Tax Podcast: Simplified PPP Forgiveness Application for Small Loans

October 12, 2020

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

Federal Tax Development Update - 10/12/20

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