Small Business Administration and Treasury Issue New PPP Guidance
The U.S. Small Business Administration and Treasury recently issued guidance for the reconstituted Paycheck Protection Program.
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IRS and Treasury Department Issue Guidance Allowing Deductions for Eligible PPP Expenses
The Treasury Department and IRS recently issued guidance allowing deductions for the payments of eligible expenses when such payments would result (or be expected to result) in the forgiveness of a loan (covered loan) under the Paycheck Protection Program.
View MoreBusiness Funding is a Key New Advisory Category for CPA Firms
CPAs are meeting the moment when it comes to small business relief. This is a new advisory service for the profession, one that will last through 2021 and 2022, in terms of lingering pandemic impacts.
View MoreIRS Provides Guidance on Legislation That Increases Automatic Enrollment Cap Percentage and Eases Burdens for Certain Safe Harbor Plans
The IRS recently issued Notice 2020-86 addressing certain provisions of the Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE Act) affecting safe harbor plans, including safe harbor 401(k) plans and certain 403(b) plans.
View MoreUPDATE: Employee Retention Credit Available for Businesses Impacted by COVID-19
The Treasury Department and IRS have launched the Employee Retention Credit to encourage businesses to keep employees on their payroll.
View MoreIRS Provides Guidance on Certain Distributions From Terminating 403(b) Plans
The Department of the Treasury and IRS recently issued guidance for employers and employees with terminating 403(b) plans that fund benefits through 403(b)(7) custodial accounts.
View MoreIRS Provides Certainty Regarding Deductibility of Payments by Partnerships and S Corporations for State and Local Income Taxes
The IRS recently issued Notice 2020-75, which announces rules to be included in forthcoming proposed regulations regarding the deductibility of payments by partnerships and S corporations for state and local income taxes.
View MoreUPDATE: Treasury Department and IRS Issue Guidance on Deferring Certain Employee Social Security Tax Withholding
The IRS recently posted guidance on how to report the deferral of withholding, depositing and paying of certain payroll tax obligations, as authorized by the Aug. 8, 2020 Presidential Memorandum.
View MoreSBA Releases Simplified PPP Forgiveness Application for Loans of $50,000 or Less
The U.S. Small Business Administration and the Department of the Treasury recently released a simplified forgiveness application for recipients of Paycheck Protection Program loans of $50,000 or less.
View MoreSBA Clarifies Deferral Period for PPP Loan Payments
The U.S. Small Business Administration recently released guidance clarifying that Paycheck Protection Program lenders must recognize the previously established extended deferral period for payments on the principal, interest, and fees on all PPP loans, even if the executed promissory note indicates only a six-month deferral.
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