Calculating self-employed income for the purposes of determining child support can be daunting in itself. Toss in the Payment Protection Plan or the PPP Loan that was a direct result of the pandemic, and the process can seem even more overwhelming. Business owners who received PPP Loans are not required to report them as income but are also able to write off all business expenses paid with the funds from the PPP Loan. This creates quite a unique set of circumstances for family law in relation to child support payments, as they are directly calculated based on income. The funds from the PPP loan aren’t factored into that equation, but the business itself would likely report inaccurate income vs. expense numbers, making the calculation for payments difficult. Having an experienced family law firm to help you walk through this process can provide stress relief in this matter by relying on their experience in dealing with multiple cases to be their guide.
Why Does a PPP Loan Make It So Difficult To Determine Any Changes to Child Support Payments?
The proceeds from the loans themselves are difficult to detect on tax returns, which is an important document when calculating payments. Furthermore, expenses paid from these funds aren’t actually paid by the business. Instead, they are paid from the PPP funds, making the actual losses harder to determine. Family law attorneys can generally be very helpful in this process, as we can help to untangle the actual calculations and make sure that we are calculating your or your former spouse’s income accurately. This change is new to 2020 and 2021, so hiring a firm that has experience in these cases isn’t as easy as one may think. O’Connor Family Law has extensive experience in dealing with these cases, and we are happy to help you sort through them.
What Can I Do To Ensure My Payments Are Accurately Calculated?
Working with an experienced family law firm such as O’Connor Family Law will guide you through the process and take the guessing out of it for you. As you probably know or can tell from reading this far, calculating payments is a delicate matter, even without the PPP proceeds as a factor. Let experienced professionals help to guide you through the process and avoid costly and unnecessary errors.
Why Work with O’Connor Family Law?
As dedicated and experienced professionals, we take your case personally and work together with you and our team to ensure a successful outcome. We know how important these issues are to your life and your children, and we are happy to help you walk through them with confidence. Feel free to contact us today to get started at (774) 315-4220.