Dec 23, 2020 | Taxes
As many of you are aware, Congress is in the midst of finalizing the Consolidated Appropriations Act, 2021. As of midnight, December 21, 2020, the package has passed the House by a vote of 359-53 and the Senate by a vote of 92-6. It is expected to be signed by President Trump in the coming […]
The IRS released Revenue Ruling 2020-27 and Revenue Procedure 2020-51 on November 18, 2020, although both will be dated December 7, 2020, related to the non-taxability of PPP loans and corresponding non-deductible expenses used to forgive those loans. The IRS position is: If you apply for forgiveness or plan to apply for forgiveness in 2020 […]
The CARES Act is in the process of making a correction that many of us have been waiting for, a technical correction of the useful life treatment of qualified improvement property. Assuming the bill passes in its current form and is signed by the President, the retail glitch will be fixed. As a reminder, the retail […]
Sep 05, 2020 | COVID-19 News Taxes
As we move our way through these uncertain times, we want to make sure we are keeping you up to date on the latest information. On April 30, 2020, the IRS issued Notice 2020-32 to discuss the taxability of loan forgiveness under the Paycheck Protection Program (PPP). The IRS clarified that the loan forgiveness will […]