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The Department of the Treasury and IRS recently issued guidance for employers and employees with terminating 403(b) plans that fund benefits through 403(b)(7) custodial accounts.
View MoreThe IRS recently issued Notice 2020-75, which announces rules to be included in forthcoming proposed regulations regarding the deductibility of payments by partnerships and S corporations for state and local income taxes.
View MoreThe IRS recently posted guidance on how to report the deferral of withholding, depositing and paying of certain payroll tax obligations, as authorized by the Aug. 8, 2020 Presidential Memorandum.
View MoreThe U.S. Small Business Administration and the Department of the Treasury recently released a simplified forgiveness application for recipients of Paycheck Protection Program loans of $50,000 or less.
View MoreThe 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.
View MoreThe U.S. Small Business Administration has issued a procedural notice providing new guidance regarding the procedures required for changes of ownership of an entity that has received Paycheck Protection Program funds.
View MoreGovernor Bill Lee announced a five-day extension for eligible small businesses to certify for the Tennessee Business Relief Program.
View MoreThe IRS recently published Announcement 2020-12 notifying lenders they should not file cancellation-of-debt information returns or furnish payee statements under Sec. 6050P of the Internal Revenue Code to report the amount of qualifying forgiveness of covered Paycheck Protection Program loans.
View MoreGovernor Bill Lee and the Tennessee Department of Revenue recently announced a new digital eligibility tool for small business owners to determine if their business may be eligible for a Tennessee Business Relief Program payment.
View MoreThe IRS has issued a statement that it is aware that a small population of employers that reduced their tax deposits in anticipation of claiming the sick and family leave credits or employee retention credit may have received a notice stating there was a failure to deposit penalty applicable to the Form 941 on which the credits were claimed.
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