Summing It Up

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Richard J. Wright, Jr. CPA

Director | Tax Practice
The American Rescue Plan Extends Relief Through 2021
By Richard J. Wright, Jr. CPA on March 16, 2021

President Biden signed the $1.9 trillion American Rescue Plan Act of 2021 (ARP) on March 11, 2021. The ARP provides relief funding to families and individuals, state and local governments,...

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How Will the American Rescue Plan Help America?
By Richard J. Wright, Jr. CPA on March 8, 2021

The Senate has passed the American Rescue Plan legislation intended to help with the continued financial fallout from the coronavirus pandemic. The bill is headed back to the House for...

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New York State to Conform to Federal Rules and Not Tax Forgivable PPP Loans
By Richard J. Wright, Jr. CPA on January 15, 2021

In a surprising announcement, New York State has provided updated guidance that they will now conform and adopt the federal rule contained within the CARES ACT and not tax forgivable PPP...

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PPP Reopening: Round 1 and Round 2 PPP Loan Updates
By Richard J. Wright, Jr. CPA on January 11, 2021

Here is what we know about the PPP reopening: PPP Round 1 loans will reopen to those businesses that have not yet received a PPP loan on Monday, January 11. For the first 2 days, the SBA...

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Congress Has Thrown PPP Borrowers the Life-Line We Expected
By Richard J. Wright, Jr. CPA on December 21, 2020

Finally, and not a minute too soon, Congress appears to have come to their collective senses and provided businesses with the critical correction to the CARES Act, with the New Stimulus...

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Did the IRS Just Burn Thanksgiving Dinner, or Ignite a Necessary Fire Under Congress?
By Richard J. Wright, Jr. CPA on November 22, 2020

On November 18th the IRS issued Revenue Ruling 2020-27 and Revenue Procedure 2020-51, clarifying their position regarding the deductibility of expenses paid with Paycheck Protection Program...

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