The Internal Revenue Service will allow businesses that got their Paycheck Protection Program loans forgiven to write off expenses paid for with that money, shifting policy after Congress passed new legislation last month.
As the time comes for businesses to apply for PPP loan forgiveness, CPAs can provide vital assistance to ensure success for their clients.
With only a few days to go before the end of a difficult year, some accountants and tax professionals are still hoping to finish up some perplexing issues for their clients before New Year’s Day.
The latest round of coronavirus stimulus legislation includes some major tax provisions and changes for accountants to watch out for in the New Year.
Lawmakers are seeking to address some of the PPP’s more obvious failings in the latest coronavirus bill.
The American Institute of CPAs has joined with over 560 business and trade organizations in urging Congress to pass legislation.
Economic experts believe the current surge is not enough to stop continued losses incurred by various segments of economy.
With a CARES Act fix stalled along with stimulus legislation, the institute is urging CPAs to put pressure on their representatives.
The top Republican and Democrat on the Senate Finance Committee said the Treasury Department “missed the mark” in new guidance that limits tax breaks for businesses that get their Paycheck Protection Program loans forgiven.
The Internal Revenue Service reminded taxpayers Thursday that they only have until Nov. 21 at 3 p.m. Eastern Time to register for an Economic Impact Payment of $1,200 or more.