If you were or are fortunate to get a PPP Loan, then there is a loan forgiveness that can be applied to the full amount of the loan and any accrued interest. The amount of loan forgiveness will depend on the total amount of payroll costs, payment of interest on mortgage interest (business) obligations incurred […]

The Paycheck Protection Loan has a Loan Forgiveness feature.  During the 8 week period beginning on the date a Paycheck Protection Loan is funded (the Forgiveness Period), a borrower will be eligible for forgiveness and cancellation of indebtedness for up to the full principal amount of the Paycheck Protection Loan.  The amount eligible for forgiveness […]

The CARES Act that has been passed by the Senate contains a Paycheck Protection Loan Program through the SBA.  The program offers a maximum loan of the lessor of your monthly average Payroll Costs over the twelve months prior to the loan multiplied by 2.5 or $10,000,000.  Basically, the maximum loan under this program is […]

President Trump signed the Families First Coronavirus Response Act (H.R. 6201) bill into law on March 18, 2020 in response to COVID-19.  There will be additional bills that will add, possibly change, and certainly clarify bill H.R. 6201 in the coming days and weeks.  I put together the following Frequently Asked Questions surrounding this bill […]

Renting out a second home can help defray the cost of owning and maintaining the property. And there may be valuable tax benefits from the rental arrangement as well. At Morey & Associates, an Orange County CPA firm, we understand the tax implications and can help you make the most of renting your vacation property. […]

Is your activity a business or a hobby? It’s important to know because if the IRS views your activity as a hobby rather than as a business, your tax deductions for business-type expenses are subject to certain limitations. Business Versus Hobby To qualify as a business, an activity must be conducted for the primary purpose […]