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Businesses and not-for-profits that received $2 million or more in Paycheck Protection Program (PPP) loans must complete loan necessity questionnaires being sent to lenders by the U.S. Small Business Administration (SBA). Continue Reading
Federal beneficiaries who got their Economic Impact Payment but didn’t register to receive a $500 supplemental payment per qualifying child can still register for a limited time. Continue Reading
As fiscal 2020’s end approaches for calendar year-end entities, guidance is available on numerous challenging issues. Continue Reading
As 2020 comes to an end, 6 things for tax professionals to consider, including COVID relief, SECURE Act, QIP, disaster relief, tax extenders, and future tax law changes. Continue Reading
State auditors have told the state agency responsible for handing out millions in coronavirus relief money through the CARES Act that it needs to make sure the money is spent on Oregonians in the ways intended. Continue Reading
The U.S. Small Business Administration released guidance Tuesday confirming that PPP loan forgiveness applications are not due on Oct. 31. Continue Reading
The Small Business Administration released guidance Wednesday clarifying that lenders must recognize the previously established extended deferral period for payments on the principal, interest, and fees on all Paycheck Protection Program (PPP) loans, even if the executed promissory note indicates only a six-month deferral. Continue Reading
This week's topics: final regulations issued for meals and entertainment; withholding on retirement and annuity distribution regulations issued; S Corporations get special election for GILTI issues; SBA issues guidance on change of ownership for entities with PPP loans outstanding. Continue Reading
The IRS extended the deadline to register for an Economic Impact Payment (EIP) to November 21, 2020, providing an additional five weeks. Continue Reading