by Rupinder | Oct 24, 2020 | Uncategorized
The IRS released draft 2020 Form 1040 and 1040-SR Instructions overnight on October 23, which includes instructions for Schedules 1 through 3. Additionally, the U.S. Small Business Administration (SBA) has released, and is expected to formally publish, a Paycheck...
by Rupinder | Oct 13, 2020 | Uncategorized
The U.S. Small Business Administration (SBA), in consultation with Treasury, on October 13 released updated FAQs on Paycheck Protection Program (PPP) loan forgiveness. The sub-regulatory guidance is intended for both lenders and borrowers participating in the small...
by Rupinder | Oct 13, 2020 | Uncategorized
“The National Society of Accountants (NSA) appreciates the importance of PPP-related information for our members and their clients,” said NSA’s CEO John Rice. “While uncertainty still surrounds the program, NSA will continue to provide timely...
by Rupinder | Oct 13, 2020 | Uncategorized
The IRS, for the first time, is adding barcode technology to the CP14 and CP14 IA notices. “Starting this month, the CP14 and CP14 IA notices that inform taxpayers that they owe money on unpaid taxes and their payment options are now equipped with QR bar codes to help...
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...
