PPP forgiveness simplified for loans of $50,000 or less
PPP forgiveness simplified for loans of $50,000 or less
www.journalofaccountancy.com
PPP borrowers of $50,000 or less will have the opportunity to apply for forgiveness using a simplified application. Under the new process, these borrowers will be exempted from penalties for reduction of full-time employees or employees’ salary or wages.We'd like to recognize our staff accountant, Katelyn Olson...our newest CPA! Congratulations, Katelyn!!
Congrats Katelyn! So exciting!
Congratulations Katelyn!
Check out our championship softball team! Great job Team LMA!! #theaccountantsofsummer
Due to a conversion of our computer systems, our office will be closed on Monday, June 8th. We will be unable to access email and voicemail during this time. We are scheduled to be back up and running at 8am on Tuesday.
More changes on the horizon for the Paycheck Protection Program. Stay tuned!
House passes bill that would relax PPP forgiveness requirements
www.journalofaccountancy.com
The US House passed a bill that would relax some of the requirements that Paycheck Protection Program fund recipients need to fulfill to qualify for forgiveness from their loans.The CARES Act includes favorable changes to the rules for deducting net operating losses (NOLs) to provide businesses with relief from the novel coronavirus (COVID-19) crisis. It permanently eases the taxable income limitation on deductions. For tax years beginning before 2021, the CARES Act removes a taxable income limitation on deductions for prior-year NOLs carried over into those years. So NOL carryovers into tax years beginning before 2021 can be used to fully offset taxable income for those years. These changes may affect prior tax years for which you’ve already filed tax returns. To benefit from the changes, you may need to file an amended tax return. bit.ly/2Z0g2A2
A law providing relief due to the coronavirus (COVID-19) crisis contains a valuable change in the tax rules for improvements to interior parts of nonresidential buildings. You may recall that under the Tax Cuts and Jobs Act, any qualified improvement property (QIP) placed in service after Dec. 31, 2017 wasn’t eligible for 100% bonus depreciation. The cost had to be deducted over 39 years rather than entirely in the year the QIP was placed in service. This was due to a drafting error by Congress. But the new CARES Act now allows most businesses to claim 100% bonus depreciation for QIP as long as requirements are met. The correction is retroactive to QIP placed in service after Dec. 31, 2017. bit.ly/3cyhAW8