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Important Filing Deadline Information for PFC Clients
To Our Valued Clients and Associates, This message is intended for all individual tax clients of Paresky Flitt and Company. As you may be aware, on March 17, 2021, the filing and payment deadline for individual tax returns was extended to May 17. Prior to...
SBA provides new Sch C PPP loan calculation
To Our Valued Clients and Associates, As we mentioned earlier this week, the SBA was going to be issuing guidance on the revised PPP loan calculation for Schedule C filers. Today, that guidance has been issued via an Interim Final Rule (IFR) and an updated PPP loan...
Biden Administration updates to PPP program
To Our Valued Clients and Associates, Recently, the Biden administration announced its first changes to the PPP program, including a big change for Schedule C filers. First, effective Wednesday February 24th and continuing for two weeks, the SBA has been directed to...
COVID-19 Relief Bill Update
To our Valued Clients and Associates, At long last, the House and Senate have agreed to a second significant stimulus package. We will highlight some of the more salient points from the over 5,500-page bill. As is with most government bills, there is a lot...
IRS Clarifies Non-Deductibility of Expenses paid with Forgiven PPP Funds
To our Valued Clients and Associates, Late Wednesday night, November 18th, the IRS released Revenue Ruling (Rev. Rul.) 2020-27 and Revenue Procedure (Rev. Proc.) 2020-51 to clarify the rules for deducting expenses paid with PPP funds. While we have been looking for...
MSCPA announcement in November SumNews
Rebecca DeWolfe and Michael Clements promoted to Partners. Read more here >
Massachusetts Grants for Small Businesses
To our Valued Clients and Associates, On Thursday October 22, the Commonwealth of Massachusetts announced a new grant program for small businesses. The two-tiered program offers grants of up to $25,000 for businesses with five or less employees, while companies with...
H.R. 7010 passed by House and Senate to provide relief for PPP borrowers
To our Valued Clients and Associates, Yesterday, the Senate approved the bill H.R. 7010 that had passed the House last week. The Bill now heads to the President for signing. For borrowers under the PPP loan program, H.R. 7010 provides some much-needed...
Paycheck Protection Loan Update from US Treasury
To our Valued Clients and Associates, The U.S. Treasury has released a Fact Sheet and the application form for the Paycheck Protection Program. The Fact Sheet contains some important changes and updates to the program. Here are some highlights of the Fact Sheet they...
PFC Loan Summary – March 30, 2020
To our Valued Clients and Associates, With the passage of the Coronavirus Aid, Relief, and Economic Security (CARES) Act (the third stimulus bill related to the Covid-19 pandemic) on Friday, the Government has provided much needed relief to small businesses. However,...