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House gives final approval to $1.9 trillion pandemic aid bill
President Joe Biden on Thursday afternoon signed into law the $1.9 trillion coronavirus relief bill known as the American Rescue Plan Act, following a 220-211 vote of approval by the House of Representatives on Wednesday.
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AICPA takes case for PPP deadline delay to Congress
The AICPA sent a letter Tuesday, March 9, 2021, encouraging congressional leaders to push back the Paycheck Protection Program’s (PPP’s) March 31 application deadline at least 60 days.
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House gives final approval to $1.9 trillion pandemic aid bill
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.
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AICPA Requests Tax Deadline Postponement from April 15 to June 15
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.
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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).