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On Thursday, the IRS provided guidance on the treatment of amounts excluded from taxpayers' gross income in connection with forgiveness of Paycheck Protection Program (PPP) loans. Continue Reading
Many firms only experienced a small decrease in revenues during the COVID-19 pandemic, and are now in a position to reinvest their Paycheck Protection Program federal grant/loan. Continue Reading
Despite the launch of the the SBA's new PPP Forgiveness Portal, many borrowers are still encountering difficulties with loan forgiveness. According to SBA data, 6% of borrowers will not receive full loan forgiveness. Continue Reading
The SBA has several loan programs that have clear guidance for borrowers. Learn how PPP and 7(a) loan fees are taxed from the lender's perspective. Continue Reading
Despite the promise of loan forgiveness for borrowers who use their PPP funds correctly, many business owners are struggling to pay back a portion of their loan. Continue Reading
The Small Business Administration (SBA) announces a new application portal to allow PPP borrowers to apply for loan forgiveness. Continue Reading
The move is an effort to wind down one of the government's biggest and most popular relief programs. Continue Reading
This week's topics: SBA reported to be withdrawing PPP loan questionnaires; Court finds not clear if taxpayer qualifies for home gain exclusion due to unforeseen circumstances; IRS extends special remote witnessing of signing plan documents through June 30, 2022, may make it permanent; CPA’s conviction for assisting in the filing of false returns upheld - rejected "I just used what the client gave me" defense. Continue Reading
The PPP gets most of the headlines, but the ERC helps businesses garner substantial tax savings. Can employers qualify for both? Continue Reading
The IRS has issued guidance on a safe harbor permitting qualifying taxpayers who have Paycheck Protection Program loans who have not deducted expenses related to those loans paid or incurred in 2020 on 2020 tax returns to deduct the expenses on returns for the immediate subsequent tax year, instead of on an amended return or an administrative adjustment request for the 2020 tax year. Continue Reading