Simplified Application for Forgiveness on Paycheck Protection Program (PPP) Loans of $150,000 or Less

Simplified Application for Forgiveness on Paycheck Protection Program (PPP) Loans of $150,000 or Less Section 307 of the Consolidated Appropriations Act (“Act”) introduced a simplified loan forgiveness application process for all PPP loans not exceeding $150,000. The one page self-certification requires the borrower to attest that they have complied with Read more…

Consolidated Appropriations Act, 2021 Clarifies Non-taxable and Deductible Tax Treatment for PPP Loan Forgiveness

Consolidated Appropriations Act, 2021 Clarifies Non-taxable and Deductible Tax Treatment for PPP Loan Forgiveness The recent legislation has clarified what many businesses have been waiting for: taxpayer-friendly clarification of the tax effects of PPP loan forgiveness. Section 276 of the Consolidated Appropriations Act (“Act”) states that no amount from PPP Read more…

IRS Issues Guidance to Implement Deferral of Certain Employee Social Security Tax Withholding

IRS Issues Guidance to Implement Deferral of Certain Employee Social Security Tax Withholding We continue to provide updates on our breaking news email from last week regarding the IRS Notice 2020-65 that included some guidance for implementing the August 8th Presidential Memorandum. For applicable wages, the Memorandum directs the Treasury Department to postpone the Read more…

BREAKING NEWS: IRS Issues Guidance to Implement Deferral of Certain Employee Social Security Tax Withholding

  BREAKING NEWS: IRS Issues Guidance to Implement Deferral of Certain Employee Social Security Tax Withholding The IRS released a notice today with guidance for implementing the August 8th Presidential Memorandum. That Memorandum allowed employers to defer withholding and payment of the employee’s portion of the Social Security tax if the employee’s wages Read more…