News

IR-2022-124, June 9, 2022 WASHINGTON — The Internal Revenue Service today announced an increase in the optional standard mileage rate for the final 6 months of 2022. Taxpayers may use the optional standard mileage rates to calculate the deductible costs of operating an automobile for business and certain other purposes.

The Internal Revenue Service issued the 2022 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.

The Associated General Contractors of America (AGC) said that the U.S. Small Business Administration (SBA) is in the process of removing the requirement that Paycheck Protection Program (PPP) borrowers submit a Loan Necessity Questionnaire when applying for forgiveness on loans of $2 million or more.

The U.S. Small Business Administration (SBA) has stopped accepting new Paycheck Protection Program (PPP) applications from most lenders almost a full month before the $292 billion program’s application deadline.

PCAOB inspections in 2021 will focus on the effects of the coronavirus pandemic on companies’ financial reporting while also becoming less predictable, according to resources the board published Tuesday. As reported previously in the JofA, the board is focused both on pandemic-related audit challenges and a concern that firms may be disproportionately paying attention to areas of audits that are frequently inspected. The PCAOB published resources containing a general staff outlook and guidance for audit committees explaining the 2021 inspections focus.

New Paycheck Protection Program (PPP) guidance from the U.S. Small Business Administration (SBA) incorporates changes to the program made by the American Rescue Plan Act, P.L. 117-2, and establishes that entities that receive a Shuttered Venue Operators Grant (SVOG) cannot subsequently receive a PPP loan.

House passes PPP deadline extension in 415-3 vote.