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
SBA and Treasury Release Additional PPP Guidance August 26, 2020
On August 24, the Small Business Administration and Treasury made available a new set of guidance regarding Paycheck Protection Program (PPP) forgiveness issues. The new interim final rule covers two areas: owner-employee compensation and the eligibility of non-payroll costs. A recent article from the Journal of Accountancy offers a concise summation of the new regulations.
Owner-employee ... Read more
Presidential Memos Address Coronavirus Issues August 11, 2020
Over the weekend, President Trump issued a series of executive actions. Three of the four memos aim at extending CARES Act provisions that have expired already or will expire soon. The fourth seeks to mimic the payroll tax holiday for which the President has been advocating.
The four executive actions address the following areas:
Unemployment Benefits – ... Read more
SBA Issues 23 New PPP FAQs August 6, 2020
On August 4th, the U.S. Small Business Administration (SBA) released additional guidance regarding forgiveness of Paycheck Protection Program (PPP) loans. In consultation with the U.S. Department of the Treasury, the SBA added 23 new questions to their PPP FAQ page.
The SBA sorts the new loan forgiveness FAQs into the following four categories:
1. General Guidance – ... Read more
Did you take an RMD this year? August 4, 2020
The Coronavirus Aid, Relief, and Economic Security (CARES) Act brought about many changes in 2020, and one of those changes impacts seniors and retirees that take Required Minimum Distributions (RMDs) each year.
An RMD is the minimum amount you must withdraw from your IRA, SEP IRA, SIMPLE IRA, or retirement plan account. If you turned age ... Read more
IRS Publishes New Release Regarding Business Interest Expense Limitations July 30, 2020
The Internal Revenue Service (IRS) recently announced finalized guidance regarding business interest expense limitations. In a helpful article from the Journal of Accountancy, author Sally Schreiber offers an overview of the new rules.
The business interest expense limitation was created by the Tax Cuts and Jobs Act (TCJA) of 2017 and subsequently modified by the Coronavirus ... Read more
PPP Gets Five-Week Extension July 6, 2020
On Wednesday, July 1 the House agreed unanimously to an extension of the Paycheck Protection Program (PPP). The five-week extension originated in the Senate on Tuesday, where it was approved late in the evening. President Trump signed the bill into law on Saturday, July 4.
With around $129 billion of loan funds still available through the ... Read more
SBA PPP Guidance Update—June 25-26, 2020 July 1, 2020
Late last week, the United States Small Business Administration (SBA) released yet another round of guidance updates regarding the Paycheck Protection Program (PPP). The areas covered by this latest release are maturity dates and loan amounts. A recent article from the Journal of Accountancy offers a brief overview of the guidance update.
The additional guidance was ... Read more
SBA Releases Guidance Regarding Early PPP Loan Forgiveness June 26, 2020
On June 22, the U.S. Small Business Administration (SBA) released additional guidance regarding Paycheck Protection Program (PPP) loan forgiveness. A recent article from the Journal of Accountancy summarizes the information contained in the release.
The new interim final rule primarily addresses changes made by the Paycheck Protection Program Flexibility Act of 2020. This is the second round of ... Read more
SBA Releases Updates On PPP Forgiveness June 18, 2020
This week, the Small Business Administration (SBA) and the U.S. Department of the Treasury released new information for recipients of loans through the Paycheck Protection Program (PPP). A recent article from the Journal of Accountancy offers helpful details on the revised loan forgiveness application, the new EZ application, and the new interim final rule on ... Read more