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    COVID-19

    trust taxation

    Georgia Explains Coordination of Federal PPP Tax Changes with State Tax Law

    March 17, 2021

    The Georgia Department of Revenue (DOR) has released information on the individual and corporate tax provisions of HB 265, legislation that updates 2020 state law to conform with federal tax legislation. The legislation addresses the tax provisions of the CAREs... Read More

    Provisions

    American Rescue Plan Extends Credits and Subsidies, but Adds Tax Increases

    March 15, 2021

    Larger stimulus payments and extended unemployment compensation are the provisions getting the most press in the new $1.9 trillion COVID-19 relief legislation, the American Rescue Plan Act of 2021, but the 663-page bill has other provisions of note, including several... Read More

    PPP

    SBA Improvements to PPP Program Should Speed Process, Aid Calculations

    February 25, 2021

    The SBA has implemented new procedures for PPP loans to improve the speed of processing loans and resolving data mismatches and to make it easier to validate eligibility for the loans and forgiveness. Besides changes to the program administration, the... Read More

    healthcare

    Healthcare Providers: COVID Relief Update

    February 8, 2021

    By A.J. Hurst, CPA We would all be challenged to find an organization at this point that has not been impacted by COVID-19. Most healthcare providers have felt the far-reaching impacts of the pandemic. Many of our provider clients have... Read More

    SBA Sets Up Second Draw PPP Loan Program

    January 11, 2021

    The Small Business Administration (SBA) has launched the next phase of the PPP loan program, with second draw loans available for existing recipients and more money for first-time borrowers. Guidance on the expanded program was released just over two weeks... Read More

    IRS Says No Negative Tax Effects from PPP Loan Forgiveness

    January 11, 2021

    The tax section of the new stimulus Act, the Tax Relief Act of 2020, cleared up a very important question about PPP loans. Normal business deductions, such as payroll, mortgage interest, rent and utilities, are deductible even if they are... Read More

    PPP Updates Trigger Concern Over Loan Necessity Questionnaires

    December 22, 2020

    More guidance has been released for employers that received Paycheck Protection Program (PPP) loans relating to the Small Business Administration (SBA) “loan necessity” questionnaires. The loan necessity questionnaire is being criticized as going beyond the original requirements of the PPP... Read More

    taxpayers

    Final 2020 COVID Relief Bill Allows Deductions, More PPP Loans

    December 22, 2020

    Congress has resolved one of the most problematic tax provisions resulting from the IRS’s interpretation of the CAREs Act Paycheck Protection Program (PPP)—the disallowance of tax deductions for expenses paid with forgiven PPP funds. Those deductions have been reinstated by... Read More

    Paycheck Protection Program: Frequently Asked Questions

    November 19, 2020

    Updated November 19, 2020 Find Your Question When does the measurement period for PPP expenditures begin? How long is the loan forgiveness period? How much of my PPP loan can be forgiven? What else can PPP funds be used for... Read More

    PPP Uncertainties Make Planning a Challenge, Though New Guidance Helps

    October 26, 2020

    For many CPAs, the Paycheck Protection Program (PPP) program has perhaps been the biggest challenge of the year. With $552 billion going to 5.2 million borrowers, the program has affected businesses across the country. Accountants have largely been tasked with... Read More

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