Hosted: May 19, 2020 Matt Austin, Managing Director, Keiter Advisors and Scott Zickefoose, Tax Senior Manager, explore the new provisions and clarifications contained within new application and instructions….
SBA PPP LOAN FORGIVENESS RULES New IRS Revenue Ruling 2020-27: Important Tax Details for Paycheck Protection Program Loan Recipients On November 18, 2020, the Internal Revenue Service (IRS) issued Revenue…
…Additional PPP and CAA Informational Resources Congress Passes Second COVID-19 Relief Package Keiter Webinar-PPP Funding 2.0: What Small Businesses Need to Know Overview of CAA 2021 Tax Provisions for Businesses…
…for qualifying property and the deferral of capital gain for dispositions of qualifying assets, and Paycheck Protection Program Loan Forgiveness Clarifications of tax consequences of PPP loan forgiveness COVIDTRA clarifies…
…Loan Forgiveness and Business Expense Deductions While Virginia conforms to the federal tax exemption for Taxable Year 2020 for Paycheck Protection Program (“PPP”) loan forgiveness and certain funding received under…
…Federal funding Cannot receive a Paycheck Protection Program (PPP) loan on or after December 27, 2020 (i.e. Round 2 PPP loan) Cannot be a strip club or similar business Cannot…
…COVID-19 business assistance programs The law provides the following regarding COVID-19 business assistance programs: Retroactively allows the up to $100,000 Virginia-specific deduction for Paycheck Protection Program (“PPP”) loan forgiveness recipients…
…equal to the amount of its pandemic-related revenue loss, subtracted by the total amount a qualifying business received in all PPP loans. The Small Business Administration (SBA) will administer and…
…the conference on Techniques for Projections, Treatment of Paycheck Protection Program (PPP) Loans, Capitalized Cash Flow (CCF) vs Discounted Cash Flow (DCF) and more, Continue to the full article: 2021…
…state, regional or local agency or authority (including any Payroll Protection Program (PPP), Economic Injury Disaster Loan or any other federal funding related to the pandemic relief) Who is Not…
…to Paycheck Protection Program (PPP) loan forgiveness. Historically, Virginia generally conformed to the IRS and federal tax rules other than in limited circumstances. However, in recent years, Virginia has not…
SBA PPP LOAN FORGIVENESS RULES By Carroll D. Hurst, CPA | Director These are unprecedented times in our economy. Many difficult decisions are being contemplated by our government and those…