Category: Coronavirus News
In May, the IRS released Notice 2020-32 announcing that businesses would not be able to deduct otherwise allowable expenses that were paid in connection with a forgiven Payroll Protection Program (PPP) loan. After this notice was released, additional questions remained. Mainly, would businesses be allowed to deduct PPP related expenses on 2020 tax returns if […]
In August, the American Institute of Certified Public Accountants (AICPA) issued a technical accounting guide that explains how lenders should report forgivable loans made under the Paycheck Protection Program (PPP). Here’s what banks and other financial institutions should know before they file their 2020 financial statements.
On October 8 the SBA, along with the Treasury Department, issued new guidance allowing borrowers with PPP loans of $50,000 or less to receive forgiveness.
If you want to keep your 2020 distribution, you may consider reporting it as a coronavirus related distribution.