Posts by Andrew Chaves

PPP Tax Deductibility
IRS Clarifies Tax Deductibility of PPP Expenses

The IRS and Treasury issued an update clarifying the tax deductibility of expenses related to…

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PPP Updated FAQs for Acquired Borrowers
Updated FAQs on Employee Retention Credits for Acquisitions of PPP Borrowers

The IRS posted two new FAQs on the Employee Retention Credit as it relates to…

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PPP Loan Forgiveness May Impact R&D Credit
PPP Loan Forgiveness May Reduce R&D Credit

PPP loan recipients should be aware that forgiveness of the loan may cause 2020 qualified…

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PPP Loan Necessity Questionnaire
SBA Sending ‘Loan Necessity’ Questionnaires to PPP Borrowers

PPP borrowers should be on the lookout for a ‘loan necessity’ questionnaire from their lenders,…

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Procedures for Change of Ownership for PPP Borrowers
SBA Releases Guidance Regarding Ownership Changes Among PPP Borrowers

On October 2, the SBA issued a Procedural Notice to address required procedures for changes…

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PPP Simplified Application for Small Borrowers
New Simplified Loan Forgiveness Application for Smallest PPP Borrowers

PPP borrowers with loans under $50,000 are now exempt from certain reductions in forgiveness and…

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Tax Concerns for PPP Borrowers
Tax Concerns Loom for PPP Borrowers Going into Year-End

Tax concerns loom for PPP borrowers; current guidance indicates expenses related to any loan forgiveness…

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PPP Changes from SBA
SBA Changes PPP Forgiveness Rules for 5% Owner-Employees of Corporations & for Certain Nonpayroll Costs

The SBA issued an Interim Final Rule that sets a de minimis rule for Paycheck Protection…

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Payroll Tax Deferral Executive Order
IRS Addresses President’s Executive Order on Payroll Tax Deferral

The IRS provided some needed guidance for employers wondering whether and how to comply with…

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Accounting Methods
Proposed Small Business Taxpayer Regulations Address Accounting Methods Simplification

The IRS released an advance copy of proposed regulations for small business taxpayers to implement…

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