IRS Announces Individual Tax Deadline Extension March 18, 2021
For the second year in a row, the federal income tax filing due date for individuals has been postponed. The postponements come as a part of the fallout of the coronavirus pandemic and the legislation that has resulted from it, which has added complexity to tax filings and systemic strain to the U.S. tax bureau.
On ... Read more
American Rescue Plan Act March 11, 2021
The American Rescue Plan Act (ARPA) was passed by the Senate on Saturday, March 6 and in the House on Wednesday, March 10. The $1.9 trillion relief bill was signed into law on Thursday, March 11 by President Biden. Read on for details on the provisions included in the ARPA.
Individual Stimulus Checks
Estimated portion of the ... Read more
Employee Retention Credit Eligibility February 24, 2021
Is your business eligible for the ERC? Use this chart for more information on what you can claim. Click here to view the information. Read more
Key Changes to the Employee Retention Credit January 12, 2021
On December 27, 2020, President Trump signed the Consolidated Appropriations Act, 2021 (CAA) into law. A recent article from JD Supra outlines two key provisions included in the act that make changes to the employee retention credit.
Established by the CARES Act, the employee retention credit was designed to incentivize employers to maintain their staff in ... Read more
New Paycheck Protection Program Guidance Released January 11, 2021
On Wednesday, January 6, the U.S. Small Business Administration (SBA) and the Treasury issued joint guidance regarding the latest updates to the Paycheck Protection Program (PPP), as amended by the recent COVID-19 relief bill. A recent article from the Journal of Accountancy offers an overview of the guidance, which includes the following items:
An interim final ... Read more
Congress Enacts Additional Stimulus Legislation December 22, 2020
On December 22, 2020, Congress passed the Consolidated Appropriations Act, 2021 (CAA2021), which includes $892 billion in coronavirus stimulus spending. This long-awaited and highly contested piece of legislation ties coronavirus relief funding into a $1.4 trillion resolution for funding the federal government through September of next year. The nearly $900 billion in stimulus funds comprises a ... Read more
IRS Releases Anticipated Guidance Regarding PPP Loans and Expense Deductibility November 20, 2020
On November 18, the Internal Revenue Service (IRS) released Revenue Ruling 2020-27 and Revenue Procedure 2020-51. The two releases offer clarification regarding the non-deductibility of expenses that contribute to the forgiveness of loans from the Paycheck Protection Program (PPP). Author Sally Schreiber breaks down the contents and significance of the two releases in an article ... Read more
SBA Clarifies Due Date of PPP Forgiveness Applications October 14, 2020
On October 13, the U.S. Small Business Administration (SBA) released clarifying guidance regarding the due date of forgiveness applications for loans issued via the Paycheck Protection Program (PPP). A recent article from the Journal of Accountancy offers an overview of the controversy surrounding the issue.
Many borrowers were surprised to find that the PPP loan forgiveness ... Read more
SBA and Treasury Release New PPP Waiver October 13, 2020
On October 8, the U.S. Small Business Administration (SBA) and the Treasury announced the release of a simplified forgiveness process for Paycheck Protection Program (PPP) participants that received loans of $50,000 or less.
The agencies published a new interim final rule offering guidance for recipients of PPP loans equal to or less than $50,000 (“eligible borrowers”). ... Read more
IRS Issues Guidance Regarding Payroll Tax Deferral August 31, 2020
On Friday, August 28, the Internal Revenue Service (IRS) released Notice 2020-65, which offers guidance regarding the implementation of the Presidential Memorandum on the deferment of some payroll taxes.
The memorandum, which was released by the President on August 8th, called for a deferral of the employee share of social security tax (or the railroad retirement ... Read more