Taxes

April 8, 2020 

In this emergency action, the CPA Endowment Fund of Illinois is awarding 16 laptops for students at nine Illinois schools, including DePaul University, Governors State University, Illinois State University, Loyola University, Northeastern Illinois ...

April 8, 2020 

The rapid spread of COVID-19 across the globe has created large-scale economic distress and halted the mechanisms of exchange and business activity–leaving an extensive trail of damage to the world’s economic infrastructure. Governments and legislators reacted immediately with relief packages. They likely will continue to make additional economic adjustments to stabilize the weakening economy by...…

April 7, 2020 

The American Institute of CPAs (AICPA) is thanking the Treasury Department and Small Business Administration (SBA) for providing further clarity on the application process for the Paycheck Protection Program (PPP), the $349 billion small business ...

April 7, 2020 

The American Institute of CPAs (AICPA) has recommended a defined set of documents for lenders to rely on as well as some key clarifications in the Treasury Department and Small Business Administration’s Paycheck Protection Program (PPP) application ...

April 6, 2020 

Paycheck Protection loans, which are provided through SBA-approved lenders, are available to small business borrowers to cover payroll and other operating costs. Included among the application requirements is specific documentation related to payroll.

April 6, 2020 

The federal Coronavirus Aid, Relief and Economic Security (CARES) Act includes the Paycheck Protection Program (PPP) to help more than 30 million U.S small businesses. The program offers $349 billion in loans to businesses and nonprofits with no more ...

April 5, 2020 

For the calculation of the Average Monthly Payroll cost under the Paycheck Protection Program (PPP), the Gross Payroll approach should be used for the application, according to the recommendation from the AICPA-led small business funding coalition.

April 4, 2020 

The Department of the Treasury (Treasury) announced on April 1 that Social Security beneficiaries who are not typically required to file tax returns will not need to file an abbreviated tax return to receive an economic impact payment.

April 3, 2020 

Downloadable PDF of the Small Business Administration's Paycheck Protection Program borrower application form. For use by small businesses requesting Coronavirus relief loans from the SBA.

April 2, 2020 

There are many technology options to work remotely, including video conferencing technology to conduct employee and client meetings, tax software via the cloud, and a hosted desktop environment that employees can access from anywhere, anytime.

April 2, 2020 

In response to the Internal Revenue Service’s (IRS’s) recent announcements concerning temporary closures of its Practitioner Priority Service line, e-Services, Filing Information Return Electronically, and Affordable Care Act Information Returns ...

April 2, 2020 

The Internal Revenue Service is warning taxpayers to be on the lookout for a surge of calls and email phishing attempts about the Coronavirus, or COVID-19. These contacts can lead to tax-related fraud and identity theft.