Coronavirus & COVID-19

NEW Frequently Asked Questions on PPP Loan Forgiveness 4 Aug 2020

Just when it seemed like things in the tax world were starting to get back to a somewhat normal feeling, the US Treasury and Small Business Administration decided to release new Frequently Asked Questions on Paycheck Protection Program Loan Forgiveness. The Treasury’s website was updated today, August 4, 2020, with a new PDF document. You […]

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Paycheck Protection Program - Don't shame companies, look for these issues that really matter

Instead of PPP loan shaming, look for this information

The US Treasury and Small Business Administration have released some details about the companies that received Paycheck Protection Program loans and it includes businesses of all shapes and sizes. Yes it’s interesting to see who received them, but there is no shame in receiving one of these loans and using it to keep your employees

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What to look for in PPP Loan details released by Treasury

What to look for in PPP Loan details released by US Treasury

Whether you consider it good news or bad news, the US Treasury and the Small Business Administration has released details on the recipients of loans under the Paycheck Protection Program (“PPP”). I think it’s good news but apparently someone thinks it’s bad news because it took a lot of negotiating to get the information released.

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PPP Loan Forgiveness Application Form 3508EZ

PPP Loan Forgiveness Application – updated 6/16/2020

Things have been slowing down on the Paycheck Protection Program front for a few days (PPP), which feels like an eternity in today’s world. Well have no fear, the Small Business Administration has been busy behind the scenes coming up with tweaks to the PPP and the application for the forgiveness of the loan proceeds.

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PPP Forgiveness Guidance 5/23/2020

Howdy y’all. It’s Saturday morning on May 23, 2020 and I wanted to send out a quick update. Last night around 9:30 pm CDT on May 22, 2020, the Treasury dropped a couple new Interim Final Rules on their website related to the Paycheck Protection Program. Yes, you read that correctly, it was on the

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Texas Franchise Tax Extended Due Date

UPDATE: The Texas Comptroller has added time to file extended Texas Franchise Tax Reports. If you extended your Texas Franchise Tax Report on July 15, 2020 (for non-EFT Franchise Taxpayers) and August 15, 2020 (for EFT Franchise Taxpayers), the due date is now January 15, 2021. Their initial posting had said it was only extended

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Texas grants Franchise Tax extension of time to file

The Texas Comptroller of Public Accounts has granted an extension of time to file and pay the 2020 Franchise Tax Reports. The extra time gives you until July 15, 2020 to be consistent with the Internal Revenue Service.

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Paycheck Protection Plan – update from our Chase banker

In the effort to share information as quickly as possible, I wanted to give you an update that we just received from our banker at Chase Bank. I am assuming this is a nationwide policy, or at least a regional policy. Here’s the message I just received: Here is an update based on the conversation

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Drafting errors & other CARES Act issues

There’s been a lot of chatter on the social media websites and between individual tax professionals about various aspects of the CARES Act. There are three items that a small group of us looked into over the past week and I volunteered to use my blog to bring them out into the open. These are

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