The safe-harbor period for returning Paycheck Protection Program funds has been extended through May 14 by the US Small Business Administration.
The SBA announced that agricultural businesses are now eligible for the EIDL and EIDL Advance programs.
The AICPA issued an “urgent call” for the Treasury Department and the US Small Business Administration to release guidance on Paycheck Protection Program (PPP) loan forgiveness calculations.
The IRS issued guidance clarifying that a deduction is disallowed for expenses for payroll costs, mortgage interest, rent, utilities, and other interest on debt obligations to the extent they are being reimbursed by loans forgiven under the Paycheck Protection Program.
Taxpayers with qualified property must act to take advantage of changes to the treatment of qualified improvement property, which is now eligible for bonus depreciation. Here are some considerations for taxpayers and their advisers.
From 4 p.m. until midnight ET, the application window will be open exclusively to lenders with less than $1 billion in assets.
The AICPA issued a series of recommendations it would like to see the U.S. Small Business Administration adopt and issue as guidance for small businesses to use in calculating loan forgiveness under the Paycheck Protection Program (PPP).
Julie Killian, CPA, a shareholder at Clayton & McKervey in Michigan, shares steps smaller businesses can take to improve their financial standing and increase their chances of staying afloat.
Chris Hesse, CPA, the AICPA Tax Executive Committee chair, analyzes how the CARES Act's provisions allowing carryback of net operating losses for 2018 through 2020 interact with other new provisions.
Here are legislative and IRS responses to the coronavirus outbreak.
In a letter to Treasury and the IRS, the AICPA pointed out several issues involving the new employee retention credit that need clarification and guidance.
Social Security and Railroad Retirement beneficiaries who didn’t file 2018 or 2019 tax returns must enter their children’s information by noon EDT on Wednesday, April 22, to get an automatic $500 child stimulus payment.
The IRS issued guidance on how to file tax returns in order to receive an economic impact payment for taxpayers who do not normally file income tax returns or who have zero adjusted gross income amounts to report can file returns using special IRS procedures.
Recipients of Veterans Affairs benefits were added to the list of individuals who will automatically receive economic impact payments, the IRS announced.
The IRS issued procedures for how taxpayers can take advantage of the recently enacted technical correction to the rules for qualified improvement property (QIP).
The IRS announce that Supplemental Security Income (SSI) recipients will receive automatic stimulus payments, but some taxpayers need to enter information about qualifying children.
CPAs should pay careful attention to the new $600 billion Main Street Lending Program for small and midsize businesses and a couple of tweaks that might encourage more banks to participate in the $349 billion Paycheck Protection Program.
Real property or farming trades or businesses can withdraw their decision to elect out of Sec. 163(j)’s business interest expense limitation for a 2018, 2019, or 2020 tax year.
The IRS has launched an online portal for taxpayers who are eligible to receive an economic impact payment but who are not normally required to file an income tax return because their income is too low.
The IRS issued procedures to elect to forgo net operating loss carryback and extension of time to file tentative carryback adjustments.