Delaware Relief Grants Forgiveness Application Due 12.31.2021 – Don’t Delay

Posted By: Mike Kelly, CPA Did you receive a Delaware Relief Grant?   The State of Delaware and New Castle County worked together to provide relief to Delaware nonprofits and small businesses impacted by the COVID-19 pandemic through the means of Delaware Relief Grants. If you received a Delaware Relief Grant, the Delaware Relief Grant forgiveness application must be submitted … Continued

Additional Extension and Due Date Updates

Posted by Michael D. Kelly, CPA PPP Extension Act of 2021 On March 30, President Biden signed into law the PPP Extension Act of 2021. The Paycheck Protection Program, which was scheduled to expire on March 31, 2021, has been extended through June 30, 2021 through this bill. The full legislative text can be reviewed here: H.R. 1799 – PPP … Continued

U.S. Department of Health and Human Services Relief Funds Update

Posted by Mike Kelly, CPA  On April 10, 2020, the U.S. Department of Health and Human Services (HHS) automatically began distributing relief funds to “providers who billed Medicare-fee-for-service in 2019, be a known Medicaid and CHP or dental provider and provide after January 31, 2020 diagnoses, testing, or care for individuals with possible or actual cases of COVID-19, or prevented … Continued

COVID-19 Update: Three important topics for your review

Posted by Michael D. Kelly, CPA In our continued effort to provide guidance to companies and nonprofits, we have outlined three important topics in this edition of our BLS Important Update. Our firm has received numerous questions on the topics below and have prepared a summary to help provide clarity. Treatment of Owners and Forgiveness of Certain Payroll Costs On … Continued

COVID-19 Update: FAQ Updates for PPP Economic Injury Disaster Loans

Posted by Michael D. Kelly, CPA   The IRS recently updated their FAQ page related to Economic Impact Payments (EIP), also known as Stimulus Payments. To help simplify the details of what was added to this FAQ page, the BLS Team outlined the highlights below. PPP EIDL FAQ Highlights:   If a borrower applied for an Economic Injury Disaster Loan … Continued

COVID-19 Update: SBA FAQs on PPP Loan Forgiveness

Posted By Mike Kelly, CPA   In an effort to provide guidance to companies and nonprofits that received a Payroll Protection Program (PPP) Loan, the Small Business Administration published Frequently Asked Questions related to PPP Loan Forgiveness. The guidance provided is lengthy and questions still remain. To help give a summary of what you need to know now, the BLS … Continued

Tax Planning Issues

Death and Taxes

As Benjamin Franklin once said, “Nothing is certain but death and taxes” so it makes sense to discuss how these two issues are intertwined with each other.

Estate Tax Portability

Sharing is Caring – Elect Portability

George Steinbrenner, the former Yankees owner, was in the news in 2010 when he died during a period of time when the estate tax was repealed, but the rest of us will likely not be as lucky (bad word choice?) as the estate tax appears to be around for the foreseeable future.