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PPP loan forgiveness and taxes: Part 2

Eileen Sherr, CPA, CGMA, MT, discusses what the CAA resolved regarding deductibility of business expenses paid by loan proceeds from the PPP, along with other AICPA advocacy priorities — and what remains unresolved. Plus, we look ahead to possible developments during 2021 in tax legislation and pandemic relief.

Employee retention credit changes leave practitioners with questions

The IRS issued guidance on two aspects of the employee retention credit — how to claim the credit when filing the fourth quarter Form 941 when the taxpayer knows its loan under the PPP will not be forgiven and how the newly extended and amended employee retention credit will apply.

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Get your clients ready for tax season

Help clients avoid surprises with year-end planning strategies for managing taxable income, maximizing deductions, and adjusting to OBBBA changes affecting individuals and businesses.