The IRS has issued guidance on the payroll tax deferral scheduled to begin on September 1. Here’s what it says.
What does the executive action deferring payroll taxes mean for employers and employees?
Using an executive action, President Trump defers payroll taxes from Sept. 1 through the end of the year. But there are many unanswered questions.
IRS guidance provides RMD rollover relief
IRS guidance has provided relief to individual taxpayers affected by COVID-19 who take distributions or loans from retirement plans and offers guidance to employers regarding the administration of loan relief.
PPP borrowers get concessions, additional guidance on forgiveness
The Paycheck Protection Program Flexibility Act eases PPP loan forgiveness restrictions. Here are the details of the law, along with some recent guidance for borrowers.
The IRS clarifies the deductibility of PPP-funded expenses
In Notice 2020-32, the IRS has clarified that deductions for income tax purposes aren’t allowed for expenses that are otherwise deductible if the payment of the expense results in forgiveness of a covered loan.
SBA extends the PPP repayment deadline for self-certification
May 14, 2020, is the revised deadline to repay Paycheck Protection Program loans for borrowers who have chosen the Small Business Administration’s “good faith” self-certification of eligibility option.
Congress expands small business COVID-19 relief
The just-passed $484 billion Interim Stimulus Plan, among other things, replenishes Paycheck Protection Program funds.
The IRS announces new COVID-19-related assistance for taxpayers
In the wake of the coronavirus (COVID-19) crisis, the IRS and U.S. Department of Treasury are providing taxpayers additional relief to ease tax burdens.
The Small Business Administration launches the Paycheck Protection Program
Loans are now available for eligible small businesses through the Small Business Administration’s Paycheck Protection Program. Learn more about the loan qualifications and terms here.