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  • PPP borrowers, lenders get change-in-ownership guidance from SBA

    October 6, 2020

  • E-filing problems plague some Sept. 15 tax returns

    September 16, 2020

    Tax practitioners who use two CCH return preparation products reported problems with corrupted files and an inability to e-file returns on Sept. 15, resulting in tax returns that were not filed on time.

  • Pandemic makes meeting Sept. 15 filing deadline difficult

    September 11, 2020

    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.

  • IRS Begins Accepting E-Filed Amended Tax Returns

    August 19, 2020

    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).

  • AICPA Requests Guidance and Clarity on Payroll Tax Deferral Memo

    August 13, 2020

    The AICPA on Wednesday, August 12, 2020, sent a letter to Treasury and the IRS requesting guidance on the recent presidential memorandum deferring some employee payroll taxes until next year.

  • SBA Issues a New FAQs to Address PPP Loan Forgiveness Issues

    August 4, 2020

    As of August 4, 2020, The Small Business Administration (SBA), in consultation with the Department of the Treasury, is providing this guidance to address borrower and lender questions concerning forgiveness of Paycheck Protection Program (PPP) loans, as provided for under section 1106 of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), as amended by the Paycheck Protection Program Flexibility Act (Flexibility Act). Borrowers and lenders may rely on the guidance provided in this document as SBA’s interpretation, in consultation with the Department of the Treasury, of the CARES Act, the Flexibility Act, and the Paycheck Protection Program Interim Final Rules (“PPP Interim Final Rules”)

  • PPP forgiveness: No need to rush, and other tips

    July 24, 2020

  • IRS Issues 2020 depreciation limits for cars and trucks

    July 8, 2020

    The IRS on Wednesday issued the limitations on depreciation deductions for passenger automobiles first placed in service in 2020 and the amounts of income inclusion for lessees of passenger automobiles first leased during 2020 (Rev. Proc. 2020-37).

  • House joins Senate in approving 5-week PPP extension

    July 2, 2020

    House joins Senate in approving 5-week PPP extension

  • Senate approves 5-week PPP extension

    July 1, 2020

    Senate approves 5-week PPP extension