Tennessee to Offer Relief to Small Businesses Impacted by COVID-19 Pandemic
Governor Bill Lee recently announced federal Coronavirus Relief Funds will be available to assist Tennessee small businesses impacted by the COVID-19 pandemic.
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U.S. House of Representatives Passes PPP Flexibility Act
The U.S. House of Representatives has passed the Paycheck Protection Program Flexibility Act in support of small businesses who received PPP financial relief and now need more flexibility in its use.
View MoreTreasury, IRS Provide Safe Harbor for Taxpayers Developing Renewable Energy Projects
The Treasury Department and IRS recently announced they are providing relief for taxpayers developing renewable energy projects.
View MoreTreasury, IRS Issue Final Regulations on Relief for Certain Tax-Exempt Organizations
The Department of the Treasury and IRS recently issued final regulations clarifying the reporting requirements generally applicable to tax-exempt organizations.
View MoreSBA Releases PPP Loan Forgiveness Application Form
The Small Business Administration, in consultation with the Treasury, recently released an application form for Paycheck Protection Program loan forgiveness, as well as instructions on completing the form.
View MoreAICPA Offers Loan Forgiveness Calculator for Paycheck Protection Program
The AICPA has created a loan forgiveness calculator for the Paycheck Protection Program and recently shared it with the Treasury Department and Small Business Administration.
View MoreSBA Provides Safe Harbor for PPP Loans Under $2 Million
The U.S. Small Business Administration recently posted guidance regarding the required certification concerning the necessity of Paycheck Protection Program loan requests.
View MoreIRS Provides Guidance on Deductibility and Reporting of Certain Amounts Paid to, or at the Direction of, Governments
The IRS recently issued proposed regulations under the Tax Cuts and Jobs Act (TCJA) providing guidance to taxpayers and governments with respect to fines, penalties and certain other amounts.
View MoreIRS Provides Tax Relief for Taxpayers with Section 125 Cafeteria Plans
The IRS recently released guidance to allow temporary changes to section 125 cafeteria plans to extend the claims period for health flexible spending arrangements (FSAs) and dependent care assistance programs as well as allow taxpayers to make mid-year changes.
View MoreAICPA Grants Extension for Peer Reviews
The AICPA Peer Review Board has voted to grant CPA firms a six-month extension for peer reviews, corrective actions, and implementation plans with original due dates between Jan. 1, 2020 and Sept. 30, 2020.
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