Updated 1/14/21
We are now accepting PPP Second Draw applications through our application portal:
Need PPP2 Application Help?
Need help with your small business taxes? Ask our partners, the local tax & accounting experts at CenntennialTax.com
We’ve partnered with Centennial Tax & Accounting – a leading Quad Cities tax & accounting firm – to offer loan application assistance at affordable rates. To secure access during tax season, we’ve negotiated on behalf of our small businesses customers. Requests your engagement here: PPP2-Support@centennialtax.com
| PPP Application Support Services | Existing Centennial Clients PPP Application Support Services |
|---|---|
| Billed Hourly | 20% Discount to Hourly Rate |
| $500 minimum | $350 minimum |
| New clients will be eligible to receive a 10% discount on their 2020 Tax Preparation costs or a $100 credit towards their first bookkeeping or payroll service. Services performed will include assisting clients with calculations and documentation gathering, allows for borrower self-certification, performed only with a documented understanding of engagement and communication is generally intended for client use only, and will not fall within the scope of peer review. |
|
Change of Plans Needed? A Note on PPP Forgiveness & Taxability:
CLARIFICATION OF TAX TREATMENT OF FORGIVENESS OF COVERED LOANS
Congress specified that business expenses paid with forgiven PPP loans are tax-deductible. This supersedes IRS guidance that such expenses could not be deducted. Please adjust your year-end tax planning accordingly.
Plus, the current legislation offers:
- An extension the employee retention tax credit and FFCRA unemployment provisions
- Temporarily will allow 100% business expense deduction for meals (rather than the current 50%) as long as the expense is for food or beverages provided by a restaurant. This provision is effective for expenses incurred after December 31, 2020, and expires at the end of 2022.