The Bottom Line
The Bottom Line is where Klatzkin’s advisors provide analysis and insight into key developments in taxation, accounting, and other issues and how they affect businesses and individual taxpayers.

New PPP Loan Calculation Guidance

By LAURA WEBER-CARNEVALE

This month, the Small Business Administration (SBA) issued a new Interim Final Rule changing the loan calculation formula for specific Payroll Protection Program (PPP) applicants. The sweeping changes apply to self-employed business owners, independent contractors, and sole proprietors, with or without employees.

State Tax Conformity with the CARES Act

By JOHN BLAKE

The arrival of the COVID-19 pandemic last March sharply impacted both businesses and individuals as significant changes to everyday life were mandated to limit the virus’s spread. The combination of stay-at-home orders and forced business closures left many reeling from the almost overnight shifts. Given the magnitude of the situation, Congress passed the Coronavirus Aid, Relief and Economic Security (CARES) Act to provide comprehensive economic relief.

PPP Round 2: Determining and Demonstrating Loan Eligibility

By CHRISTOPHER S. MAYNARD

Throughout the COVID-19 pandemic, many independent schools have made changes that balance compliance with government orders and students’ educational needs. In doing this, school leaders remain concerned about their institutions’ financial stability, and many are seeking new funding sources heading into 2021.

Independent Contractor vs. Employee Determination

By MICHELE D. SLOCUM

Many business owners are perplexed by determining whether an individual is acting as an employee or independent contractor. The determination is challenging because there are often confusing federal and state guidelines and because it seems they change regularly. Many are surprised to learn that although an individual may appear to be working in an independent contractor’s role, they are considered an employee by the IRS and state law.

COVID-19 Relief Bill Offers Welcome PPP Changes

By LAURA WEBER-CARNEVALE

On December 27, 2020, President Trump signed into law the Consolidated Appropriations Act, 2021 (H.R. 133), which includes providing the second COVID-19-related relief to help individuals and businesses through the pandemic.

State Tax Considerations for Remote Workers in the COVID-19 Era

By JOHN BLAKE

The COVID-19 pandemic has had numerous impacts on businesses, including decreased revenue, interruptions in supply chains, and having employees work from home. The pandemic has led business owners to pivot and change how they are operating. One item that may be of concern to some business owners, and often overlooked, is whether or not employees that live in a different state from where the business is located and working from home during the pandemic will cause nexus in different states.

Nonprofit State Registrations: Recent Changes in Pennsylvania and New Jersey

By MICHELLE S. MARTIN

Due to the COVID-19 pandemic, some recent changes have been made to the procedures that nonprofit organizations follow to register with their state.  Below is an overview of the changes that affect Pennsylvania and New Jersey charities.

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