Small PPP Loan Borrowers Get Big Break

According to a recent release from the Small Business Administration, borrowers can apply for forgiveness of their PPP loan using new SBA Form 3508S if the total PPP loan amount they received from their lender was $50,000 or less. “SBA Form 3508S requires fewer...

Hobby or Business: The IRS Takes a Stand

From a tax perspective, the distinction between hobbies and businesses is important because businesses can deduct losses, but hobbies cannot. The Tax Cuts and Jobs Act kept the itemized deductions for allocable mortgage interest and property taxes. However, by...

IRS Updates Form 941 To Reflect COVID-19 Tax Credits

The IRS has revised Form 941, Employer’s Quarterly Federal Tax Return, to accommodate COVID-19-related employment tax credits granted under the Families First Coronavirus Response Act and the Coronavirus Aid, Relief, and Economic Security Act. If you’re...

Reporting Requirements for Health Care Providers Under CARES

The CARES Act was enacted in response to the COVID-19 pandemic. The act was specifically designed to provide funding to hospitals and health care providers that are not federal entities. Then, on July 22, 2020, the Department of Health and Human Services changed the...

IRS Guidance on Payroll Tax Deferral

Late Friday, August 28, the IRS issued much-anticipated guidance on the payroll tax deferral that was ordered by President Trump in a presidential memorandum on August 8 (Notice 2020-65). The notice allows employers to defer withholding on affected employees’...

Payroll Tax Holiday and Unemployment Boost Are in Flux

On Aug. 8, the White House issued a series of memorandums and executive orders to provide relief while Congress continued to debate legislative action. However, there are limits regarding what can be done in the absence of congressional approval, and that has led to...
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