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
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…
The IRS published today a new initiative to assist taxpayers facing challenges of the coronavirus outbreak. IRS unveils new People First Initiative; COVID-19 effort temporarily adjusts, suspends key compliance program. IR-2020-59, March 25, 2020
California has pushed its tax filing and payment deadline to July 15, waive interest and late filing and late payment penalties. FTB (Franchise Tax Board) Press Release (3/18/20) FTB is postponing until July 15 the filing and payment deadlines for all individuals and business entities for: • 2019 tax returns • 2019 tax return payments…
The U.S. Treasury Department, IRS, and the U.S. Department of Labor announced today that small and midsize employers can begin taking advantage of two new refundable payroll tax credits, designed to immediately and fully reimburse them, dollar-for-dollar, for the cost of providing Coronavirus-related leave to their employees. This relief to employees and small and midsize…
State of California Franchise Tax Board announces special tax relief Sacramento – The Franchise Tax Board (FTB) today announced special tax relief for California taxpayers affected by the COVID-19 pandemic. Affected taxpayers are granted an extension to file 2019 California tax returns and make certain payments until June 15, 2020
Filing and paying your taxes on time is one of the most important things for a business’ accounting. In order to make sure you don’t miss a single date, we’ll go over the 2018 tax filing schedule to help business owners build a 2018 business tax calendar so they can keep up with their filing…
The 2018 tax reform was the largest tax overhaul in the past three decades, ranging from a new corporate tax rate to the cutting of some deductions, and brings a good deal of change to many companies’ accounting. With the new laws already taking effect here are some the most important ways they can affect…