Blog

BGW’s nationally recognized blog showcases our expertise in tax, accounting, audit, personal finances, and small business advisory matters.

It’s just one way we’re “more than just accounting”.

Recent Posts

In our webinars and writings, we’ve focused a lot of attention on the Paycheck Protection  Program (PPP), but it’s important to remember that it’s not the only option for relief for struggling small businesses. The Employee Retention Credit (ERC) was also part of the CARES Act and, like the PPP, was designed to keep employees on the payroll. Though the ERC doesn’t get the attention the PPP does, you shouldn’t discount it. It’s a lucrative Read More
The SBA has issued a new interim final rule permitting lenders to increase existing Paycheck Protection Program (PPP) loans to partnerships and seasonal employers.  Initial guidance provided on April 14, 2020, prohibited partners in partnerships from submitting a separate PPP loan application for themselves as self-employed individuals. Instead, the self-employment income of general active partners was to be reported as a payroll cost, up to $100,000 annualized, on a PPP loan application filed by, or Read More
North Carolina Governor Roy Cooper signed a $1.57 billion coronavirus relief package Monday to aid the state's response to the COVID-19 pandemic. The bill was drafted and passed last week by lawmakers in Raleigh.   Using a portion of the $3.5B it will receive in federal money through the CARES Act, the NC bill includes $125 million for the Golden LEAF Foundation to provide grants to organizations for the purpose of making emergency loans to small Read More
The IRS will provide relief to individuals and businesses whose tax residence might be affected by cross-border travel disruptions -- such as canceled flights, border closings, and shelter-in-place orders -- arising from the coronavirus crisis. This is welcome news for foreign citizens living in the U.S., U.S. nationals living abroad, and foreign businesses with activities in the U.S., as it eases some potential consequences that a prolonged stay in a country could have in determining Read More
Among other provisions, the CARES Act permits employers to defer the deposit and payment of the employer’s portion of social security taxes that otherwise would be due between March 27, 2020, and Dec. 31, 2020. Employers may instead deposit half of these deferred payments by the end of 2021 and the other half by the end of 2022. Recently, the IRS issued guidance regarding the payroll tax deferrals, offering businesses much-needed clarification about the program. Read More