Quarterly News
June/July | 2020
E.J. Callahan and Associates Updates:
We are pleased to announce that our Virtual Summer Externship started this week. Our externship students are currently attending UMass, UConn, and UNH. As part of the externship, these students will "virtually" shadow members of our leadership team.
PPP Loan Corner:

SBA Finally Clarifies PPP Loan Forgiveness Rules: Full Forgiveness For Self-Employed Borrowers:

The Tax Adviser:
2019 Tax Payments, as well as 2020 Q1 and Q2 Estimated Tax Payments are Due July 15, 2020!
The IRS and the MA DOR have extended the 2019 filing and payment deadline, as well as the 2020 Q1 and 2020 Q2 estimated tax payment deadlines to July 15, 2020.

Deducting Home Office Expenses

With many now working at home, taxpayers need to understand the rules.

Associated Builders and Contractor (ABC) Reports Construction Backlog Indicator Inches Higher in May; Contractor Confidence Continues to Rebound:

ABC produces the Construction Backlog Indicator, the only economic indicator that reflects the amount of work that will be performed by commercial and industrial construction contractors in the months ahead, and the Construction Confidence Index, a diffusion index that signals construction contractors’ expectations for sales, profit margins and staffing levels.
 
Updates on Tax Law Changes, Reporting, and Policies
Didn't Get a PPP Loan?
If your business didn't receive a PPP loan, you still may qualify for one of the two new employer credits. Not sure if this applies to you? Feel free to reach out to your EJC Tax Advisor or our leadership team at info@ejccpa.com.