DMJ & Co., PLLC News & Notes
DMJ & Co., PLLC News & Notes
Tax Blast Article: Paycheck Protection Program (PPP) Updates and two upcoming webinars in July.
Tax Blast Article: Potential Protective Claim For Refund For 2016 Through 2018 and information on two webinars: Paycheck Protection Program (PPP) Loan Forgiveness and New Tax Developments in 2020.
DMJ & Co., PLLC’s June newsletter includes PPP Updates, Tax Credits for Economic Relief, News & Notes and More.
For many businesses, the Paycheck Protection Program (PPP) under the CARES Act has been a lifeline to continue to pay employees and to generally stay in business altogether. Most businesses that sought PPP money have received funding and are now considering how they will fare under the PPP rules for loan forgiveness as the end of the original 8-week “covered period” was approaching quickly. New development: On June 3, 2020, the Senate passed the Paycheck Protection Program Flexibility Act of 2020 (the “Flexibility Act”) by unanimous consent. The House had previously passed the bill overwhelmingly and the President is expected to sign it.
DMJ & Co., PLLC’s May newsletter includes PPP Loan Forgiveness Application, COVID Recovery & Resources Team, Articles, Market Updates, and More.
SBA Releases Additional PPP Guidance- On May 13, the Small Business Administration (SBA), in consultation with the Department of the Treasury, provided additional guidance to address borrower and lender questions concerning the implementation of the Paycheck Protection Program (PPP). Webinar On-Demand: Paycheck Protection Program Loan Forgiveness- DMJ’s Senior Tax Manager, Jeff Marko, CPA, provides an overview of the most frequently asked questions and provides answers in regards to loan forgiveness.
In Notice 2020-32 the IRS lays out its legal argument that the expenses covered by the forgiven Payroll Protection Program (PPP) loans represent an expense related to tax-exempt income under Code Section 265(a). Thus, the payment of the expenses (salaries, rents, interest, etc.) that qualify the PPP loans for forgiveness is also not deductible.
DMJ & Co., PLLC and DMJ Wealth Advisors, LLC, is excited to announce that the firm’s Durham, North Carolina office is relocating to a new space just down the street from its current location. DMJ will occupy a second-floor office suite in the SouthCourt building close to University Drive on Shannon Road. The move will be effective on Monday, May 4.
A key facet of the Paycheck Protection Program is the possibility of the PPP loans being forgiven on a tax-free basis. There are still many unanswered questions existing about the loan forgiveness calculation. More guidance is desperately needed by businesses and the banks as they will eventually be tasked with determining how much of the loans to forgive. However, because businesses are beginning to receive funds from the program, we have no choice but to interpret the rules that we do have to figure out what to do with the funds. This article represents a Q&A of the most frequent questions we are hearing about loan forgiveness.
DMJ & Co., PLLC’s April newsletter includes Coronavirus updates, articles, market updates, and more.