COVID-Gen
2021
|
05.04
IRS Offers Safe Harbor for Claiming PPP Loan Deductions
AAFCPAs would like to make clients aware that the IRS has recently released a revenue procedure (Rev. Proc. 2021-20) that provides a safe harbor for certain businesses claiming Paycheck Protection Program (PPP) loan deductions. The Rev Proc is applicable for taxpayers that received a PPP loan but did not deduct certain otherwise deductible expenses paid […]
2021
|
04.06
PPP Extended, Again
AAFCPAs would like to make clients aware that the President’s Paycheck Protection Program (PPP) Extension Act of 2021 extends the program again, to May 31* instead of the current March 31 deadline. *The bill extends the program through June 30, 2021; however, for the final 30 days of the program, no “new” applications may be […]