CPAs and Their Small Business Clients Thankful for Passage of PPP Extension Act, Says AICPA
TSCPA and the AICPA today thanked Congress for final passage of the PPP Extension Act of 2021.
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SBA Raises COVID-19 EIDL Loan Limit to $500,000
The U.S. Small Business Administration has announced that beginning the week of April 6, it is raising the limit small businesses and nonprofits can borrow under the COVID-19 Economic Injury Disaster Loans program to up to 24 months of economic injury with a maximum loan amount of $500,000.
View MoreUPDATE: Small Business Administration Targets Early April for Shuttered Venue Operators Grant Launch
The U.S. Small Business Administration has set April 8 as the date it will begin accepting applications for the Shuttered Venue Operators Grant program.
View MoreLimited Tax Extensions Result in Call to Action
After the IRS announced the postponement of the tax deadline for all individual tax returns for the 2021 tax season from April 15 to May 17, many CPAs across the country voiced their disappointment that the relief excluded estimated tax payments that remained due on April 15.
View MorePPP Deadline Extension Bill Passes House Vote
As the March 31 deadline for the Paycheck Protection Program (PPP) approaches, the House of Representatives voted to pass a 60-day extension to the program early Wednesday.
View MoreIRS Issues Statement Regarding CAF Processing Times
The IRS Wage & Investment Division recently apologized for processing delays and stated they are currently working to reduce their Centralized Authorization File inventory.
View MoreHouse Passes $1.9 Trillion COVID Relief Bill, Biden to Sign by Weekend
Today the U.S. House of Representatives passed the $1.9 trillion coronavirus relief bill known as the American Rescue Plan Act. President Joe Biden is expected to sign it before the March 14 deadline to renew unemployment aid programs.
View MoreSmall Business Administration Releases New PPP Rules for Self-Employed Individuals
The U.S. Small Business Administration recently issued new Paycheck Protection Program rules to allow those who file Form 1040, Schedule C to calculate their maximum loan amount using gross income instead of net profit.
View MoreAICPA Urges Congress to Extend PPP Deadline
The AICPA called on Congress to extend the application period for the Paycheck Protection Program by at least 60 days past the current deadline of March 31.
View MoreIRS Provides Guidance for Employers Claiming the Employee Retention Credit for 2020, Including Eligibility Rules for PPP Borrowers
The IRS recently issued Notice 2021-20, providing guidance for employers claiming the employee retention credit under the CARES Act, as modified by the Taxpayer Certainty and Disaster Tax Relief Act of 2020, for calendar quarters in 2020.
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