July 13, 2021
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With information changing rapidly regarding the Coronavirus (COVID-19) pandemic, tonneson + co has created this Coronavirus Resource Center where you can find communications to our clients, as well as links to helpful COVID-19 websites. We will continue to update this page as new information is made available.
Client Communications and Updates
Massachusetts Enacts PTE Elective Excise as Workaround to $10k SALT Cap – December 30, 2021
PPP Loan Necessity Questionnaire Eliminated – July 13, 2021
Federal and MA Individual Income Tax Returns Extended – March 18, 2021
Good News for MA Pass-throughs Regarding Taxability of Forgiven PPP Loan Proceeds – March 15, 2021
American Rescue Plan Act Signed Into Law – March 11, 2021
American Rescue Plan Act passed by the House – March 1, 2021
MA Tax Issue Regarding Forgiven PPP Loan Proceeds – January 21, 2021
SBA Opens Applications to More Lenders on Friday and Monday – January 14, 2021
What’s New for PPP Loans under the CAA – January 7, 2021
More on the Consolidated Appropriations Act 2021 – December 22, 2020
Consolidated Appropriations Act – New PPP Provisions – December 22, 2020
$900 Billion Stimulus Package Includes PPP Expense Deductibility and Other Important Provisions – December 21, 2020
IRS Offers IRS Identity Protection with Expanded Program – December 14, 2020
PPP Loan News and Updates – December 14, 2020
Year-End Tax Letter 2020 – December 10, 2020
IRS Issues Safe Harbor Rule for PPP Loan Expenses – November 19, 2020
SBA Requiring Borrowers of PPP loan in Excess of $2M to Submit Questionnaire – November 11, 2020
Additional Guidance on Payroll Tax Deferral – September 2, 2020
PPP Forgiveness Rules for Owners and Related Party Expenses – September 1, 2020
More Clarification Regarding the Payroll Tax Deferral – August 14, 2020
President Trump Signs Four Executive Orders – August 11, 2020
New FAQs for PPP Loan Forgiveness – August 5, 2020
House HEROES Act vs. Senate HEALS Act Ready for Debate – July 28, 2020
PPP Loan Forgiveness Tool Now Available Ahead of Final Guidance – July 22, 2020
SBA and Treasury Release Data on PPP Loan Recipients – July 21, 2020
AICPA Makes Recommendations for Inclusion in Next Relief Bill – July 21, 2020
IRS to Examine High Income Taxpayers; AICPA Asks for Waiver of Penalties for 2019 Returns – July 9, 2020
News on the Paycheck Protection Program – July 2, 2020
Latest News from IRS, Treasury and Congress – July 1, 2020
New Guidance on Loan Forgiveness and SBA Loan Review Procedures – June 24, 2020
Revised PPP Loan Forgiveness Application and New EZ Form for Certain Borrowers – June 18, 2020
Revised Application for PPP Loan – June 16, 2020
IRS Statement on Balance Due Notices – June 15, 2020
First Guidance from Treasury and SBA Regarding New PPP Flexibility Act – June 9, 2020
Senate Passes PPP Flexibility Act without Changes to House Version – June 4. 2020
House Passes Paycheck Protection Flexibility Act of 2020 – May 29, 2020
House to vote on changes to PPP extending 8 week covered period – May 27, 2020
House to Vote Next Week on a New Bill with Significant Changes to PPP – May 21, 2020
AICPA Releases PPP Loan Forgiveness Calculator – May 19, 2020
SBA Releases PPP Loan Forgiveness Application and Instructions – May 16, 2020
House Approves Second Stimulus Package – May 15, 2020
AICPA to post loan forgiveness calculator by Friday absent official guidance – May 14, 2020
May 14th Safe Harbor Extended to May 18th – May 14, 2020
SBA Updates FAQs with Guidance on Good-Faith Certification for PPP Loans – May 13, 2020
AICPA Makes Plea for Guidance on PPP Loans – May 13, 2020
News Update on Possible Deadline Extensions – May 11, 2020
IRS Issues Draft Form 941 for Second Quarter 2020 Payroll Taxes – May 8, 2020
Draft of the revised Form 941 allows for reporting of new employment tax credits and other tax relief related to COVID-19.
Payroll Tax Credits and Deferral for Employers Impacted by COVID-19 – May 8, 2020
PPP Loan Application and Certification of Need – May 7, 2020
Learn about factors to consider and steps you can take as you evaluate certification of need for a PPP loan.
Congress and AICPA support bill allowing double benefits for PPP loan borrowers – May 6, 2020
May 7th Safe Harbor Extended to May 14th – May 6, 2020
The repayment date for safe harbor has been extended from May 7 to May 14, 2020.
AICPA Challenges Non-deductibility of PPP Loan Expenses – May 4, 2020
PPP Loan Forgiveness Reduction When Employee Declines to Return to Work – May 4, 2020
IRS Clarifies No Double Deduction for Expenses Paid with Forgiven PPP Loan Debt – May 1, 2020
New SBA FAQs on Certification of Necessity for PPP Loans – April 30, 2020
AICPA issues recommendations on PPP loan forgiveness – April 29, 2020
Secretary Mnuchin’s Statement on Review Procedure for PPP Loans – April 29, 2020
Additional PPP Loan Funds Made Available – April 27, 2020
Preliminary Loan Forgiveness Calculator – April 23, 2020
Senate votes on $310 Billion additional money for PPP loan program – April 22, 2020
IRS FAQs on Deferral of Employment Tax Deposits and Payments – April 22, 2020
IRS Plus 500 Push April 22 Deadline for Economic Impact Payments – April 21, 2020
PPP Loan Forgiveness – April 17, 2020
Learn more about Paycheck Protection Program loan forgiveness.
IRS Launches Get My Payment Online Application – April 16, 2020
The IRS has launched a new online application called Get My Payment to assist taxpayers with Economic Impact Payments.
Additional deadline extensions covering individuals, trusts, estates, and corporations – April 10, 2020
Extension of additional key tax deadlines for individuals and businesses are announced.
DOR Extends Tax Filing and Payment Relief for Personal Income – April 3, 2020
DOR extends deadline to July 15, 2020 for personal income tax, estate and trust income tax, partnership composite returns and personal income with respect to deemed repatriated income.
Paycheck Protection Program Resources – April 3, 2020
Link to U.S. Department of Treasury website for Small Business Assistance.
CARES Act Signed Into Law – March 31, 2020
Learn about some of the key tax provisions for individuals and businesses.
MA State Income Tax Filing Deadline Extended to July 15 – March 27, 2020
MA income tax filing deadline has been extended.
Families First Coronavirus Response Act – March 25, 2020
Learn how the Families First Coronavirus Response Act impacts your business and employees.
Extension of Federal Tax Filing Deadline to July 15 – March 20, 2020
Treasury Secretary Steven Mnuchin extends the Federal Tax filing deadline to July 15, 2020.
Accounting Industry Resources
AICPA Coronavirus Resource Center
Journal of Accountancy Coronavirus Resources for CPAs
MSCPA Coronavirus Resource Center for CPAs
MACPA (Maryland) Coronavirus Resources
State Tax Resources
AICPA State Tax Filing Guidance for Coronavirus Pandemic
Bloomberg State Tax Coronavirus Roadmap
For insights into PPP loan forgiveness, check out the article More PPP Funding Approved, Questions Remain Unanswered written by Jennifer Wolff, a shareholder at Godfrey & Kahn S.C., published in The National Law Review.
America’s SBDC Small Business COVID-19 Resources
AICPA SBA Paycheck Protection Program Resources
Greater Boston Chamber of Commerce – COVID-19 Resources
IRS Notice 2020-23 Regarding Additional Deadline Extensions
OSHA COVID-19 Resources
Small Business Administration – COVID-19
SBA FAQs on PPP Loans
State of MA COVID-19 Resources for Businesses
U.S. Department of Labor – Coronavirus
U.S. Department of Treasury – Assistance for Small Businesses
MA Nonprofit Network Coronavirus Resources
Department of Labor – Families First Act FAQ
IRS – Families First FAQs
Student Aid Resources
Federal Student Aid – Coronavirus Resources
Public Health Resources
Centers for Disease Control – Coronavirus
World Health Organization – Coronavirus