January 6, 2021
The Treasury Department and the Internal Revenue Service have issued guidance allowing deductions for the payments of eligible expenses when such payments would result (or be expected to result) in the forgiveness of a loan (covered loan) under the ...
September 23, 2020
The move comes as California battles historic wildfires that Newsom has blamed squarely on global warming, with more than 3.6 million acres burned so far this year. It could prompt other states that have followed California’s climate and ...
September 10, 2020
In addition to being available in English and Spanish, the 2020 Form 1040 will also give taxpayers the opportunity to indicate whether they wish to be contacted in a language other than English. This is a new feature available for the first time this ...
August 31, 2020
Victims of Hurricane Laura that began Aug. 22 now have until Dec. 31, 2020, to file various individual and business tax returns and make tax payments, the Internal Revenue Service has announced.
July 6, 2020
McConnell said he’s “pretty sure” that a bill will come together in the next couple of weeks. He said it will be crafted in his office with consultation from the administration and then negotiated with Democrats, who endorsed a $3.5 trillion package ...
July 6, 2020
President Trump has signed into law an extension of the Paycheck Protection Program.
June 26, 2020
The program is set to close on June 30, so there are only a few days left in the program. With billions of dollars still available, this is a unique opportunity for small businesses to access funding that has the opportunity to be completely forgiven.
June 25, 2020
A majority of taxpayers (61%) are deeply concerned that the financial impacts of COVID-19 may force them into tax debt, adding to the $131 billion already owed to the IRS by 14 million Americans.
May 12, 2020
Policymakers need to remain focused on the PPP’s original purpose -- to ensure businesses have the financial resources necessary to keep employees paid while government-mandated stay-at-home orders remain in place.
May 7, 2020
You already play a key role in advising your clients on their taxes, so spend the extra time to advise on how to keep track of their PPP loans. Spending time on the front end setting up the recordkeeping and processes will save a lot of time in the ...
May 5, 2020
As the second round of funding for the Paycheck Protection Program (PPP) became available on April 27, 62 percent of PPP loan applicants were still waiting for funding or approval, according to new research from Paychex, Inc.
May 3, 2020
Small businesses that manage to get their Paycheck Protection Program loans forgiven may find themselves losing valuable tax breaks, according to new guidance from the Internal Revenue Service.