Game-changing updates to the Employee Retention Tax Credit (authored by RSM US LLP)
Paycheck Protection Program (PPP) loan recipients may now qualify for the employee retention tax credit based on new legislation signed.
Research Results
PPP reopening for first draw borrowers Jan. 11; second draw Jan. 13 (authored by RSM US LLP)
Treasury Department and SBA announce reopening dates for Paycheck Protection Program - Jan. 11, 2021 and Jan. 13, 2021.
SBA releases guidance on PPP second draw loans (authored by RSM US LLP)
SBA releases two PPP reopening guidance packages. The first for new borrowers and the second for the second draw program.
SBA releases guidance on PPP continued access program (authored by RSM US LLP)
SBA releases two PPP reopening guidance packages. The first for new borrowers and the second for the second-draw program.
The Consolidated Appropriations Act, 2021
On December 27, 2020, the President signed the Consolidated Appropriations Act, 2021 into law. In this video, we cover the major provisions of the $900 billion stimulus relief package included in the spending bill.
Congress passes law containing PPP tax fix; second-draw program (authored by RSM US LLP)
After negotiations go to the 11th hour, Congress passes tax fix for PPP, changes to loan forgiveness and establishes second-draw program.
Congress passes appropriations bill, containing COVID-19 relief bill (authored by RSM US LLP)
Last minute negotiations pave way for Congress to pass second major COVID-19 stimulus package with tax law changes and tax extenders.
PPP Loan Forgiveness and Tax Planning
Recent guidance from the IRS concerning PPP loan expense deductions may have a significant effect on when you apply for forgiveness and how to maximize your loan forgiveness amount. In this video, we will share the latest IRS guidance on expense deductions, their potential impact on the amount of forgiveness you may receive, and some basics of the loan application process.
PPP borrowers may need to extend returns and forgiveness applications (authored by RSM US LLP)
PPP borrowers, especially fiscal year taxpayers, should consider extending tax returns and delay loan forgiveness filing (unless necessary).
IRS issues additional PPP deductibility guidance with safe harbor (authored by RSM US LLP)
IRS clarifies deduction disallowance for expenses funded by PPP and issues safe harbor for borrowers that forgo or are denied forgiveness.
Borrower’s accounting for debt restructurings and modifications (authored by RSM US LLP)
A recent FASB Staff Educational Paper provides an overview of the accounting guidance for common debt modifications and exchanges.
SBA publishes loan necessity questionnaire for PPP borrowers (authored by RSM US LLP)
Borrowers (and affiliates) that have PPP Loans of $2 million or greater should be prepared to provide additional information to SBA.
IRS acknowledges auto-revocation errors (authored by RSM US LLP)
Some exempt organizations that timely filed Form 990 series returns or notices are receiving erroneous auto-revocation notices.
Impact of COVID-19: Goodwill impairment considerations (authored by RSM US LLP)
Our white paper discusses many relevant matters related to, and the impact of COVID-19 on, goodwill impairment testing.
Borrower and lender accounting for Main Street Lending Program loans (authored by RSM US LLP)
We have updated our white paper to discuss how MSLP loans should be accounted for by both borrowers and lenders.