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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
There has been a flood of information (and misinformation) about the Paycheck Protection Program (PPP) included in the Coronavirus Aid, Relief and Economic Security (CARES) Act that provides eligible small
There are numerous relief programs available to small business owners negatively impacted by the Coronavirus pandemic. We have previously posted detailed information on each these programs, which can be accessed
As with nearly all of the guidance being issued regarding the COVID-19 relief programs, information regarding the Paycheck Protection Program Loans continues to evolve. On April 2, 2020, the SBA
On April 1, 2020, the U.S. Department of the Treasury and the Internal Revenue Service announced that Social Security beneficiaries who are not typically required to file tax returns will
Internal Revenue Service guidance on various aspects of the recently passed economic stimulus bills continues to be released on a fast and furious pace. The most recent release, Notice IR-2020-62,
