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Bobby M. Bragg

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So far Bobby M. Bragg has created 500 blog entries.

Tax Ramifications in the Gig Economy

By |2020-07-02T19:06:56+00:00July 7th, 2020|Corporate & Partnership Tax, Entrepreneurs, Individual Tax, News & Events, Press Releases|

Do you pick up riders in your car, rent out a spare room in your summer home or perform various other services for customers? If so, you are likely participating in the “gig economy” that is rapidly growing in popularity around the country. For many people, this is a good way to earn extra money [...]

FAQs on Retirement Plan Loans

By |2020-07-01T14:39:24+00:00July 3rd, 2020|Individual Tax, News & Events, Pension Admin & Consulting, Press Releases|

During these trying times, employees may be forced to take out loans from their 401(k) plans to meet certain financial obligations. Fortunately, the Coronavirus Aid, Relief and Economic Security (CARES) Act provides some relief for borrowers. Following are the answers to several frequently asked questions (FAQs) about retirement plan loans. What are the limits for [...]

New Law Plays With the Kiddie Tax

By |2020-07-02T18:59:33+00:00July 2nd, 2020|Individual Tax, News & Events, Press Releases|

The new retirement planning law passed by Congress late last year—the Setting Every Community Up for Retirement Enhancement (SECURE) Act—includes a tax provision that has nothing to do with your golden years. Accordingly, the way the “kiddie tax” is calculated reverts to the method used before the Tax Cuts and Jobs Act (TCJA) of 2017 [...]

New Guidance on Paycheck Protection Program Loan Forgiveness

By |2020-06-19T12:50:58+00:00June 19th, 2020|Corporate & Partnership Tax, News & Events, Press Releases|

Thanks to recently released guidance after the PPP Flexibility Act was passed, PPP loans are now eligible to be forgiven based on the amount of eligible costs paid or incurred during the 24-week period following PPP loan disbursement (the Covered Period). Alternatively, borrowers who received PPP funding prior to June 5, 2020 may elect to [...]

Paycheck Protection Program Flexibility Act Modifies Requirements

By |2020-06-09T15:25:38+00:00June 8th, 2020|Corporate & Partnership Tax, News & Events, Press Releases|

This past Friday, June 5th, the Paycheck Protection Program Flexibility Act (PPPFA) was signed into law. This Act modifies the Paycheck Protection Program in several ways and is summarized below: Borrowers now have a 24-week covered period to use the PPP funds. However, borrowers may elect to keep the original 8-week covered period. Borrowers [...]

The PPP Loan Forgiveness Application

By |2020-05-27T17:30:53+00:00May 20th, 2020|Corporate & Partnership Tax, Entrepreneurs, News & Events, Press Releases|

Last Friday, May 15th, the SBA and Treasury released the PPP Loan Forgiveness Application. This application provides new elections and exemptions available to borrowers, as well as clarifies certain questions regarding PPP loan forgiveness. These elections/exemptions/clarifications include: Payroll Costs – Provides borrowers with a weekly or biweekly payroll schedule the option to elect to use [...]

PPP Loans Under $2M Get Safe Harbor

By |2020-05-14T14:00:19+00:00May 13th, 2020|Corporate & Partnership Tax, News & Events, Press Releases|

Earlier today, May 13, the SBA and Treasury updated the Paycheck Protection Program (PPP) Frequently Asked Questions (again!) to add question #46. This update provides a safe harbor with respect to the borrower’s good faith certification concerning the necessity of the PPP loan. The answer states “Any borrower that, together with its affiliates, received PPP loans [...]