HT2 CLIENT UPDATE

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BUYING OR SELLING A BUSINESS WITH A PPP LOAN: WHAT YOU NEED TO KNOW!

With the M&A market in flux after all the unexpected challenges of 2020, buyers and sellers are likely wondering how their Paycheck Protection Program (PPP) loan comes into play in an M&A transaction. On Oct. 2, we got some answers when the Small Business Administration (SBA) released guidance on what to do if you are buying or selling a business with a PPP loan. The Procedural Notice was addressed to SBA employees and PPP lenders and clarifies how a change of ownership is defined, the steps that need to be taken with a PPP loan, and the obligations of borrowers regardless of change of ownership. Here’s what you need to know: READ MORE HERE

5 TIPS FOR SAFE INTRAFAMILY LOANS If a relative needs financial help, offering an intrafamily loan might seem like a good idea because they allow you to take advantage of low interest rates for wealth transfer purposes. But if not properly executed, such loans can carry negative tax consequences — such as unexpected taxable income, gift tax or both. Here are five tips to help avoid any unwelcome tax surprises: READ MORE HERE

TOP 11 BENEFITS OF CLOUD-BASED ACCOUNTING If you haven’t converted to cloud-based accounting, it’s likely that COVID-19 may prompt you to make the switch. With more and more businesses and industries operating virtually, cloud access and real-time data has become more important than ever for making the best business decisions possible in uncertain times. With so much up in the air, you don’t want to be caught with a static accounting system that cannot keep up and provide the answers you need. If you’re on the fence, we’ve put together the top 11 benefits of cloud-based accounting and the real-time data it provides. READ MORE HERE

HAMILTON THARP 2020-2021 TAX PLANNING GUIDE Hamilton Tharp has put together a tax planning guide for the end of 2020 and for 2021. Topics include: Tax Planning Basics, Investing, Real Estate, Business & Exec Compensation, Family & Education, Charitable Giving, Retirement and Estate Planning READ MORE HERE

SBA RELEASES SIGNIFICANT CHANGES TO THE PPP On October 8, 2020, the U.S. Small Business Administration (SBA) released the Interim Final Rule on Additional Revisions to Loan Forgiveness and Loan Review Procedures Interim Final Rules (October 8 IFR) which has a significant impact on the Paycheck Protection Program (PPP). The newly released PPP Loan Forgiveness Form 3508S, and new interim final rules, will ease the forgiveness rules for borrowers of $50,000 or less. These borrowers are no longer required to reduce forgiveness amounts based on reductions in full-time equivalent employees, or reductions in salaries and wages. READ MORE HERE

NEWS YOU CAN USE Employee Retention Credit! READ MORE HERE Taxpayers should be on the lookout for new scams  READ MORE HERE E-signature for individual tax returns available to our clients VIDEO PRESENTATION

HAMILTON THARP, LLP HAS A DEDICATED COVID-19 RESOURCES PAGE UPDATED DAILY! VISIT THE PAGE HERE

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