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Secure 2.0 and More Tax and Retirement Changes of 2023
A new year means brand new changes to your retirement plans via legislation and annual updates from government agencies like the IRS and the Social Security Administration. A typical new year is usually filled with enough changes to keep the team at MRPR on our toes, but 2023 is seeing even more changes than usual, mostly stemming from higher-than-normal inflation
Employee Retention Credit Update
Folks in the Restaurant Industry will want to pay close attention to the IRS’s latest update to the Employee Retention Credit.
Michigan Enacts Elective Flow-Through Entity Tax
On December 20th, 2021, Governor Gretchen Whitmer signed Michigan HB 5376, which creates an entity-level tax for pass-through entities (PTEs) that do business in the State of Michigan. Under this new law, PTEs would declare and pay tax on their Michigan taxable income on behalf of their shareholders or entity level partners, and would deduct these taxes from the federal
Large SBA Loans Require SBA Form 3509
Under the Paycheck Protection Program (PPP), borrowers who received a PPP loan in excess of $2 million, whether from a single loan or the combined total (together with affiliates), have known for a while that their loans would receive increased attention from the Small Business Administration (SBA). To that end, the SBA Form 3509 must be submitted for loan amounts
IRS Issues PPP Loan Taxability Guidance
There has been considerable confusion regarding how expenses are to be treated for our clients who have received Paycheck Protection Program (PPP) loans, which are eligible for forgiveness under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act).
Back to School: FFCRA Q&A
The DOL has released additional Q&As, while updating others, in order to provide further guidance and clarification under the FFCRA as it relates to 1) schools back in session, and 2) New York court decisions regarding the Act. Being armed with the latest information will help make planning more productive and conversations more supportive within your organization.