The IRS recently issued guidance, with Revenue Ruling 2020-27, on the timing of the non-deductibility of the expenses associated with the PPP loan funds received, and Revenue Procedure 2020-51 offering a safe harbor on how to deduct expenses for any unforgiven amount. The Revenue Ruling generally states that if a borrower has a reasonable expectation of loan forgiveness, expenses can’t be deducted to the extent that they’re paid for with the loan. That’s true regardless of when the loan is forgiven.
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Wow, what a year it's been for us all. Where has the time gone? Somehow, we are approaching year-end already. Since it's that time of year, we wanted to provide some possible ideas to help with 2020 tax bills. Below Are some year-end planning moves for individuals.
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Disclaimer: these videos are meant to be general information on accounting basics and are not meant to be a definitive statement on tax rules and regulations. For specific advice on a situation, please contact us.
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Disclaimer: these videos are meant to be general information on accounting basics and are not meant to be a definitive statement on tax rules and regulations. For specific advice on a situation, please contact us.
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Applications for the Louisiana Main Street Recovery Program opened on July 28, 2020, providing grants to assist Louisiana small businesses in their recovery from the economic impacts of COVID-19. The program is administered through the Louisiana Department of Treasury. The funds for the Program were part of the CARES Act funding the State of Louisiana received, with $275 million available in the program.
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Wednesday night, the Senate passed the Paycheck Protection Program Flexibility Act and the bill is now expected to be signed into law by the President.
The primary changes to the PPP's provisions are as follows:
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On May 15, 2020, the U.S. Small Business Administration (SBA) released the highly anticipated loan forgiveness application form and instructions (attached) for those receiving loans under the Paycheck Protection Program (PPP). This guidance was greatly needed and provides clarity to borrowers regarding certain calculations, as well as the forgiveness process in general. Some of the most common questions and answers surrounding forgiveness are as follows:
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Today, the US House of Representatives is expected to approve a $484 billion bill primarily aimed at replenishing the small business relief package initially created by the CARES Act. The funding is expected to be allocated as follows:
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The IRS has been making COVID-19 stimulus payments to individuals via direct deposit using the bank account information reported on recent tax returns or on-file with the Social Security Administration. If you did not receive your payment, you can check the status using this website called Get My Payment.
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