New Tax Credit Covers Paid Leave for COVID-19 Vaccinations and Recovery
Challenges of Working Remotely for CPAs
In a recent article on PICPA’s CPA Now blog, Kevin Wilkes discusses the challenges CPAs face in a remote environment.
A preview of the article is below.
As COVID-19 vaccinations continue to roll out, many employers are pondering an imminent return to the physical office. Still, businesses are not blind. They experienced
American Rescue Plan Act
The American Rescue Plan Act (ARPA) was passed by the Senate on Saturday, March 6 and in the House on Wednesday, March 10. The $1.9 trillion relief bill now heads to President Biden’s desk. He signed the bill into law on Thursday, March 11. Read on for details on the
SBA Issues New Guidelines for Calculating PPP Loans for Schedule C Taxpayers
On March 3, 2021, the SBA issued a new interim rule making changes to the PPP loan calculation methodology for IRS Form 1040, Schedule C (“Schedule C”) taxpayers. This change will allow qualifying Schedule C taxpayers (which includes independent contractors, sole proprietors, and self-employed individuals) to calculate their maximum loan
IRS Issues Updated Guidance for Claiming 2020 Employer Retention Credits
On March 1, 2021, the IRS issued Notice 2021-20 “Guidance for Employers Claiming Employee Retention Credit Against Payroll Tax for 2020”. This guidance does not address changes made to the employee retention credits (“ERC”) for qualified wages paid after December 31, 2020. The IRS will address 2021 credits in future
Changes to the Employee Retention Credit Greatly Expand Eligibility for Businesses
The recently passed Consolidated Appropriations Act (“CAA”) contains retroactive changes and expansions to the Employee Retention Credits (“ERC”) that make these previously underutilized tax credits now potentially very lucrative for many small businesses.
As explained in more detail below, three main retroactive changes in the CAA making the ERC applicable to
SBA Announces Application Dates for Second Round of PPP Loans
The SBA will open the application window for PPP loans from all lenders starting at 9 a.m. EST on Tuesday, January 19th. All borrowers seeking either a first or second-draw PPP loan are will be eligible to apply at that time.
Small lenders with under $1 billion in assets will be
New Paycheck Protection Program Guidance Released
On Wednesday, January 6, the U.S. Small Business Administration (SBA) and the Treasury issued joint guidance regarding the latest updates to the Paycheck Protection Program (PPP), as amended by the recent COVID-19 relief bill. A recent article from the Journal of Accountancy offers an overview of the guidance,
Important Changes to PPP Loans and COVID-Relief Grants
On December 21, 2020, Congress passed the “Consolidated Appropriations Act, 2021” (the “Act”) and it was signed by President Trump on Sunday, December 27th. This Act contains many important tax changes and updates for the Paycheck Protection Program (“PPP”) loans (see our article here for more details on
President Signs Coronavirus Relief Bill
On December 22, 2020, Congress passed the Consolidated Appropriations Act, 2021 (CAA2021), which includes $892 billion in coronavirus stimulus spending. The act was signed into law by President Trump on Sunday, December 27, 2020. This long-awaited and highly contested piece of legislation ties coronavirus relief funding into a