PPP deductions may be coming for California (04-08-21) The IRS and the Treasury have announced that states can conform to recent federal tax benefits (such as the allowance of deductions for amounts paid with forgiven PPP [...]
It's getting closer to tax day and we thought you'd enjoy a few fun facts about tax returns. Written by Lynn Freer, EA Spidell Publishing Longest tax return: In 2011, General Electric filed a 57,000-page [...]
The Internal Revenue Service has extended the U.S. individual income tax initial filing deadline to May 17, 2021 for the 2020 tax year. Individuals can also postpone federal income tax payments for the 2020 tax [...]
Mergers and acquisitions require many hours of work through different phases to be completely assembled. This work often spans across various team members in an organization. Proper accounting support is absolutely necessary for the success [...]
The U.S. Small Business Administration released initial details and guidelines for the updated Paycheck Protection Program (PPP) Second Draw Loans on January 6th, 2021. New and second draw borrowers now have access to the program [...]
State tax collections have nosedived as much as 50 percent in the fallout of the coronavirus pandemic. All states, without question, will face significant fiscal challenges as a result of the COVID-19 pandemic. However, as [...]
In addition to providing economic relief to individuals and loans to businesses struggling during the coronavirus crisis, the Coronavirus Aid, Relief, and Economic Security (CARES) Act changed some tax provisions to ensure firms survive a [...]
The Paycheck Protection Program Flexibility Act (HR 7010) was signed into law on June 5, 2020. We thought it would be helpful to share what we have gleaned from the bill so that you can [...]
The team at Sousa & Weber have had several inquiries related to employee layoffs and rehires with respect to the Paycheck Protection Program (PPP). Some employers are finding it difficult to get hourly employees to [...]
The IRS has issued new guidance related to the accounting for PPP loans in Notice 2020-32. The IRS’ position is that while loan forgiveness is excluded from gross income, the expenses that resulted in qualification [...]
