Stay up to date on federal tax developments with this weekly tax podcast by Edward K. Zollars, CPA, Phoenix, Arizona.
This week's topic: Simplified PPP forgiveness application for small loans
- SBA's simplified Form 3508S for PPP forgiveness and the regulations authorizing its use for loans of $50,000 or less
- Lenders told what to do when borrowers supply more expense documentation than necessary for full PPP loan forgiveness
- Pre-PPPFA loan documents do not need to be modified to obtain PPPFA longer deferral period
- QR codes will be added to CP14 and CP14 IA notices beginning later this month
- SIFL rates for last half of 2020 published
- Taxpayer finds no relief available for payroll taxes paid years earlier on nonqualified deferred compensation that will not paid due to subsequent bankruptcy of the employer