On Thursday, April 30, 2020, the IRS published Notice 2020-32 indicating that expenses paid to qualify for loan forgiveness under the Paycheck Protection Program (such as payroll costs, rent, utilities, and interest on mortgage obligations) will not be deductible. At this time, businesses should prepare for these amounts to be non-deductible. Please check back often, … Read more
Friday, May 1st, ADKF hosted our first live webinar over PPP Loan Forgiveness. Over 200 people listened in as Senior Tax Manager Dylan Boss, CPA, and Tax Manager Austin Lee, CPA, presented how to get all or a portion of your SBA Paycheck Protection Plan (PPP) loan forgiven. They also shared information on the calculation, … Read more
As the world continues to suffer from the Coronavirus, the extensive restrictions imposed by various levels of government have had a dramatic impact on the business community. Many businesses have been forced to suspend or severely restrict operations, with severe consequences for both business owners and their employees. While few people could have anticipated the … Read more
As of 4-24-20 On Friday, April 24, 2020, President Trump signed into law the Paycheck Protection Program and Health Care Enhancement Act. The $484 billion package concentrates on more funds for SBA loan and grant programs, and health care services. The programs that are affected by the bill are the Paycheck Protection Program (PPP), the … Read more
The Small Business Administration has released additional guidance for self-employed individuals seeking relief through the new Payroll Protection Program loan, addressing eligibility and documentation requirements for individuals who file Form 1040 Schedule C and partners in a partnership. SELF-EMPLOYED INDIVIDUALS WHO FILE FORM 1040 SCHEDULE C PARTNERS IN A PARTNERSHIP The self-employment income of general … Read more
As of 4/14/2020 IRS Payment refers to both 2019 federal income tax payments, and 2020 federal estimated payments, regardless of the amount owed. This includes payments on self-employment income. The relief does NOT apply to payroll or excise tax. The 2016 amendments are now due on 7/15/2020 instead of 4/15/2020. Individual returns can still … Read more
The IRS has extended additional tax deadlines forindividuals, trusts, estates and corporations. Any return or payment duebetween 4/1/2020 and 7/15/2020 are now due 7/15/2020. For additionalquestions contact ADKF at 210-829-1300. To read the IRS release go to thefollowing link: https://www.irs.gov/newsroom/irs-extends-more-tax-deadlines-to-cover-individuals-trusts-estates-corporations-and-others
This information is supplied to inform clients of the SBA loans for EIDL and PPP. The exact terms will be determined by the lender and ADKF cannot make representation to the accuracy and completeness of this information. Download PDF
As of 4/3/2020 WHAT INFORMATION SHOULD BE GATHERED FOR THE INITIAL LOAN APPLICATION? AICPA CALCULATORS CAN BE ACCESSED HERE UNDER PPP RESOURCES AT: https://www.aicpa.org/interestareas/privatecompaniespracticesection/qualityservicesdelivery/sba-paycheck-protection-program-resources-for-cpas.html WHAT INFORMATION SHOULD BE GATHERED TO APPLY FOR PPP LOAN FORGIVENESS? FOR THE EIGHT-WEEK PERIOD FOLLOWING THE LOAN:
Updated 04/02/2020 EMPLOYEE RETENTION CREDIT FOR EMPLOYERS SUBJECT TO CLOSURE DUE TO COVID-19 DELAY OF PAYMENT OF EMPLOYER PAYROLL TAXES MODIFICATIONS FOR NET OPERATING LOSSES This section applies specifically to corporate entities. Net operating losses created in 2018, 2019, and 2020 may be carried back up to five years. The limitation of NOLs to 80% … Read more