by Rupinder | Oct 11, 2020 | Uncategorized
Treasury and the White House are urging Congress to pass a stand-alone Paycheck Protection Program (PPP) bill as stimulus talks between the Trump administration and Democratic congressional leadership have stalled. “Now is the time for us to come together and...
by Rupinder | Oct 8, 2020 | Uncategorized
The U.S. Small Business Administration, in consultation with Treasury, unveiled late in the evening of October 8 a simpler loan forgiveness application for Paycheck Protection Program (PPP) loans of $50,000 or less. “The PPP has provided 5.2 million loans worth $525...
by Rupinder | Oct 8, 2020 | Uncategorized
The IRS is temporarily allowing taxpayers to fax the required separate copy of Form 8886, Reportable Transaction Disclosure Statement with the Office of Tax Shelter Analysis (OTSA). “The IRS will accept the separate OTSA copy of the initial year filing of Form 8886...
by Rupinder | Oct 7, 2020 | Uncategorized
The U.S. Small Business Administration (SBA), in consultation with Treasury, released updated FAQs for the Paycheck Protection Program (PPP) late in the evening on October 7. The sub-regulatory guidance is intended for both lenders and borrowers participating in the...
by Rupinder | Oct 7, 2020 | Uncategorized
The IRS continues to work through its mail backlog, which consists of over 5 million unopened items, according to IRS Commissioner Charles “Chuck” Rettig. Notably, there are an estimated 2.5 million unopened paper income tax returns included within the backlog. “We...
by Rupinder | Oct 2, 2020 | Uncategorized
The U.S. Small Business Administration (SBA) is expected to begin processing and issuing forgiveness for some Paycheck Protection Program (PPP) loans next week, according to a Treasury spokesperson. The announcement comes on the heels of a multitude of criticisms from...
