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News

AICPA supports bill that would make PPP-funded expenses deductible

  • 6 May 2020
  • Author: machele
  • Number of views: 3776
  • 0 Comments
Legislation introduced in the Senate on Tuesday would overrule an IRS notice and clarify that ordinary expenses funded by Paycheck Protection Program (PPP) loans are deductible by taxpayers. The bill, the Small Business Expenses Protection Act of 2020, S. 3612, is currently in the Senate Finance Committee and is supported by the AICPA.

SBA publishes new PPP guidance for the self-employed and general partners

  • 15 April 2020
  • Author: machele
  • Number of views: 4054
  • 0 Comments

The U.S. Small Business Administration issued a new interim final rule Tuesday that supplements the guidance for the Paycheck Protection Program (PPP) included in the first interim final rule for the PPP issued on April 2 and FAQs that are being updated periodically.

The additional guidance provides specific information on calculating the maximum loan amount for individuals with self-employment income who file a Form 1040, Schedule C, Profit or Loss From Business. The 2019 Form 1040 Schedule C is required to be provided with the PPP loan application, according to the interim rule, which notes that detailed documentation guidelines are also required.

IRS grants broad coronavirus-related tax relief

  • 10 April 2020
  • Author: machele
  • Number of views: 3963
  • 0 Comments
Taxpayers were granted additional, broad tax filing and payment deadline relief by the IRS late on Thursday, in line with relief requested by the AICPA over the past several weeks amid the coronavirus pandemic. The new relief, issued in Notice 2020-23, applies to all taxpayers that have a filing or payment deadline falling on or after April 1, 2020, and before July 15, 2020, including individuals, trusts, estates, corporations, and other noncorporate tax filers, and that period will be disregarded by the IRS in calculating any interest, penalty, or addition to tax for failure to file the forms specified in the notice.

AICPA applauds additional clarity in Treasury FAQs on Paycheck Protection Program

Key changes are in line with AICPA recommendations and advocacy points.

  • 7 April 2020
  • Author: machele
  • Number of views: 3837
  • 0 Comments

Late Monday night, Treasury and the U.S. Small Business Administration (SBA) released FAQs on the Paycheck Protection Program (PPP), the $349 billion small business relief program that is a key part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, P.L. 116-136.

Over the past week, the AICPA and our small business funding coalition have been advocating for additional clarity on certain provisions of the PPP. We've been working hard to drive a common understanding and approach around PPP implementation. The AICPA has been leading with recommendations and interpretations based on our understanding of the intent of the program.

SBA issues details for Paycheck Protection Program loans

  • 3 April 2020
  • Author: machele
  • Number of views: 3535
  • 0 Comments
The U.S. Small Business Administration on Thursday issued an interim final rule for the Paycheck Protection Program (PPP), which is offering $349 billion in forgivable loans that small businesses impacted by the coronavirus pandemic can use to cover costs including payroll and rent.  
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