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The IRS recently released guidance via Notice 2020-32 stating taxpayers that receive a loan through the PPP can’t deduct expenses that are normally deductible if those expenses were reimbursed by a PPP loan that was subsequently forgiven.
View MoreIn an effort to make Paycheck Protection Program loans more accessible to small businesses, the Small Business Administration will allow the smallest lenders and their small business clients an exclusive opportunity to submit applications from 4 p.m. to 11:59 p.m. ET today, Wednesday, April 29.
View MoreThe Small Business Administration recently issued additional guidance for the Paycheck Protection Program, specifically addressing how self-employed and partner income should be included in the loan application.
View MoreRecently the U.S. Department of the Treasury and the Small Business Administration published an online FAQs on the Paycheck Protection Program, the $349 billion small business relief program that is part of the Coronavirus Aid, Relief, and Economic Security Act.
View MoreUnder the federal Paycheck Protection Program (PPP), small businesses and sole proprietorships affected by the coronavirus pandemic can apply for loans beginning Friday.
View MoreThe Tennessee Department of Revenue issued Notice #20-07, extending the due date for filing and paying the Business Tax from April 15, 2020 to June 15, 2020.
View MoreThe U.S. Treasury Department, the IRS and the U.S. Department of Labor recently announced small and midsize employers can begin taking advantage of two new refundable payroll tax credits designed to immediately and fully reimburse them for the cost of providing coronavirus-related leave to their employees.
View MoreThe IRS recently stated that high-deductible health plans can pay for 2019 Novel Coronavirus-related testing and treatment without jeopardizing their status.
View MoreNews concerning the coronavirus has dominated the headlines in the past several weeks. Despite the markets’ recent downward trajectory, the overall impact of the virus on professional service firms and the quality of the services they provide is still relatively unknown. That said, from an employment liability perspective, there are some things CPA firms can do to help mitigate the adverse affect on their personnel and employment practices.
View MoreDisasters can strike at any time. What would you do if a customer or client is diagnosed with COVID-19 after visiting your office? Are you taking steps to protect your employees?
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