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    Tax

    New Bill Boosts PPP Funding as IRS Offers Details on Employee Retention Credit for PPP Borrowers

    March 17, 2021

    The PPP loan program has gotten another boost from Congress in the American Rescue Plan Act of 2021 with an additional $7.5 billion in funding. The latest COVID relief legislation also expands the eligibility of news organizations and non-profits for... Read More

    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

    The Employee Retention Tax Credit: Offsetting Payroll Tax

    February 17, 2021

      Update as of 03/12/2021 President Biden’s $1.9 trillion COVID relief bill also known as American Rescue Plan Act of 2021 (H.R. 1319) has become law and extends the Employee Retention Tax Credit (ERTC) through December 31, 2021.    The... Read More

    Accrual Method Taxpayers Have Choices Under Income Exclusion Regs

    January 25, 2021

    The timing of income inclusion for taxpayers using the accrual method is explained in IRS final regulations, reflecting changes made by the Tax Cuts and Jobs Act. The regulations focus on taxpayers with an applicable financial statement and those that... Read More

    Executive Compensation Deduction Rules Allow More Transition Relief

    January 25, 2021

    The IRS has finalized rules for the deduction limitation on executive compensation which was revised by the TCJA. The 2017 changes further restricted the deduction, applying it to the five top executives of large publicly held corporations, including the Principal... Read More

    Untangling the Technical | Biden’s Tax Plan: What to Expect

    January 20, 2021

    What could a change in administration and a shift in Senate majority mean for taxes? Frazier & Deeter tax experts LeighAnn Costley and Bryce Nations discuss potential tax changes by the Biden administration. Listen now using the player below or... 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

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