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Corporate Tax Return Prep

Corporate Tax Return Prep

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Archives for May 2020

Unraveling the Stimulus Credit and Economic Impact Payment Confusion

May 14, 2020 by Alex Franch, BS EA

Background of CARES Millions of Americans have confusion with regard to the Stimulus Credit. They have already received their economic impact payments authorized by the Coronavirus Aid, Relief, and Economic Security (CARES) Act. If you have not received a payment or received an amount larger than you anticipated, you may be looking for some answers. […]

Filed Under: coronavirus Tagged With: stimulus credit

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IRS Guidance: PPP Loan Expenses Not Tax-Deductible

May 7, 2020 by Alex Franch, BS EA

Are PPP Loan Expenses Tax-Deductable? The IRS is giving guidance on the Payroll Protection Program loan expenses and the deduction treatment in question. On April 30th, the IRS released guidance announcing that expenses relating to Paycheck Protection Program forgivable loans will not be tax-deductible. Cares Act and Payroll Protection Program Loan Expenses The Paycheck Protection […]

Filed Under: business, Deductions, Tax Changes, Tax Planning Tagged With: Covid-19, PPP Loan Expenses

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