The technical accounting guide explains how lenders should report forgivable loans made under the Paycheck Protection Program (PPP). Click the link to learn what banks and other financial institutions should know before they file their 2020 financial statements. Read more
The SBA re-opened the PPP loan portal on Jan. 11, initially accepting First Draw PPP loan applications from participating CFIs. On Jan. 13, it opened for Second Draw PPP loans.
Read moreH.R. 133 makes consolidated appropriations for the fiscal year ending September 30, 2021, providing coronavirus emergency response and relief. Click the link to learn about the key tax and accounting provisions.
Read moreWhile 2020 winds down, there is still time to reduce your tax burden. Here are six ideas that can save money for most of us. 1. Leverage pre-tax savings. Take advantage of opportunities to set aside income on a pre-tax basis. This includes; Participation in your employer’s retirement savings program. Fully funding Health Savings Accounts […]
Read moreIn 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 […]
Read more