News

This week's topics: PPP forgiveness application deadline is not October 31; fax line to send in Forms 1045 and 1139 will shut down at the end of 2020; draft instructions to Form 8895 indicate that IRS not longer seeing charitable deductions as reducing QBI; taxpayer could not claim accrued expenses to restore manufacturing line until following year; IRS FAQ on EIP for incarcerated individuals is subject to court review. 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

This week's topics: simplified PPP forgiveness applications 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. 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

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In the six months since the Paycheck Protection Program (PPP) was created, the only certainty about the program has been uncertainty. Continue Reading

The forgivable portion of a Paycheck Protection Program loan should be accounted for by the lender as an interest-bearing loan until payment for that loan is received from the Small Business Administration, according to new guidance from AICPA. Continue Reading

The U.S. Small Business Administration and Treasury issued an interim final rule Monday addressing Paycheck Protection Program forgiveness issues related to owner-employee compensation and the eligibility of nonpayroll costs. Continue Reading

SBA and Treasury issued two FAQs related to the Paycheck Protection Program (PPP) and three FAQs related to the PPP and Economic Injury Disaster Loans (EIDL). Continue Reading