The Treasury Department and the IRS extended the federal income tax filing and payment deadline from April 15, 2021 to May 17, 2021. “This continues to be a tough time for many people, and the IRS wants to continue to do everything possible to help taxpayers navigate the unusual circumstances related to the pandemic, while…
U.S. Department of the Treasury announced in today’s press release reopening the Paycheck Protection Program (PPP) for new and certain existing PPP borrowers. As stated in the press release published on January 8, 2020, initially only community financial institutions will be able to make First Draw PPP Loans on Monday, January 11 and Second Draw…
The US Small Business Administration and Department of Treasury released guidance late Wednesday night for for the revived and reconstituted Paycheck Protection Program (PPP). The guidance came in the form of two interim final rules (IFRs). Full Story: Journal of Accountancy online
The Treasury Department and the Internal Revenue Service issued a new guidance on January 4, 2021. The recent Revenue Ruling 2021-2 allows deductions of eligible expenses for loans taken under the Paycheck Protection Program (PPP). Information regarding the eligibility of expense deductions is available in the IRS publication IR-2021-04 Recently passed the Consolidated Appropriations Act,…
In their new guidance, the U.S. Treasury Department and the Internal Revenue Service (IRS) clarified the tax treatment of a Paycheck Protection Program (PPP) loan which was not forgiven by the end of the year the loan was received. Expenses of a forgiven PPP loan are not tax deductible. For business not taxed on the…
According to a recent IRS publication from May 8, the last chance for taxpayers to obtain a direct deposit for their Economic Impact Payments is noon Wednesday, May 13. To get a direct deposit eligible taxpayers must provide their information on the Get My Payment page of the IRS website by the deadline. “After noon…
The Small Business Administration (SBA) has extended the period for returning loans received by businesses through the Paycheck Protection Program in order to be eligible for the Employee Retention Credit. As stated in an update on May 6, 2020, from the Paycheck Protection Program Loans FAQs in Question 45 “An employer that applied for a…
U.S. Treasury Secretary Mnuchin and Small Business Administration Jovita Carranza in a joint statement today announced a special measure to ensure access to the PPP loans for small lenders and their clients. “In order to ensure special access to the PPP loan program for the smallest lenders and their small business customers, the SBA is…
On Friday, April 24, 2020 President Donald Trump signed into law a $484 billion Paycheck Protection Program and Health Care Enhancement Act previously approved by the Senate. The bill provides an additional $310 billion for the Paycheck Protection Program (PPP), $60 billion for the Small Business Administration’s Economic Injury Disaster Loan program, $75 billion for hospitals, and an additional $25 billion for corona virus testing.…
The IRS has provided break down per state of the Economic Impact Payments for the first three weeks. As the IRS stated in their publication, “Payments are automatic for people who filed a tax return in 2018 or 2019, receive Social Security retirement, survivor or disability benefits (SSDI), Railroad Retirement benefits, as well as Supplemental…