We are down to the last few deadlines of the year! Extended Trusts, Estates, C corps, Franchises and personal tax returns, we need to see you SOON!
Call for an appointment today. We can help you with the PPP loan forgiveness application. 254-965-9828
We will be closed Thursday and Friday, July 16 and 17, but will open up 8:00 Monday morning. With the “Coronavirus” tax deadline being July 15th and no July 4th holiday, we are celebrating now. Sorry for any inconvenience to our clients. We appreciate you all! See you Monday. 😊
From every mountain side, let freedom ring!
Happy Fourth of July from Edwards & Stokes,CPAs, PLLC. 🇺🇸🇺🇸🇺🇸
Is it time for you to fill out your PPP loan forgiveness application? We can help you with this task. If you'd like to engage us to prepare this application for you, give us a call and we can set up a time for you to bring in your documents needed for this engagement. 254-965-9828
Please have your tax documents to our office by Monday, June 22nd to meet the July 15th deadline.
For the PPP loan application which submission for starts in January, you must certify that your business had a 25% reduction in income if you received proceeds the first time. You compare quarters of 2019 to the same quarters of 2020. If you have questions, please call us.
Our office will be closed Monday, January 11, 2021 due to the weather. Stay warm!
IRS just sent this out today! PPP expenses are now deductible.
Issue Number: IR-2021-04
Inside This Issue
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Eligible Paycheck Protection Program expenses now deductible
WASHINGTON – The Treasury Department and the Internal Revenue Service issued guidance today allowing deductions for the payments of eligible expenses when such payments would result (or be expected to result) in the forgiveness of a loan (covered loan) under the Paycheck Protection Program (PPP).
Today’s guidance, Revenue Ruling 2021-02, reflects changes to law contained in the COVID-related Tax Relief Act of 2020, enacted as part of the Consolidated Appropriations Act, 2021 (Act), Public Law 116-260, which was signed into law on Dec. 27, 2020.
The COVID-related Tax Relief Act of 2020 amended the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) to say that no deduction is denied, no tax attribute is reduced, and no basis increase is denied by reason of the exclusion from gross income of the forgiveness of an eligible recipient’s covered loan. This change applies for taxable years ending after March 27, 2020.
Revenue Ruling 2021-02 obsoletes Notice 2020-32 and Revenue Ruling 2020-27. This obsoleted guidance disallowed deductions for the payment of eligible expenses when the payments resulted (or could be expected to result) in forgiveness of a covered loan.
For more information about this, the COVID-related Tax Relief Act of 2020, and other tax changes, visit IRS.gov.
We are giving 2020 the 👢and bringing in 2021 with peace and hope. We wish you all a very healthy, safe, prosperous, and happy new year. We truly appreciate our clients and hope 2021 will bring an abundance of joy and blessings.
All of us here at Edwards & Stokes wish you and yours a very Merry Christmas! 🎄
Edwards & Stokes, CPAs, PLLC
November 22, 2020 at 11:52 PM ·
Call us if you would like to have us help you with tax planning before yearend. 2020 is nearing it's end and there may be something you can do to help trim any taxes you may owe.
We can set up an appointment for you. 254-965-9828