Phase 2 of the Paycheck Protection Program: Forgiveness

Phase 2 of the Paycheck Protection Program: Forgiveness

The Paycheck Protection Program begins phase 2: forgiveness! On Friday evening, May 15, the SBA released the PPP Forgiveness Application, with a notable absence of guidance from the treasury. The form and instructions offer borrowers details on how to apply for...

Charitable Giving is Still Tax Efficient. Here’s Why:

At Ark, philanthropy is a pillar of our culture for us, and our clients. Charitable giving is tax efficient now more than ever thanks to the CARES Act. Did you know you can now offset your income 100% by donating to charity?(If you’re retired and still receiving...
Business owners & Net Operating Losses (NOL’s)

Business owners & Net Operating Losses (NOL’s)

For business owners, the timeline of when taxes are due, your busy season, and the end of the calendar year are at constant odds. To some degree, the IRS recognizes that. In order to tax businesses based on income and not account entries, the IRS allows Net Operating...

+$310 Billion SBA Paycheck Protection Program

Have you heard? The President has just approved and signed legislation awarding $310 billion in new SBA Paycheck Protection Program loan money.  $60 billion of that is specifically set aside for smaller banks and lenders. That is key here for funding. Economic Injury...
$0-$310 BILLION for the PPP. Are you prepared?

$0-$310 BILLION for the PPP. Are you prepared?

Loan funds from the Paycheck Protection Program are expected to ramp back up with an additional $310 billion to be approved by the House within the next few days. Business owners who’ve missed the first round of funding, here’s what to do next: Have your...
Putting a price on your peace of mind: Life Insurance

Putting a price on your peace of mind: Life Insurance

If you’re like me, you have thoughts rushing through your head that were not ‘front and center’ a few weeks before our current reality unfolded. One of them might be, “Do I have adequate life insurance, or is it even possible to get insurance...
Paycheck Protection Program: What you need to know

Paycheck Protection Program: What you need to know

The Paycheck Protection Program is specifically designed to help small businesses keep their workforce employed. UPDATES: Additional updates and provisions were released earlier today 4/3 regarding the Payroll Protection Program, including a finalized application and...
Updated IRS tax guidelines business owners need to know

Updated IRS tax guidelines business owners need to know

We communicated earlier this week initial updated tax guidelines from the IRS regarding emergency relief for individuals and small business owners. Well, the IRS has released updated guidance on tax deadlines which supersedes previous guidance: The deadline for making...