MCM

This a little crazy folks and these CPAs don’t think the back and forth with PPP is over.

IRS Clarifies Stance On No Deductibility Of Expenses Paid With PPP Funds The IRS just released Revenue Ruling 2020-27 and Revenue Procedure 2020-51 to clarify the rules for deducting expenses paid with PPP funds. Here’s what you need to know.

Let us know if you need assistance with PPP Loan forgiveness. We have relationships with several of the local banks and can help you navigate.

PPP: Client forgiveness services Q&As for CPAs Here are tips that help CPAs understand which service they should provide as well as other important issues related to the PPP.

There are several non-PPP benefits of the CARES act that are directly relevant to our clients. Don’t forget to consider the tax advantages as you continue to operate in a very difficult time.

Under the CARES Act, businesses are encouraged to keep employees on their payroll with the Employee Retention Credit. It also helps to make sure workers aren't forced to choose between their paychecks and the public health measures needed to combat the coronavirus. Eligible employers can claim this credit for wages paid after March 12, 2020, and before January 1, 2021.

To learn more about this valuable credit, click here: https://www.irs.gov/newsroom/new-employee-retention-credit-helps-employers-keep-employees-on-payroll