We are starting this week by looking at the biggest news and trends in accounting: PPP loan forgiveness, processing the rehiring of the furloughed staff, and the latest in IRS tax relief options.
The recent big news in taxes is that the Treasury Department and the Internal Revenue Service have announced tax relief for certain taxpayers affected by the COVID-19 pandemic.
The taxpayers receiving relief through the most recent guidance are community development entities (CDEs) and qualified active low-income community businesses (QALICBs) who invest and conduct business in low-income communities.
By Lil Roberts
As the states are opening up, there are certain steps that bookkeepers can take to help their clients in the difficult process of rehiring their staff. Click on the article written for Accounting Web to learn what you can do to help your clients.
By Michael Cohn
And finally some updates from the PPP loan forgiveness sphere. SBA and the Treasury Department have issued additional information on loan forgiveness.
The PPP was included as part of the CARES Act, the $2.2 trillion program that included economic impact payments to individuals and aid to businesses in response to the novel coronavirus pandemic. The program initially launched on April 3 with $349 billion in funding to help small businesses keep their doors open and retain their employees. The loans would be forgiven as long as businesses retained their employees for up to eight weeks.
However, there were many questions, many of them still answered with regards to loan accessibility and now forgiveness. Read the latest from Accounting Today to see what can be forgiven and how.
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