I don't think I will be advising any small businesses to participate in the "payroll tax holiday" under the current IRS guidelines.
https://wgntv.com/news/irs-issues-guidance-on-trumps-payroll-tax-deferral/
WGNTV.COM
IRS issues guidance on Trump’s payroll tax deferral
The deadline is finally here!!!
MEDIA1.TENOR.CO
media1.tenor.co
My summer office hours are in effect. I will be closed on Mondays through the fall, deadline permitting.
Well, here's another development in the ever changing PPPL program:
https://www.forbes.com/sites/brianthompson1/2020/07/01/house-passes-eight-week-extension-of-ppp-senate-proposes-automatic-forgiveness-of-loans-under-150000/
FORBES.COM
House Extends PPP Application Deadline; Senate Proposal Would Streamline Forgiveness Of Loans Under $150,000
Well, this is worth sharing.
https://www.facebook.com/156024857781159/posts/3156933911023557/
Governor John Carney
May 20 at 7:08 PM ·
During the small business recovery town halls held over the last few weeks, we heard that small businesses were worried about customers feeling comfortable visiting their shops or restaurants.
That’s why the Delaware Division of Small Business developed “COVID-19 Customer Protection Standards” based on the general guidelines for all businesses in our Phase 1 Reopening guidance, and guidance from Delaware Division of Public Health - DPH.
Using this program checklist, businesses following these standards can get a free window cling to put at their front entrance to show customers that they are working to follow the safety guidelines.
To download the checklist and more information about the window cling, visit: business.delaware.gov/coronavirus/covid-19-customer-protection-standards/
Well, this is interesting, and not what I thought according to the wording in the Act.
https://www.facebook.com/247781869734/posts/10157674962409735/?substory_index=0
IRS
April 20 at 6:00 PM ·
IRS continues to calculate and send Economic Impact Payments to millions of Americans. If you have questions related to these payments, see the answers we’ve posted online: www.irs.gov/EIPFAQ #COVIDreliefIRS
Well, this should help some of the smaller PPP loan recipients and certainly save time when completing the forgiveness applications. It's not blanket forgiveness, but it's a step in the right direction for businesses buried by the bureaucracy.
https://www.forbes.com/sites/brianthompson1/2020/10/09/a-new-ppp-forgiveness-application-is-out-what-you-need-to-know/
FORBES.COM
A New PPP Forgiveness Application Is Out: What You Need To Know
Hope everyone has a wonderful day!
Hoping Congress will act to further streamline the foregiveness process and allow deductibility of expenses.
https://www.journalofaccountancy.com/news/2020/nov/aicpa-members-push-for-deductibility-of-ppp-funded-expenses.html
JOURNALOFACCOUNTANCY.COM
AICPA mobilizes members to push for deductibility of PPP-funded expenses
If you had to file a paper return and haven't received your refund yet, this is why.
https://www.foxbusiness.com/economy/irs-has-backlog-of-1m-unprocessed-tax-returns
FOXBUSINESS.COM
IRS has backlog of 1M unprocessed tax returns
Gringott's Bank decorated for Christmas.
Here's a peek at what's going on with the PPP loans in the current legislation.
https://www.journalofaccountancy.com/news/2020/dec/covid-19-relief-bill-addresses-key-ppp-issues.html
JOURNALOFACCOUNTANCY.COM
COVID-19 relief bill addresses key PPP issues
Happy new year!!! See you all next year (ha, ha).
Spending the last day of 2020 attending a virtual Federal tax update seminar trying to learn what was crammed into the massive "Consolidated Appropriations Act, 2021" just signed into law 4 days ago! Ugh! My year end newsletters might take a little more time to get out this year.
Here is a good article regarding PPP round 2.
https://www.natlawreview.com/article/paycheck-protection-program-expected-impact-second-draw-loans
NATLAWREVIEW.COM
Paycheck Protection Program – Expected Impact of ‘Second Draw’ Loans
LOFLANDANDMCKNATT.COM
Obituary for Christopher F. DeMartin | Lofland Funeral Home
The unofficial start to tax time has been moved to February 12, 2021. This is the date IRS will begin to accept efiled returns, which is about 3 weeks later than usual.
https://www.usatoday.com/story/money/2021/01/15/irs-tax-season-2021-starts-feb-12-stimulus-checks-tax-refunds/4176228001/
USATODAY.COM
IRS tax season 2021 officially kicks off Feb. 12. Here’s why it starts so late
Good news for tax pros! Don't procrastinate this year, folks🤓
https://www.usatoday.com/story/money/taxes/2021/02/15/irs-says-it-wont-extend-this-years-tax-filing-deadline/43387603/
USATODAY.COM
IRS says it won't extend this year's tax-filing deadline
