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Tag: safe harbor

Treasury and IRS Issue Guidance on Deductibility of Expenses Related to a PPP Loan

By Michael Bodrato, Director of Taxes The US Treasury and the Internal Revenue Service (“IRS”) released guidance on November 18, 2020, in Rev. Rul. 2020-27 and Rev. Proc. 2020-51, clarifying the tax treatment of expenses where a loan received under the Paycheck Protection Program (“PPP”) has not been forgiven by the end of the year in which the loan was received. The IRS clarified in a notice issued on May 18, 2020, that since under the CARES Act businesses are not taxed on the proceeds...

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Coronavirus Retirement Plan Review

By Craig Erickson With the continual uncertainty we are facing each day, it is important to keep in mind that changes in legislation may impact your current design of your employee benefit plan.  Following are some topics Plan sponsors and fiduciaries of employee benefit plans may overlook. 401(k) and Profit-Sharing Plans: Employer Contributions – Plan sponsors and fiduciaries may want to consider reducing or halting employer contributions.  For non-safe harbor plans (match or non-elective...

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