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  • House gives final approval to $1.9 trillion pandemic aid bill

    March 10, 2021

    The House of Representatives voted 220–211 Wednesday, March 10, 2021 to approve the Senate version of a $1.9 trillion coronavirus relief bill, which President Joe Biden is expected to sign into law.

  • AICPA Requests Tax Deadline Postponement from April 15 to June 15

    March 5, 2021

    The AICPA on Thursday, March 4, 2021, sent a letter to IRS Commissioner Charles Rettig and Acting Assistant Secretary Mark Mazur urgently asking for the deadlines for filing all 2020 federal income tax and information returns and for making payments to be extended from April 15 to June 15, 2021, in response to a number of issues that make it impossible for many taxpayers to meet the April 15 deadline.

  • PPP Borrowers Can Use Gross Income, SBA Rules

    March 4, 2021

    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.

  • IRS issues employee retention credit guidance

    March 2, 2021

    In Notice 2021-20, the IRS issued detailed guidance for employers claiming the employee retention credit for calendar quarters in 2020

  • Eligible educators may deduct personal protective equipment expenses

    February 5, 2021

    The IRS provided a safe harbor under which “eligible educators” can deduct unreimbursed expenses for COVID-19 protective items

  • AICPA raises PPP concerns with SBA

    February 4, 2021

    The AICPA sent a letter Wednesday urging the US Small Business Administration (SBA) to address problems small businesses are encountering when trying to apply for Paycheck Protection Program (PPP) forgivable loans.

  • 6 tips for CPAs on newest round of PPP funding

    January 21, 2021

    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.

  • PPP Calculations Guidance Releaased

    January 19, 2021

    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.

  • New PPP Guidance Issued by SBA and Treasury

    January 7, 2021

    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).

  • AICPA Special News Alert Regarding Coronavirus Response & Relief Supplemental Appropriations Act

    December 22, 2020

    AICPA Special News Alert regarding federal stimulus legislation Coronavirus Response & Relief Supplemental Appropriations Act