Seattle Jumpstart Tax

The city of Seattle has recently enacted a new Payroll Expense Tax: JumpStart Seattle (City Ordinance 126108), on wages being paid to Seattle employees. You may have already heard about this new tax. We wanted to share some of the key points. Overview: This tax was passed in July 2020 to generate revenue to help … Continued

Washington Cares Fund

Washington State has established a new plan, the Washington Cares Fund, which provides a minimal long-term care (LTC) benefit for vested Washington residents. You may have already heard about this new plan, but as a client of HKP, we wanted to share a few key highlights. How the plan will be funded: The plan will … Continued

2021 Tax Thresholds

The 2020 U.S. income tax filing season began on Friday 12, 2021. As a result, individuals are now able to submit their 2020 income tax returns and the IRS will consequently start accepting and processing 2020 tax returns. With the start of this year’s tax filing season, we are providing a rundown of the income … Continued

COVID-19 Relief Arrives: Provides stimulus, resolves expense deductibility on PPP & extends expiring tax benefits

The Consolidated Appropriations Act of 2021 (generally referred to as the “COVID-19 Relief Bill” or the “Act”) became law on December 27, 2020 upon President Trump’s signature. Amongst the over 5,500 page spending bill was some long-awaited but anticipated COVID-19 related stimulus relief and an extension of various key income tax provisions for the 2021 … Continued

COVID-19 Relief Bill – Round 2 of PPP Loan

On December 27, 2020, the president signed the Consolidated Appropriations Act of 2021 (referred to as the “COVID-19 Relief Bill”). While there are many key provisions under this omnibus legislation that are designed to provide much-needed relief to small businesses, many of them are in fact legislative efforts to revamp the Paycheck Protection Program (“PPP”). … Continued

Taxation of PPP Loan Forgiveness

In early 2020, many of you took advantage of the Paycheck Protection Program (PPP) that the Coronavirus Aid, Relief and Economic Security (CARES) Act created. As we approach the end of 2020, one very important item to keep in mind are implications of the PPP loan that you may have received. When the U.S. Congress … Continued

Understanding and Maximizing your PPP Loan Forgiveness

The SBA has come out with SOME guidance on the key issues that will determine the amount of loan forgiveness that a company will earn. Note that, while many questions are now answered, several questions are yet to be clarified. May 1, 2020 UPDATE: Today the IRS has issued guidance clarifying the treatment of PPP … Continued

Federal Reserve takes additional actions

“The Federal Reserve on Thursday took additional actions to provide up to $2.3 trillion in loans to support the economy. This funding will assist households and employers of all sizes and bolster the ability of state and local governments to deliver critical services during the coronavirus pandemic.” The April 9th, 2020 press release from the … Continued

COVID-19 and SBA Options For Self Employed Individuals

An SBA program for small businesses & the self-employed Self-employed individuals can start applying for this on Friday, April 10th, and there is a finite allocation of funds, so people that don’t respond in a timely fashion may find that it is too late to receive assistance at a later time. The PPP loan is … Continued

Letter to Clients – 3.31.2020

Dear Clients: Due to the far-reaching impact of COVID-19 and the resulting delay in the Federal tax filing/payment deadline, over the next several weeks our staff will be prioritizing those clients impacted by state filing deadlines that have not been extended. Additionally, many of our clients have reached out to us for guidance regarding the … Continued

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