The DMJ & Co., PLLC Digest: A CPA Blog

Insights and musings from the desks of our professionals.

The DMJ Digest: A CPA Blog

Insights and musings from the desks of DMJ professionals.

Potential Protective Claim For Refund For 2016 Through 2018

We are watching the case of Texas v. US, which is challenging the constitutionality of the tax provisions of the Affordable Care Act (“ACA”). The US Supreme Court (the “Court”) has agreed to hear this case earlier this year. As part of the funding for the ACA when it was enacted, several taxes were created.

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Tax Blast: Paycheck Protection Program Flexibility Act

For many businesses, the Paycheck Protection Program (PPP) under the CARES Act has been a lifeline to continue to pay employees and to generally stay in business altogether. Most businesses that sought PPP money have received funding and are now considering how they will fare under the PPP rules for loan forgiveness as the end of the original 8-week “covered period” was approaching quickly. New development: On June 3, 2020, the Senate passed the Paycheck Protection Program Flexibility Act of 2020 (the “Flexibility Act”) by unanimous consent. The House had previously passed the bill overwhelmingly and the President is expected to sign it.

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A Message to Our Clients about COVID-19

As North Carolina moves into Phase 2 with guidelines gradually easing statewide restrictions, DMJ offices will open to clients. While we are eager to visit with each one of you, please note that we will be following state and federal recommendations regarding capacity limitations and wellness protocols. DMJ can still successfully serve you remotely and we strongly encourage you to utilize our electronic document sharing tools.

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