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Blog Day: December 4, 2020

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PPP Update

SBA Releases Names of All PPP and EIDL Recipients On Tuesday evening, the SBA released the names of the remaining recipients of the Paycheck Protection Program (PPP) along with the
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PPP Loans – The IRS doubles down on their position on the tax treatment of covered expenses

Generally, when loans are forgiven or canceled, the canceled amounts are includable as income. When the CARES Act established the Paycheck Protection Program (PPP), Congress specifically included language that PPP loan
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Don’t Overlook the $300 Tax Deduction Under the CARES Act

With the passage of the 2017 Tax Bill that doubled the standard deduction, most taxpayers can no longer itemize their deductions and, therefore, they no longer get a federal tax