Articles
- Paycheck Protection Program Loan Forgiveness Application
SBA and Treasury have just released the Paycheck Protection Loan Forgiveness Application in SBA Form 3508. To apply for forgiveness of your Paycheck Protection Program (PPP) loan, you (the Borrower) must complete this application as directed in... read more
- IRS People First Initiative Provides Relief To Taxpayers
Due to COVID-19 , the IRS is providing relief on a variety of issues as part of the People First Initiative . The IRS is modifying certain activities through the filing and payment deadline, Wednesday, July 15, 2020. Here’s what people... read more
- “Necessity” Certification for PPP Loan/SBA Issues $2.0 Million Safe Harbor
The SBA has just issued an additional FAQ (#46) providing a safe harbor for smaller borrowers so far as the “necessity” certification. Borrowers with loans less than $2.0 million (including affiliates) will automatically be deemed to... read more
- COVID-19 paid leave tax credits for small and midsize businesses
Small and midsize employers can claim two new refundable payroll tax credits. The paid sick leave credit and the paid family leave credit are designed to immediately and fully reimburse eligible employers for the cost of providing COVID-19... read more
- IRS Provides Guidance for Estates And Trusts for Itemizing Deductions
WASHINGTON — The Internal Revenue Service today issued proposed regulations that provide guidance for estates and trusts clarifying that certain deductions of estates and non-grantor trusts are not miscellaneous itemized deductions. The Tax... read more
- IRS: Three new credits are available to many businesses hit by COVID-19
WASHINGTON — The Internal Revenue Service today reminds employers affected by COVID-19 about three important new credits available to them. Employee Retention Credit: The employee retention credit is designed to encourage businesses to keep... read more
- The 2017 Tax Cuts and Jobs Act and State Tax: Where Are We Now?
On December 22, 2017, President Trump signed the Tax Cuts and Jobs Act (“TCJA”) into law, significantly changing the federal income tax of both individual and corporate taxpayers. A material byproduct of these changes was its effect on state tax... read more
- Firm License Renewal Window Open
All CPA Firm licenses expire on June 30, 2020. The window for renewing your CPA Firm license will be through June 30, 2020. Email notifications for renewal were sent around April 1. If your firm contact email address has changed since your last... read more
- Q&A with Denise Beckwith of the Georgia Department of Labor
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On Monday, April 27, The Georgia Society of CPAs (GSCPA) hosted an exclusive member event with Denise Beckwith from the Georgia Department of Labor (GA DOL) to give an overview of the Department’s response to COVID-19 and answer questions... read more
- COVID-19 and Tax Update
There are many developments regarding tax and accounting issues concerning COVID-19 and the various government pronouncements. Any CPA practice must consider several issues when serving clients. See the AICPA document link attached to this... read more
