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The Small Business Administration (SBA) and Treasury added an additional FAQ (#53) to its PPP Loans Frequently Asked Questions (updated December 9, 2020) to address concerns related to potential new
The IRS recently published final regulations related to new requirements for exempt organizations to separately compute unrelated business taxable income (UBTI) for each separate business activity they conduct. Generally, nonprofit
A copy of the summary of the current bipartisan proposal for stimulus was obtained from a source through CNN. While the package still remains in flux, House Speaker Nancy Pelosi
The CARES Act, enacted in March 2020, included a provision to encourage support for charitable organizations struggling during the COVID-19 pandemic. This provision allows a $300 deduction of monetary donations
In a cooperative response to the request from the Small Business Administration (SBA) for comments on its recent release of Forms 3509 and 3510, Loan Necessity Questionnaires, (see related post)
On November 18, 2020, the Treasury Department and the Internal Revenue Service released additional guidance on the deductibility (or rather, the non-deductibility) of certain covered payroll and non-payroll expenses paid
The Coronavirus Aid, Relief and Economic Security Act (CARES Act) included a number of relief provisions intended to provide taxpayers a recess on due dates for certain items requiring cash
The Small Business Administration (SBA) recently issued a Notice providing additional details that may affect companies participating in the Paycheck Protection Program (PPP) offered in the Coronavirus Aid, Relief, and Economic
Some concerns had been raised regarding the expiration date found on the various Forms 3508 to be used to apply for forgiveness under the PPP loan program. When the first
The Internal Revenue Service issued Information Release 2020-247 to remind U.S. citizens, entities and resident aliens with a foreign bank or financial account that they have until October 31, 2020,
Classification of personal service providers as employees or independent contractors continues to be an area of controversy under the federal income tax law. To better identify payments to independent contractors,
On October 8, 2020, the Small Business Administration, in consultation with the Treasury Department, released a simpler loan forgiveness application for Paycheck Protection Program (PPP) loans of $50,000 or less.
