January 15, 2021 – The Michigan Strategic Fund today approved two grant programs – the Michigan Small Business Survival Grants and the Michigan Stages Survival Grants – totaling $58.5 million in relief to help meet the urgent needs of small businesses and live event venues impacted by the COVID-19 virus, the Michigan Economic Development Corporation…

The Consolidated Appropriations Act, 2021 (the “CAA”), signed into law on December 27, 2020, is the second-largest federal stimulus package of 2020, following the CARES Act. The CAA provides $900 billion in COVID relief and reserves $284 billion for small businesses through a second round of Paycheck Protection Program (“PPP”) forgivable loans, or as some…

On Sunday, December 27, President Trump signed the Consolidated Appropriations Act, 2021 (CAA, 2021). The Act contains numerous individual, business, payroll, disaster, and energy-related tax provisions, as well as tax extenders. Many of the provisions, including the deductibility of expenses used with PPP loans as well as $600 stimulus payments, and an extension of payroll…

The CARES (Coronavirus Aid, Relief, and Economic Security) Act may be best known for its provisions designed to shore up the economy as the nation copes with the COVID-19 pandemic. These include distributing Economic Impact Payments to individuals and offering Paycheck Protection Program (PPP) loans to businesses. But the act also includes several provisions that…

It has become a cliché in 2020, but what word other than “unprecedented” can be used to describe the events we’ve experienced this year? During such times, tax planning is far from top of mind. But it’s still important. Smart tax planning can soften the impact of an uncertain economy and provide much-needed relief to…

Even before the COVID-19 crisis, construction technology was transforming the way contractors go about their business. Whether this transformation was happening rapidly or gradually is up for debate, but there’s little doubt that change was (and is) occurring. The pandemic will likely accelerate the technological (r)evolution as contractors look for ways to work more safely…

Classify Carefully The classification of workers as independent contractors or employees has significant implications — both tax and nontax — for all businesses. But this issue is particularly important for construction companies, given the widespread use of subcontractors in the industry. In recent years, the IRS has been cracking down on employers that misclassify employees…

On June 3, 2020, the U.S. Senate passed the House version of Paycheck Protection Program (PPP) legislation and the President is expected to sign the bill.  The bill will triple the time allotted for small businesses and other PPP loan recipients to spend the funds and still qualify for forgiveness of the loans. The bill…

The SBA released the Paycheck Protection Program Loan Forgiveness Application on May 15. Read below for a detailed analysis of the application. IMC is offering high-level and extensive assistance with the PPP Loan Application and Forgiveness Process. Reach out today to set up a time to discuss how it may affect your company. Chris Iannuzziciannuzzi@imc-cpa.com248.641.0005…

Today the government issued some much awaited guidance on the issue of businesses being scrutinized and/or audited for their receipt of PPP loans. The guidance comes in FAQ 46 (click here for details). Based on the plain reading they will not question “good faith certifications” for loans of less than $2 million. Treasury states that…