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IRS Announces 2021 Tax Inflation and Cost-of-Living Adjustments

October 27, 2020 The IRS recently released Revenue Procedure 2020-45 announcing the tax year 2021 annual inflation adjustments for more than 60 tax provisions, including the tax rate schedules. It also released Notice 2020-79 announcing cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2021

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SBA Clarifies Deferral Period for PPP Loan Payments

October 7, 2020 The U.S. Small Business Administration recently released guidance clarifying that Paycheck Protection Program lenders must recognize the previously established extended deferral period for payments on the principal, interest, and fees on all PPP loans, even if the executed promissory note indicates only a six-month deferral.

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