at least for some.  When an athlete wins a medal at the Olympics, that medal comes with significant prize money in addition to the value of the medal itself.  Prize money awarded varies by medal type: $37,500 for a gold medal, $22,500 for a silver medal, and $15,000 for a bronze medal.  Medals and prize money won by a team are split evenly amongst the team members. The term “gross income”...

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PPP Loans Become More Favorable for Small Business, Other Important Updates

Written on . Posted in PPP, Small Business, State & Local Tax Services, Stimulus Package, Uncategorized.

By Travis Miskowitz, Director, CFO Advisory The Paycheck Protection Program (PPP) became more favorable to small business as the Small Business Administration (SBA) in cooperation with the Department of Treasury, revised the loan calculation for sole proprietors, independent contractors, and those that are self-employed increasing their chances of obtaining a higher loan amount in contrast to existing guidance. Other important updates were included in two new pieces of...

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