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PPP Borrowers Can Use Gross Income, SBA Rules
The U.S. Small Business Administration (SBA) issued new Paycheck Protection Program (PPP) rules that allow self-employed individuals who file Form 1040, Schedule C, Profit or Loss From Business, to calculate their maximum loan amount using gross income instead of net profit.
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AICPA urges Congress to extend PPP deadline
On March 2, 2021, the AICPA called on Congress to extend the application period for the Paycheck Protection Program (PPP) by at least 60 days.
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IRS issues employee retention credit guidance
In Notice 2021-20, the IRS issued detailed guidance for employers claiming the employee retention credit for calendar quarters in 2020
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6 tips for CPAs on newest round of PPP funding
Business leaders and the CPAs who serve them will need to use a variety of strategies all at once as they pursue economic support in the newest round of Paycheck Protection Program (PPP) funding.
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PPP Calculations Guidance Releaased
The U.S. Small Business Administration (SBA) and Treasury issued an 18-page document Tuesday detailing how Paycheck Protection Program (PPP) borrowers should calculate revenue reduction and maximum loan amounts for second-draw PPP loans. The guidance also lists the documents borrowers must provide to support each set of calculations.
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New PPP Guidance Issued by SBA and Treasury
The U.S. Small Business Administration (SBA) and Treasury issued guidance late Wednesday night for the reconstituted Paycheck Protection Program (PPP). The guidance came in the form of two interim final rules (IFRs).
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AICPA Special News Alert Regarding Coronavirus Response & Relief Supplemental Appropriations Act
AICPA Special News Alert regarding federal stimulus legislation Coronavirus Response & Relief Supplemental Appropriations Act
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IRS Issues 2021 Mileage Rates
IRS Issues 2021 Mileage Rates
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Pandemic makes meeting Sept. 15 filing deadline difficult
With Sept. 15 tax filing deadlines looming, some tax practitioners have expressed concerns that they will not be able to meet those deadlines for a variety of reasons related to the global pandemic. Issues mentioned by AICPA members range from the extra time spent with economically challenged clients; to unexpected deadlines due to assisting with Paycheck Protection Program (PPP) loan applications and the PPP loan forgiveness process; to clients, members, and staff being incapacitated with COVID-19.
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IRS Begins Accepting E-Filed Amended Tax Returns
The IRS announced Monday that it has begun accepting Forms 1040-X, Amended U.S. Individual Income Tax Return, electronically, which it calls a “major milestone in tax administration” (IR-2020-182).