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Tax Podcast: IRS Quietly Revises Unemployment Worksheet

  • March 29, 2021

This week's topics: IRS makes a major change in computation of excludable ARPA unemployment; PPP loan program applications extended for two months - but funds only likely to last until mid-April without replenishment; PPE is defined by the IRS to represent medical care for purposes of deducting the expenses. Continue Reading

Tax Podcast: Employee Retention Credit and PPP Forgiveness

  • March 8, 2021

This week's topics: SBA gets PPP loan program change guidance published; Senate revises proposed COVID-19 relief bill, adds partial exclusion for unemployment compensation; IRS continues to “clarify” the virtual currency question on Form 1040; guidance issued on interaction of PPP forgiveness and 2020 employee retention credit. Continue Reading

CPAs urged to be voice of calm in PPP storm

  • March 8, 2021

Rule changes, deadline pressure and processing problems with the Paycheck Protection Program are causing high frustration and anxiety among small businesses. This creates an opportunity for CPAs to provide calm guidance for stressed clients. Continue Reading