Stay up to date on the latest in industry and GYF news. Subscribe to have the most recent posts delivered to you.
The Internal Revenue Service confirmed on May 6, 2020, that deceased taxpayers are not eligible for the coronavirus stimulus payment checks (economic impact payments) issued under the CARES Act. The
The Treasury issued new guidance on May 5, 2020, regarding an employer’s ability to qualify as for the Employee Retention Credit (ERC) in the event that an employer/borrower of a
On May 5, 2020, the SBA issued yet another new addition to its PPP FAQs, the latest in a “dribble out” of guidance that, slowly but surely, is leaning toward
The SBA issued additional guidance related to the Paycheck Protection Program (PPP) loan forgiveness reduction calculations, adding three new questions and answers (#40-42) to its PPP FAQs. Laid-Off Employees The
The CARES Act created the Paycheck Protection Program (PPP) to provide loans to assist businesses and not-for-profit (NFP) organizations through the current crisis. However, many NFPs were concerned that if
On April 30, 2020, the IRS issued Notice 2020-32, to explain that a Paycheck Protection Program (PPP) loan recipient cannot deduct expenses that are normally deductible under the Internal Revenue
After getting hung up for several weeks in the Senate, on April 24, 2020, President Trump signed the Paycheck Protection Program and Health Care Enhancement Act (the Enhancement Act) into
Generating financial statements is a routine part of the close process, but standard financial reports cannot always provide sufficient explanations for the numbers. Getting that information can be difficult or
The IRS issued Rev. Proc. 2020-25 on April 17, 2020, providing guidelines for how taxpayers can take advantage of the recently enacted technical correction to the rules for qualified improvement
On April 9, 2020, the Internal Revenue Service and Treasury issued additional guidance to specifically address the new net operating loss (NOL) rules included in Section 2303(b) of the CARES
In deference to fairness, on April 9, 2020, the Internal Revenue Service issued Notice 2020-23, which extended the tax filing and payment deadline to now apply to all taxpayers that
In the flurry of releasing millions of dollars of loan requests from small businesses under the CARES Act’s Paycheck Protection Program (PPP), the Small Business Administration (SBA), in consultation with
