A bipartisan group of lawmakers introduced legislation Wednesday to enable small businesses to deduct their expenses even if they have received a loan from the federal government’s Paycheck Protection Protection Program that was later forgiven.
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May 9, 2020
Upcoming Events May 9, 2020
Senators introduce bill to allow tax deductions for forgiven PPP loans
By Michael Cohn      3 min read
A bipartisan group of lawmakers introduced legislation Wednesday to enable small businesses to deduct their expenses even if they have received a loan from the federal government’s Paycheck Protection Protection Program that was later forgiven.
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IRS explains how ineligible taxpayers should return their coronavirus stimulus payments
By Michael Cohn     3 min read
The Internal Revenue Service has posted information on how people who weren’t supposed to receive their economic impact payments for the novel coronavirus pandemic should return the money.
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Make the most of the July 15 tax deadline
By Roger Russell     3 min read
The postponed filing date gives taxpayers extra time to lower their tax burden with some last-minute strategies.
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IRS tells family members of deceased to return stimulus money
By Laura Davison     2 min read
The Internal Revenue Service said individuals who got a $1,200 stimulus payment intended for someone who’s deceased or incarcerated should return the money but left open the question of how the agency would enforce that.
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Coronavirus calls for tough decisions, tighter focus from firms
By Daniel Hood     5 min read
Top consultants Gale Crosley, Angie Grissom and Allan Koltin share the strategies firms need to take to make it through the pandemic.
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Treasury will let employers claim retention tax credit and provide insurance to furloughed workers
By Michael Cohn     2 min read
The decision, prompted by requests from a bipartisan group of lawmakers, reverses previous IRS guidance.
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Accountants and the coronavirus pandemic: ‘A defining time’
By Daniel Hood     6 min read
Leaders from the AICPA share details of firms’ struggles, and the work the profession is doing to mitigate the economic effect of the coronavirus.
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Inside the coronavirus-related employer tax credits and penalty relief
By Mark Watson     4 min read
There's a great deal of help for businesses in the CARES Act and the FFCRA.
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The IRS goes virtual to help unrepresented taxpayers
By Jeff Stimpson     1 min read
The Settlement Days program is trying out remote options in Detroit and Atlanta.
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Trump finds skeptics instead of allies for prize payroll tax cut
By Laura Davison     4 min read
President Donald Trump has fixed his sights on getting a payroll tax cut in the next coronavirus stimulus bill, but it’s unclear whether he can get Republicans — much less Democrats — to go along with such a high-cost item that likely would have only a modest impact on the economy.
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