Articles
- Guidance for Coronavirus-Related Distributions and Loans from Retirement Plans Under the CARES Act
Notice 2020-50 provides guidance relating to the application of section 2202 of the CARES Act for qualified individuals and eligible retirement plans. Under section 2202 of the CARES Act, qualified individuals receive favorable tax treatment... read more
- Relief For Taxpayers Affected By COVID-19 Who Take Distributions Or Loans From Retirement Plans
WASHINGTON – The Internal Revenue Service today released Notice 2020-50 (PDF) to help retirement plan participants affected by the COVID-19 coronavirus take advantage of the CARES Act provisions providing enhanced access to plan... read more
- SBA and Treasury Announce New EZ and Revised Full Forgiveness Applications for the Paycheck Protection Program
Washington—Today, the U.S. Small Business Administration (SBA), in consultation with the Department of the Treasury, posted a revised, borrower-friendly Paycheck Protection Program (PPP) loan forgiveness application implementing the PPP... read more
- IRS Provides Guidance on Employer Leave-Based Donation Programs That Aid Victims of the COVID-19 Pandemic
WASHINGTON – The Internal Revenue Service today provided guidance for employers whose employees forgo sick, vacation or personal leave because of the COVID-19 pandemic. Notice 2020-46 provides that cash payments employers make to... read more
- U.S. Treasury Releases Revisions to PPP First Interim Final Rule, Lenders Application Form and Borrowers Application Form
After the passing and signing of H.R. 7010, The Paycheck Flexibility Act, the U.S Department of Treasury and the Small Business Administration has amended past guidance and forms to reflect the update. PPP Revisions to First Interim Final Rule... read more
- Relief for Qualified Opportunity Funds and Investors Affected by Ongoing Coronavirus Disease 2019 Pandemic
Notice 2020-39 answers questions regarding relief from certain requirements under section 1400Z-2 of the Internal Revenue Code and the implementing regulations in response to the ongoing Coronavirus Disease 2019 (COVID-19) pandemic, such as... read more
- 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