Did you receive a loan through the Paycheck Protection Program (PPP)? Don’t risk being blindsided by an unexpected tax bill. Tax Defense Network offers affordable PPP tax help so your business can keep moving in the right direction.
The Coronavirus Aid, Relief and Economic Security (CARES) Act authorized billions in potentially forgivable loans through the Paycheck Protection Program (PPP) to help small business owners stay afloat during the pandemic. Proceeds from the PPP loans could be used to pay up to 8 weeks of payroll expenses (including benefits), as well as rent, mortgage interest, and utilities. As of August 8, 2020, the Small Business Administration (SBA) was no longer accepting applications for PPP loans. The program may open at a later date, however, since there was an estimated $134 billion left in unused funding.
PPP loan forgiveness is not guaranteed. You must provide evidence that at least 60% of the funds were used for payroll. Even if the threshold is met, the forgiven amount may still be reduced if the number of full-time employees declined or wages decreased. Regardless of whether you receive full or partial forgiveness, the results of your PPP Forgiveness Application will impact your tax liability. Don’t risk making a mistake on your quarterly and/or annual taxes. At Tax Defense Network, we can help you navigate the PPP rules to ensure you do not receive an unpleasant surprise at tax time.
Our affordable services include:
Keep track of how your PPP funds are used, ensuring you stay compliant and have the necessary documentation needed for PPP forgiveness.
Our tax experts can help with personal and business income tax returns, as well as quarterly filing.
Plan ahead for PPP tax consequences and receive step-by-step guidance to help mitigate tax liability.
There’s a higher probability of being selected for a tax audit if you’ve taken out a PPP loan. Our team can help you through the process and work on your behalf to get the best outcome.
If you had to make the difficult decision to shut your doors, we can help. We offer Close Corporate Filing services and can help prepare your final tax returns.