Great News Regarding PPP Loan Forgiveness!
The CARES Act provides that a recipient of a PPP loan may use the loan proceeds to pay payroll costs, certain employee benefits relating to healthcare, interest on mortgage obligations,…
Loan Forgiveness for the Paycheck Protection Program
The IRS recently released two documents related to PPP loan forgiveness.Revenue Ruling 2020-27: This addresses the deductibility of covered expenses when the loan is expected to be forgiven. Situation 1-During…
How to Change Your Address with IRS
Caution: This explanation is general in nature and should not be used for specific planning. Contact a tax professional for your specific planning needs. Change of Address A taxpayer’s last…
Expense Deduction Denial for Recipients of Paycheck Protection Program Loans
On May 31, 2020, the IRS issued Notice 2020-32, below, which denies an expense deduction for those recipients of Paycheck Protection Program loans which are forgiven for otherwise deductible expenses.…
Paycheck Protection Program Loans – FAQ
As of April 29, 2020 PAYCHECK PROTECTION PROGRAM LOANS - Frequently Asked Questions (FAQs) The Small Business Administration (SBA), in consultation with the Department of the Treasury, intends to provide timely…
PAYCHECK PROTECTION PROGRAM
HOW TO CALCULATEMAXIMUM LOAN AMOUNTS – BY BUSINESS TYPE The Small Business Administration (SBA), in consultation with the Department of the Treasury, is providing this guidance to assist businesses in…
CARES Act – Charitable Contributions
Charitable Contributions Recognizing that the coronavirus pandemic may negatively impact charitable contribution, the recently passed “CARES Act” made important changes to charitable contribution rules. Listed below is a summary of…
Coronavirus-Related Paid Sick Leave
Please see the notice below regarding the Coronavirus-related paid sick leave for workers and tax credits for small and mid-size businesses. Implementation procedures should be released by the IRS soon.…
Updated Information Regarding the Stimulus Payment
When and How Will I Get That $1,200 Stimulus Payment? QuickTake By Laura Davison Mar 27, 2020 At the center of the U.S. government’s $2 trillion economic stimulus package in…
Penalty for Failure to File Individual Returns
A penalty is imposed for a failure to file any individual tax return within the time prescribed, including extensions, unless the failure is due to reasonable cause and not willful…