A questionnaire asking borrowers to justify their $2 million-plus Paycheck Protection Program loans is confusing and burdensome, says the AICPA. The U.S. Small Business Administration and...
IRS denies deductibility of PPP loan expenses
Business owner who took a forgivable loan this year under the Paycheck Protection Program can’t write off certain expenses on their taxes if they expect the debt will be forgiven,...
PPP forgiveness simplified for loans of $50,000 or less
Recipients of Paycheck Protection Program (PPP) loans of $50,000 or less will be able to apply for forgiveness using a simplified application that was released Thursday by Treasury and the...
SBA clarifies deferral period for PPP payments
The US Small Business Administration released guidance Wednesday clarifying that lenders must recognize the previously established extended deferral period for payments on the principal,...
Ready to file for PPP Forgiveness?
There is no question that PPP loan borrowers who wish to apply for forgiveness and release the burden of their PPP loan are eager to move forward. Uncertainty, however, remains. Although...
Employee Payroll Tax Deferral is Optional, IRS Confirms
Recent IRS guidance provides some explanation of how employers can defer withholding and remitting an employee’s share of Social Security tax when wages are below a certain amount. The...
Handling Your Investments During the Pandemic
COVID-19 has created worldwide economic upheaval and many concerns for all of us. One question I hear frequently is how to adjust your investment strategy when there’s an unusual event...
2020 Q4 tax calendar: Key deadlines for businesses and other employers
Here are some of the key tax-related deadlines affecting businesses and other employers during the fourth quarter of 2020. Keep in mind that this list isn’t all-inclusive, so there may be...
PPP loan forgiveness? Don’t rush in
On Aug. 10, the U.S. Small Business Administration opened its loan forgiveness portal in the wake of a contested battle about future legislation for COVID-19 relief. There are several...