How could my PPP loan have exposed my company to criminal liability? Now that your small business has a PPP Loan, it is time to consider how this may have exposed your company to criminal liability. Since the US government does not give out loan money without a loan audit… [Read more]
How to respond to an IRS Audit Letter
Did you receive Letter 6323 initiating an IRS Audit for your income taxes? The same letter comes for businesses or individuals. IRS Audits ARE picking back up. The moratorium on audits ended on July 15th and IRS is actively sending out these letter 6323 notices right now! If you receive… [Read more]
How to resolve an IRS tax balance
Chamber of Commerce Tax Credits and Changes
What Tax Credits and Changes Could Affect Your Businesses 2020 Tax Filing? The U.S government works to pass legislation to help reduce the damage caused by the shut down of our global economy in the face of this novel coronavirus. The CARES Act and the FFRCA are in place to… [Read more]
Small Businesses Set to Receive Funding from the Main Street Loan Program!
Coronavirus has caused companies of all sizes to take a hit. To help your businesses that need extra funds, the federal government came out with a few funding options. The Main Street Loan Program was intended to serve larger businesses like the SBA PPP served smaller businesses. But, as of… [Read more]
Were Your Finances in Line When you Applied for SBA Loans?
Organization is Key: Were Your Finances in Line Before You Applied for Your SBA PPP Loan? The SBA relaxes the loan forgiveness criteria in mid June allowing you 24 weeks to use SBA funds and to allocate 60% of funds to payroll. This is replacing the previous amount equal to… [Read more]
Will SBA Relief Funds Meant for Small Businesses be Returned?
Small businesses continue to struggle to acquire SBA PPP funds, as a few larger companies refuse to return the funds they have received. Though these larger publicly traded companies could face severe consequences, the threat is not causing any movement towards these companies returning their funds. While the Trump Administration… [Read more]
Will SBA Audits Result in Criminal Exposure for Business Owners?
What Criminal Exposure Could You Be Subject to Because of your SBA PPP Loan? After Mnuchin, the Treasury Secretary announced that all SBA PPP loans of $2 million are guaranteed an audit, and smaller loans may be audited as well, there has been concern surrounding potential criminal exposure. How can… [Read more]
Signs the IRS is Looking for to Prove Criminal Content
The potential penalties that arise when borrowers apply for the SBA PPP loan has business owners questioning whether or not they should keep their loan funds. Borrowers must consider their individual circumstances to make this decision, but there can be adverse consequences if you do not utilize the loan funds… [Read more]
Steps to Reduce Being Considered for Fraud in an Audit
The SBA PPP loan is to help support small businesses that would otherwise disappeared due to COVID-19. Now that these funds have been widely disbursed, the federal government is stepping it. They are taking action to check on the recipients. Furthermore, their actual need and whether or not their applications… [Read more]
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