COVID-19 Relief Bill Addresses Key PPP Issues
Back to News COVID-19 Relief Bill Addresses Key PPP Issues The $900 billion coronavirus relief package passed by Congress provides $284 billion for a revised Paycheck Protection Program and clarifies…
AICPA and Trade Associations Ask Congress to Fix PPP Loan Deductibility
Back to News AICPA and Trade Associations Ask Congress to Fix PPP Loan Deductibility In a letter to Congress dated Thursday, December 3, hundreds of national trade associations and their…
Expenses Used for PPP Loan Forgiveness: Deductible or Not?
Back to News Expenses Used for PPP Loan Forgiveness: Deductible or Not? Two experts look at the issue of deductibility of expenses paid with Paycheck Protection Program loan funds and…
IRS Doubles Down on Nondeductibility of PPP-Funded Expenses
Back to News IRS Doubles Down on Nondeductibility of PPP-Funded Expenses The Internal Revenue Service has issued guidance for taxpayers who pay otherwise deductible expenses with Paycheck Protection Program loan…
SBA Settles Confusion Over PPP Forgiveness Application Due Date
Back to News SBA Settles Confusion Over PPP Forgiveness Application Due Date The Small Business Administration has released guidance that confirms Paycheck Protection Program loan-forgiveness applications are not due Oct.…
SBA Clarifies Deferral Period for PPP Loan Payments
Back to News SBA Clarifies Deferral Period for PPP Loan Payments The Small Business Administration has released guidance clarifying that lenders must recognize the previously established extended deferral period for…
PPP Forgiveness Simplified for Loans of $50,000 Or Less
Back to News PPP Forgiveness Simplified for Loans of $50,000 Or Less Paycheck Protection Program borrowers of $50,000 or less have an opportunity to apply for forgiveness using a simplified…
Lenders Will Not File Form 1099-C For Forgiven PPP Loans
Back to News Lenders Will Not File Form 1099-C For Forgiven PPP Loans The Internal Revenue Service issued guidance on Tuesday telling lenders they should not file Form 1099-C, Cancellation…
New PPP Forgiveness Guidance Addresses Owner-Employee Compensation, Rent-Related Costs
Back to News New PPP Forgiveness Guidance Addresses Owner-Employee Compensation, Rent-Related Costs The US Small Business Administration and Treasury published an interim final rule Monday, August 24, that provides clarity…
IRS Stops Sending Balance-Due Notices, Corrects Payroll Tax Penalties
Back to News IRS Stops Sending Balance-Due Notices, Corrects Payroll Tax Penalties The IRS has stopped sending balance-due notices to taxpayers as it works to process its backlog of unopened…