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Update on Government Assistance: PPP, SVOG and ERC
Economic conditions continue to challenge businesses and nonprofits alike in 2021. Fortunately, there are still opportunities for organizations to take advantage of federal government programs for assistance. SBA and Treasury continue to issue new rules regarding eligibility and deadlines, but organizations should be vigilant if they plan to take advantage of these programs. Paycheck Protection…
Consolidated Appropriations Act Extends and Expands the Employee Retention Tax Credit
In an effort to provide more COVID-19 relief, the Consolidated Appropriations Act (the Act) signed into law in late 2020 extends the employee retention tax credit (ERC) under the CARES Act through June 30, 2021 and expands potential benefits under the ERC. As part of weighing federal stimulus options to support their organization through the…
SBA and Treasury Issue Further PPP Guidance
The guidance clarifies PPP rules for first- and second-time borrowers As a follow up to the $2.3 trillion Consolidated Appropriations Act, 2021 (CAA), the U.S. Small Business Administration (SBA) and Treasury issued guidance Wednesday night for the relaunched Paycheck Protection Program (PPP). An Interim Final Rule (IFR) entitled “Business Loan Program Temporary Changes; Paycheck Protection…
New Guidance and Additional Relief Issued by Office of Management and Budget (OMB)
On December 22, 2020 the Management and Budget Office issued an addendum to the 2020 Compliance supplement that includes new guidance and additional relief for certain auditees with Uniform Guidance requirements. This addendum is to be used in conjunction with the 2020 Compliance Supplement by auditors. This supplement, which originally was anticipated to be issued…
Congress Passes Year End Funding and Pandemic Aid Package
The bill includes tax deductibility of PPP expenses and new round of PPP loans
IRS Clarifies the Calculation of UBTI for Tax-Exempt Organizations
On November 19, Treasury and the IRS released final regulations, T.D. 9933, providing guidance on Internal Revenue Code section 512(a)(6). The guidance clarifies how a tax-exempt organization determines if it has more than one unrelated trade or business, and if so, how to calculate its unrelated business taxable income (UBTI). Section 512(a)(6), added by the…
Maryland Changes the Taxation of Pass-through Entities
On May 8, 2020, the State of Maryland enacted SB 0523, Income Tax – Pass-Through Entities and Corporations, which authorizes pass-through entities (PTEs) such as partnerships and S-corporations the option to elect to pay Maryland state income tax on an entity level rather than “passing it through” to the entity owner. Many other states have…
IRS Clarifies Tax Treatment of Expenses Paid with PPP Loans
As thousands of businesses and nonprofit organizations prepare and submit their Paycheck Protection Program (PPP) loan forgiveness applications, they may not be aware of recent IRS guidance regarding the tax treatment of expenses paid with PPP loans. PPP borrowers with pending forgiveness applications (filed or unfiled) should understand the recent guidance and factor nondeductible expenses…
Simplified PPP Loan Forgiveness for Loans of $50,000 or Less
In an effort to support small businesses and nonprofits significantly impacted by COVID-19 and the resulting economic crisis, the Small Business Administration (SBA) and Treasury announced a simple Paycheck Protection Program (PPP) loan forgiveness application for loans of $50,000 or less. Read the Interim Final Rule on the simpler forgiveness process for loans of $50,000…
Should You Take Advantage of the Payroll Tax Deferral?
While Congress and the Administration continue debating the next round of economic relief in response to the continuing COVID-19 pandemic, President Trump issued a memorandum in early August directing the Treasury Secretary to defer the withholding, deposit and payment of employees’ payroll taxes. In lieu of another stimulus check, employees have the option to defer…