Articles
- Senate Passes Bill Amending PPP from SBA
The Congress (evening of June 3, 2020) has passed H.R. 7010, The Paycheck Flexibility Act and sent it to the President for signature. 8 weeks to 24 weeks, or they can keep the eight-week period New borrowers get the 24-week period. The 24-week... read more
- Georgia Department of Revenue to Reopen In-Person Customer Service
ATLANTA - The Georgia Department of Revenue (DOR) announced today that in-person customer service will reopen on Monday, June 1, 2020 by appointment only. "While the Department never closed due to COVID-19, in-person services were temporarily... read more
- IRS Announces Form 1040-X Electronic Filing Options Coming This Summer; Major Milestone Reached for Electronic Returns
WASHINGTON- The Internal Revenue Service announced today that later this summer taxpayers will for the first time be able to file their Form 1040-X , Amended U.S Individual Income Tax Return, electronically using available tax software... read more
- Review Procedures and Related Borrower and Lender Responsibilities for SBA PPP Loan
The Small Business Administration (SBA) has released a guidance titled, "Business Loan Program Temporary Changes; Paycheck Protection Program – SBA Loan Review Procedures and Related Borrower and Lender Responsibilities" T he guidance gives... read more
- Interim Final Rule on Loan Forgiveness for PPP Released
The Small Business Administration (SBA) and the U.S. Treasury have released an interim final rule, Paycheck Protection Program Requirements - Loan Forgiveness . The rule speaks to the Loan Forgiveness Application released and repeats the changes... read more
- GSCPA Call with Senator David Perdue
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On May 15, 2020, The Georgia Society of CPAs (GSCPA) hosted a call with a legislative update from Senator David Perdue. The legislative update focused on where Georgia and the nation stand in regard to COVID-19. The call began with GSCPA CEO Boyd... read more
- Paycheck Protection Program Loan Forgiveness Application
SBA and Treasury have just released the Paycheck Protection Loan Forgiveness Application in SBA Form 3508. To apply for forgiveness of your Paycheck Protection Program (PPP) loan, you (the Borrower) must complete this application as directed in... read more
- IRS People First Initiative Provides Relief To Taxpayers
Due to COVID-19 , the IRS is providing relief on a variety of issues as part of the People First Initiative . The IRS is modifying certain activities through the filing and payment deadline, Wednesday, July 15, 2020. Here’s what people... read more
- “Necessity” Certification for PPP Loan/SBA Issues $2.0 Million Safe Harbor
The SBA has just issued an additional FAQ (#46) providing a safe harbor for smaller borrowers so far as the “necessity” certification. Borrowers with loans less than $2.0 million (including affiliates) will automatically be deemed to... read more
- COVID-19 paid leave tax credits for small and midsize businesses
Small and midsize employers can claim two new refundable payroll tax credits. The paid sick leave credit and the paid family leave credit are designed to immediately and fully reimburse eligible employers for the cost of providing COVID-19... read more