2021 tax filing season begins Feb. 12, 2021

“The Internal Revenue Service announced that the nation’s tax season will start on Friday, February 12, 2021, when the tax agency will begin accepting and processing 2020 tax year returns. The February 12 start date for individual tax return filers allows the IRS time to do additional programming and testing of IRS systems following the […]

Read More

Small Businesses get a second shot at PPP Loan.

This NY Times article outlines the rules for the second PPP Loan. The new relief bill offers a second cash infusion for those who meet stricter terms: Borrowers with fewer than 300 employees that had a 25% drop in sales from a year earlier in at least one quarter could qualify for an additional loan […]

Read More

PPP Loan Update

Whether expenses paid with PPP funds are deductible or not is an issue that is still undecided according to this post from late 2020 via the Journal of Accountancy.  

Read More

Corona Virus Update: Federal Disaster Loan Program

The Small Business Administration is reopening its Economic Injury Disaster Loan and EIDL advance grant portal to a broader array of eligible small businesses and nonprofits affected by the coronavirus pandemic, beginning Monday. The portal had been accepting applications only from agricultural businesses for the last month, as demand was high, and those businesses had not […]

Read More

PPP forgiveness guidance issued as Congress mulls changes

https://www.journalofaccountancy.com/news/2020/may/ppp-loan-forgiveness-guidance-issued-as-congress-mulls-changes.html?utm_source=mnl:cpald&utm_medium=email&utm_campaign=25May2020   “Treasury and the U.S. Small Business Administration (SBA) released new Paycheck Protection Program (PPP) guidance Friday night that provided some clarity on several loan forgiveness questions but didn’t address the two parts of PPP that arguably have generated the most concerns among the millions of small businesses and other entities that have received […]

Read More