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Paycheck Protection Program Update No. 2020-06

SBA extends safe harbor for returning PPP funds The U.S. Small Business Administration (SBA) has extended the safe-harbor period for returning Paycheck Protection Program (PPP) funds by one week to May 14th. The SBA initially provided a May 7th deadline for…
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Paycheck Protection Program (Update)

On Thursday, April 30th, the IRS released guidance stating that any expenses (salaries, health insurance, utilities, rent) paid from Paycheck Protection Program (PPP) forgivable loan funds will not be tax-deductible. The IRS released guidance (Notice 2020-32) to explain that a taxpayer…
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Paycheck Protection Program

The Paycheck Protection Program (“PPP”) authorizes up to $349 billion in forgivable loans to small businesses to pay their employees during the COVID-19 crisis. All loan terms will be the same for everyone. Loan Amount Seasonal employers have a couple…
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CARES Act

Forgivable Paycheck Protection Loans to Small Businesses This Paycheck Protection Program is designed to help keep workers on payroll and continue economic activity across the nation. It allows small businesses and nonprofit organizations the ability to retain employees with government…
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IRS kicks off official start of tax season

By Michael Cohn January 27, 2020, 10:45 a.m. EST The Internal Revenue Service began accepting tax returns on Monday for this tax season, while the Treasury Inspector General for Tax Administration highlighted the results of last year’s tax season. The IRS…
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Which Expenses are Deductible in 2020

In our very long and complex tax code, tax deductions come in all shapes and sizes, and have a lot of sticky rules attached to them. For example, business expenses must be ordinary (common and accepted in an industry) and…
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