PPP

TX passes HB 1195 making forgiveness of PPP loans non taxable for the Texas Franchise Tax

Texas makes PPP Forgiveness non taxable for Franchise Tax

The Texas legislature just passed on the morning of April 23, 2021, HB 1195, making the forgiveness of PPP loans non taxable for the Texas Franchise Tax. The bill originated in the House and, initially, only included the Paycheck Protection Program. When it went to the Senate, the bill was amended to specifically include the […]

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How to deduct you PPP expenses under the CARES Act?

Right now, the IRS says you can’t deduct the expenses related to your PPP loan forgiveness but it doesn’t have to be that way. Write to your Congressperson and Senators and tell them to allow PPP Expense deductions for small businesses. See the sample letter at the end of this post from the AICPA. There

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IRS releases guidance on deductibility of expenses related to loans forgiven under the Paycheck Protection Program.

IRS drops a bomb and answers the question: Can a taxpayer deduct expenses related to their Paycheck Protection Program (PPP) Loans?

Summary: IRS releases guidance on deductibility of expenses related to loans forgiven under the Paycheck Protection Program. It’s been a while since the Internal Revenue Service issued a late night batch of tax rules, but they did it again last night on November 18, 2020. They released their Revenue Ruling 2020-27 and Revenue Procedure 2020-51.

IRS drops a bomb and answers the question: Can a taxpayer deduct expenses related to their Paycheck Protection Program (PPP) Loans? Read More »

PPP Loan Forgiveness IFR issued 8/24/2020

New SBA IFR on PPP Loans Released Today – 8/24/2020

The tax community has been expecting additional Interim Final Rules (IFR’s) for the Paycheck Protection Program (PPP) loans for a long time now. The speed at which these IFRs have been released has slowed down considerably, but, lo and behold, the Small Business Administration has released a NEW IFR today, August 24, 2020. The title

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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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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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