The AICPA has released some recommendations for practitioners concerning various issues that have arisen due to the postponement of the April 15 tax deadline for individuals.
The Paycheck Protection Program (PPP) application deadline formally changed from March 31 to May 31 when President Joe Biden signed the extension into law.
The extension to May 17 for individual tax filing and payment helped some but not all taxpayers. Hear more on the latest podcast episode, which includes a transcript.
The IRS has postponed individual returns’ due date to May 17, but June 15 remains a more appropriate date for many reasons, the AICPA says.
The U.S. House of Representatives voted 415-3 Tuesday night to extend the Paycheck Protection Program application deadline by 60 days. The PPP Extension Act of 2021 moves the PPP application deadline from March 31 to May 31 and allots an additional 30 days for processing applications received by May.
In a letter dated March 15, the AICPA asked for IRS guidance on how S corporations and partnerships should treat tax-exempt income from PPP loan forgiveness, especially when it occurs during a different tax period.
The AICPA’s vice president for Firm Services, Lisa Simpson, CPA, CGMA, told a congressional committee during a hearing that Congress should push back the application deadline for the Paycheck Protection Program by at least 60 days.
The AICPA sent a letter encouraging congressional leaders to push back the Paycheck Protection Program’s March 31 application deadline at least 60 days.
Rule changes, deadline pressures, and ongoing processing problems with the Paycheck Protection Program are causing high levels of frustration and anxiety among many small businesses. This creates an opportunity for CPAs to provide calm guidance for stressed clients.
The AICPA reiterated its recommendation that the SBA delay the end of the Paycheck Protection Program (PPP) application period by at least 60 days and also urged the SBA to make retroactive new rules issued this week changing the formula sole proprietors use to calculate their maximum loan amounts.