Monthly Archives: April 2021

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Expenses paid with 2020 PPP loans can be deducted on 2021 tax returns

The IRS issued guidance on a safe harbor permitting qualifying taxpayers who have PPP loans, who did not deduct expenses related to those loans paid or incurred in 2020 on their 2020 returns, to deduct the expenses on their returns for the immediately subsequent tax year, instead of on an amended return or administrative adjustment request for the 2020 tax year.
Source: JOA News
Read More here – Expenses paid with 2020 PPP loans can be deducted on 2021 tax returns


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Can accounting firms mandate vaccines?

There are many legal and human resources considerations firms must weigh before crafting a vaccine policy for their staff.
Source: JOA News
Read More here – Can accounting firms mandate vaccines?


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IRS extends e-signature authorization for 6 months

In response to the coronavirus pandemic, the IRS issued guidance extending the temporary authorization to issue a number of IRS forms using electronic signatures from June 30, 2021, through Dec. 31, 2021.
Source: Tax News
Read More here – IRS extends e-signature authorization for 6 months


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IRS extends e-signature authorization for 6 months

In response to the coronavirus pandemic, the IRS issued guidance extending the temporary authorization to issue a number of IRS forms using electronic signatures from June 30, 2021, through Dec. 31, 2021.
Source: JOA News
Read More here – IRS extends e-signature authorization for 6 months


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House passes bill protecting banking services for legal cannabis

The US House of Representatives passed a bill that would prevent federal prosecution of a depository institution providing banking services to a legitimate cannabis business. Protections also would be provided to provision of ancillary services that are expected to be interpreted to include CPA services.
Source: JOA News
Read More here – House passes bill protecting banking services for legal cannabis


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Restaurant Revitalization Fund details come into focus

The Restaurant Revitalization Fund aid program’s application portal will be tested in a seven-day pilot ahead of the application’s launch. The SBA revealed key details for the program, including funding calculations.
Source: JOA News
Read More here – Restaurant Revitalization Fund details come into focus


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Tips for for-profits applying NFP accounting rules for PPP funds

For-profit entities are permitted to use the not-for-profit conditional contribution accounting model to account for Paycheck Protection Program loans. The accounting requires reasoned judgment, careful evaluation of barriers and thorough documentation.
Source: JOA News
Read More here – Tips for for-profits applying NFP accounting rules for PPP funds


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SBA aims to reopen Shuttered Venue Operators Grant portal this week

The SBA has targeted the end of this week for reopening the application portal for the $16.25 billion Shuttered Venue Operators Grant (SVOG) program. Technical problems forced the SBA to close the portal for repairs only hours after it opened on April 8.
Source: JOA News
Read More here – SBA aims to reopen Shuttered Venue Operators Grant portal this week


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Legislative threat to CPA licensure stalls in West Virginia

A bill that would have weakened requirements for occupational licensing stalled in West Virginia, but the work to maintain appropriate licensing standards is not finished for CPAs.
Source: JOA News
Read More here – Legislative threat to CPA licensure stalls in West Virginia


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How nonfungible tokens work and where they get their value

A cryptocurrency expert explains the basics of NFTs and the business and buzz behind them.
Source: JOA News
Read More here – How nonfungible tokens work and where they get their value