Mark Patterson's Articles

The Biden administration has announced several reforms to the popular Paycheck Protection Program (PPP) to bring greater relief to the smallest and most vulnerable businesses. Among other things, the administration is imposing a two-week moratorium on loans to companies with 20 or more employees and focusing on smaller businesses. It’s also changing several program rules to expand eligibility for the 100% forgivable PPP loans.

Employee retention credits, PPP loans, business meal deductions, and deferred payroll taxes are just some of the provisions of the latest stimulus package that could affect your business.

A massive new round of federal stimulus spending includes a PPP loan fix, new loan possibilities for small businesses, additional unemployment benefits, and $600 stimulus checks for individuals.

The IRS has issued more guidance to clear up the tax treatment of expenses when a loan from the Paycheck Protection Program hasn’t been forgiven by the end of the year.

New SBA questionnaires request information related not only to the economic condition of the borrower at the time it received the PPP loan but also about its economic experience after receiving the loan.

The SBA and U.S. Treasury Department have issued a streamlined loan forgiveness application for businesses with Paycheck Protection Program loans of $50,000 or less. The measure further simplifies the loan forgiveness process.

The SBA has published a new interim final rule related to the Paycheck Protection Program created by the Coronavirus Aid, Relief, and Economic Security Act. The IFR addresses treatment of certain owner-employees and limitations on eligibility of certain non-payroll costs for loan forgiveness.

As businesses work to recover from the effects of the COVID-19 pandemic, everyone should be on the lookout for opportunities to reduce taxes. One method that manufacturers often overlook is the research and development tax credit.

A last-minute extension means small businesses have until August 8 to apply for Paycheck Protection Program funds.

Business owners will receive notification starting this week regarding eligibility for financial relief as part of the Tennessee Business Relief Program.

The Treasury Department and Small Business Administration have posted new “borrower-friendly” applications for loan forgiveness under the Paycheck Protection Program.

The Tennessee Department of Revenue will issue business relief payments through the Tennessee Business Relief Program to small businesses for costs incurred as a result of mandatory business closures.

A change to Section 2302 of the CARES Act removes the exception for business owners who wish to use the tax deferral of the employer’s portion of Social Security taxes.

Business owners who received a forgivable loan through the Paycheck Protection Program could get more leeway on how to spend those funds as a result of legislation passed by the Senate and House.

Two new interim final rules build upon loan forgiveness application and instruction, but they don’t make changes to the eight-week period during which PPP funds must be spent or the rule requiring PPP borrowers to spend at least 75% of the funds on payroll costs.

New guidance helps clear up calculation methods, definitions of forgivable expenses, and the documents that must be submitted with the forgiveness request.

The Small Business Administration has taken another step to allow employers more flexibility in repaying their loans under the Paycheck Protection Program.

The Small Business Administration’s newest announcement offers relief for some employers whose Paycheck Protection Program loans amounted to less than $2 million.

The just-passed $484 billion Interim Stimulus Plan, among other things, replenishes Paycheck Protection Program funds.

Congress provided $349 billion for PPP funds, but that money ran out late last week amid high levels of demand as the coronavirus has forced businesses to scale back or close altogether.

The IRS and the U.S. Department of Treasury have announced new ways for taxpayers to track their stimulus payment resulting from the recent CARES Act.

New IRS and Federal Reserve decisions add more flexibility for taxpayers and employers.

The Tax Cuts and Jobs Act eliminated some of the deductions for business-related meal and entertainment expenses but led to confusion. New guidance from the IRS helps address the questions.

The State of Tennessee offers a variety of tax-saving credits. Do you know what’s available and how they could help your business?

The Section 179 deduction and bonus depreciation for business assets have been increased and expanded in time for the 2019 tax year.

The six chosen are among 50 from Middle Tennessee selected for the Nashville Business Journal’s annual listing of financial industry leaders.

If you’re covered by Medicare, you already know it can be confusing. You may not know that, if you qualify, you can deduct the cost of premiums (along with other medical costs) on your tax return.

Glitches in the Tax Cuts and Jobs Act require fixes, and tax extenders have yet to be extended. Here’s what needs fixing and what tax provisions need extending.

Just because your tax return has been filed doesn’t mean you don’t still have questions. We’re often asked about refund status, record retention, and amended tax returns. Here are the answers.

Final IRS regulations on the qualified business income deduction are out. How will they affect your 2018 taxes?

Home healthcare providers will face changes because of new Section 199A guidelines, but those changes are based on a variety of factors, including exactly how the entity relates to “the field of health.”

The Tax Cuts and Jobs Act (TCJA) includes a broad range of tax changes impacting both individuals and business entities, including changes that directly impact healthcare companies and physician practices.

Tax incentives exist for those who invest in Opportunity Zones, and the IRS has just issued proposed regulations. Here’s what to know about Opportunity Zones, the available tax breaks and the rules for investors.

Changes to the tax law have helped produce bigger paychecks for some taxpayers, but they also could lead to less withholding and a bigger tax bill next year.

On Sept. 28, the Internal Revenue Service (IRS) is shutting down the Offshore Voluntary Disclosure Program (OVDP) that helps taxpayers with international asset compliance issues.

Misclassifying employees can be a costly mistake for your business. The IRS has been particularly aggressive in its pursuit of worker misclassification in recent years, putting you at real risk if you have misclassified employees as contractors.

If you use federal per diem rates to reimburse employees for business-travel expenses, make sure you’re utilizing the updated IRS per diem rates, which went into effect Oct. 1, 2017.

If you currently conduct business in California, or if you’re contemplating expansion or relocation, you should consider applying for the California Competes Tax Credit (CCTC).

With Republicans in control of Congress and President Trump’s broad outline to overhaul the tax code, businesses await legislation that could have significant impact on their tax burden.

On April 19, Governor Haslam signed House Bill 320 that amended Tennessee law relative to estimated franchise and excise tax payments.

Governor Haslam signed the Improving Manufacturing, Public Roads and Opportunities for a Vibrant Economy Act (the IMPROVE Act) on April 26. Originally proposed in late January of this year, the Act includes a new transportation plan as well as tax cuts (also referred to as tax inequities).

All private companies with more than one owner — no matter how they are structured — should have a buy-sell agreement to spell out how ownership will change hands should an owner depart.

The IRS has issued much-anticipated final regulations intended to keep multinational companies from moving their profits offshore to avoid paying U.S. income taxes.