NEWS

6 tips for CPAs on newest round of PPP funding

A new round of Paycheck Protection Program funding is available for businesses affected by the pandemic. Here’s what CPAs and business leaders need to know to get the funding they need.

IRS explains extended payroll tax due dates

The IRS issued updated procedures for the deferred employee portion of employment tax payments, which were further extended from April 30, 2021, to Dec. 31, 2021, by year-end legislation.

Taxpayers need clarity on coordination of ERC and PPP loans

The AICPA asked the IRS and Treasury to clarify that the filing of a Paycheck Protection Program loan forgiveness application is not an election by the taxpayer to forgo the employee retention credit for wages reported on the application exceeding the amount of wages necessary for loan forgiveness.

PPP calculations guidance released

The SBA and Treasury issued guidance addressing how Paycheck Protection Program borrowers should calculate revenue reduction and maximum loan amounts for second-draw PPP loans — and what documentation should be provided to support those calculations.

Individual CPAs can apply for .cpa web domain Friday

Licensed CPAs can apply for individual .cpa domains beginning Jan. 15, the AICPA announced. Thousands of firms and approved organizations applied for the top-level domain during their application window, which was open from Sept. 1.

Guidance issued for PPP first-draw loan increases, reapplications

New procedural guidance from the SBA outlines the processes Paycheck Protection Program borrowers and their lenders must follow to reapply for a first-draw PPP loan or request an increase to a loan approved by Aug. 8, 2020, which is when the first iteration of PPP stopped accepting applications.

PPP application dates announced

Lenders with $1 billion or less in assets can start making Paycheck Protection Program loans on Friday, the U.S. Small Business Administration and Treasury announced. The application window will open for all lenders Jan. 19.

AICPA encourages firms to aggressively advance PPP applications

The AICPA said Wednesday that it expects SBA and Treasury to open the Paycheck Protection Program’s application window to all lenders by Friday. The AICPA is also encouraging firms to advance the application process for small business clients seeking relief.

PPP application forms released

The new forms are Form 2483 for first-draw PPP loans and Form 2483-SD for second-draw PPP loans, which are available for previous PPP borrowers that need further assistance and meet eligibility requirements.

Date set for limited PPP reopening

The US SBA and Treasury announced that community financial institutions that serve minority- and women-owned businesses exclusively will be able to make first-draw PPP loans starting Monday and second-draw PPP loans starting Wednesday.

Carried interests regulations are finalized

The IRS finalized proposed regulations on certain carried interests to account for changes made by the Tax Cuts and Jobs Act (TCJA). The TCJA extended from one year to three years the holding period for making carried interests eligible for capital gain treatment.

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RESOURCES

Keeping you informed and prepared amid the COVID-19 crisis

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