Monthly Archives: January 2021

  • 0

SBA announces steps to improve PPP review process

The SBA said that it is taking steps to improve the agency’s first-draw Paycheck Protection Program loan review process so that small businesses seeking a second-draw loan have as much time as possible to access those funds.
Source: JOA News
Read More here – SBA announces steps to improve PPP review process


  • 0

6 tips for CPAs on newest round of PPP funding

A new round of Paycheck Protection Program funding is available for businesses affected by the pandemic. Here’s what CPAs and business leaders need to know to get the funding they need.
Source: JOA News
Read More here – 6 tips for CPAs on newest round of PPP funding


  • 0

Partner capital account reporting gets transition penalty relief

Errors by partnerships in reporting partners’ tax capital accounts under new rules for 2020 may be excused, the IRS outlined.
Source: Tax News
Read More here – Partner capital account reporting gets transition penalty relief


  • 0

Partner capital account reporting gets transition penalty relief

Errors by partnerships in reporting partners’ tax capital accounts under new rules for 2020 may be excused, the Internal Revenue Service outlined.
Source: JOA News
Read More here – Partner capital account reporting gets transition penalty relief


  • 0

IRS explains extended payroll tax due dates

The IRS issued updated procedures for the deferred employee portion of employment tax payments, which were further extended from April 30, 2021, to Dec. 31, 2021, by year-end legislation.
Source: Tax News
Read More here – IRS explains extended payroll tax due dates


  • 0

IRS explains extended payroll tax due dates

The IRS issued updated procedures for the deferred employee portion of employment tax payments, which were further extended from April 30, 2021, to Dec. 31, 2021, by year-end legislation.
Source: JOA News
Read More here – IRS explains extended payroll tax due dates


  • 0

Updated PPP loan forgiveness applications and rules unveiled

The SBA and Treasury released updated Paycheck Protection Program loan forgiveness guidance and forms, including a one-page application for borrowers that received a PPP loan of $150,000 or less.
Source: JOA News
Read More here – Updated PPP loan forgiveness applications and rules unveiled


  • 0

Taxpayers need clarity on coordination of ERC and PPP loans

The AICPA asked the IRS and Treasury to clarify that the filing of a Paycheck Protection Program loan forgiveness application is not an election by the taxpayer to forgo the employee retention credit for wages reported on the application exceeding the amount of wages necessary for loan forgiveness.
Source: Tax News
Read More here – Taxpayers need clarity on coordination of ERC and PPP loans


  • 0

Taxpayers need clarity on coordination of ERC and PPP loans

The AICPA asked the IRS and Treasury to clarify that the filing of a Paycheck Protection Program loan forgiveness application is not an election by the taxpayer to forgo the employee retention credit for wages reported on the application exceeding the amount of wages necessary for loan forgiveness.
Source: JOA News
Read More here – Taxpayers need clarity on coordination of ERC and PPP loans


  • 0

PPP calculations guidance released

The SBA and Treasury issued guidance addressing how Paycheck Protection Program borrowers should calculate revenue reduction and maximum loan amounts for second-draw PPP loans — and what documentation should be provided to support those calculations.
Source: JOA News
Read More here – PPP calculations guidance released