Small business owners who got Paycheck Protection Program loans could qualify for big write-offs from their rescue money, amounting to what Treasury Secretary Steven Mnuchin has called a tax-break “double dip.”
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 guidance clears up the tax treatment of expenses when a loan from the Paycheck Protection Program hasn’t been forgiven by the end of the year.
The single-family house on Forestview Avenue in Euclid, Ohio, a suburb of Cleveland, shows no signs of farming activity. The only things growing on the one-eighth-acre plot are trees, shrubs and grass.
The coronavirus slowdown has hit the IRS and tax professionals,
For a few months this year, a U.S. government aid program meant for struggling small-business owners was handing out $10,000 to just about anyone who asked. All it took was a five-minute online application. You just had to say you owned a business with at least 10 employees, and the grant usually arrived within a few days.