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IRS to Examine High Income Taxpayers; AICPA Asks for Waiver of Penalties for 2019 Returns

The IRS has announced two initiatives for the remainder of 2020, both of which target high income earners. The IRS […]

Posted By Tonneson
In Business Tax, COVID-19 Updates, Individual Tax
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July 2, 2020Posted By Tonneson

News on the Paycheck Protection Program

Last evening the House passed the extension of the Paycheck Protection Program (PPP) which the Senate passed on Tuesday. The […]

July 1, 2020Posted By Tonneson

Latest News from IRS, Treasury and Congress

The IRS and Treasury have announced that they do not intend to extend the July 15, 2020 filing deadline further. […]

June 24, 2020Posted By Tonneson

New Guidance on Loan Forgiveness and SBA Loan Review Procedures

On June 22, the SBA issued the Loan Forgiveness Interim Final Rule (LF-IFR) and Loan Review Procedures Interim Final Rule […]

June 18, 2020Posted By Tonneson

Revised PPP Loan Forgiveness Application and New EZ Form for Certain Borrowers

On June 17, the Small Business Administration (SBA) and Treasury released a revised Paycheck Protection Program (PPP) loan forgiveness application […]

June 16, 2020Posted By Tonneson

Revised Application for PPP Loan

The SBA and Treasury have issued the new and revised Borrower Application for applying for a loan under the Paycheck […]

June 15, 2020Posted By Tonneson

IRS Statement on Balance Due Notices

The IRS issued a IRS Statement on Balance Due Notices to taxpayers on Friday, June 12, to warn them that […]

June 9, 2020Posted By Tonneson

First Guidance from Treasury and SBA Regarding New PPP Flexibility Act

On Friday, June 5, President Trump signed into law the Paycheck Protection Program Flexibility Act of 2020 (PPPFA). Yesterday, in […]

June 4, 2020Posted By Tonneson

Senate Passes PPP Flexibility Act without Changes to House Version

Yesterday evening the Senate unanimously passed the Payroll Protection Program Flexibility Act of 2020 (H.R. 7010), with no changes to […]

May 29, 2020Posted By Tonneson

House Passes Paycheck Protection Flexibility Act of 2020

On May 28, the House passed the Paycheck Protection Flexibility Act of 2020 (H.R. 7010), which is a small, focused […]

May 27, 2020Posted By Tonneson

House to vote on changes to PPP extending 8 week covered period

On Thursday, May 28, the House and the Senate are expected to vote on their versions of a bill which […]

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