As the pandemic recedes, many economists are predicting a shift in the commercial real estate sector. The anticipation is that many companies will continue to work remotely… Read more “Commercial real estate: Debt restructuring and planning”
Tag: 2020 tax year
SBA streamlines forgiveness process for most PPP loans
The U.S. Small Business Administration (SBA) published new guidance Wednesday designed to simplify and speed up the forgiveness process for businesses and not-for-profits with Paycheck Protection Program… Read more “SBA streamlines forgiveness process for most PPP loans”
Online sign-up now available for advance child tax credit payments
The IRS opened an online site Monday that allows taxpayers who are not required to file a 2019 or 2020 individual income tax return to sign up… Read more “Online sign-up now available for advance child tax credit payments”
The IRS and Treasury Department recently released guidance clarifying how Paycheck Protection Program (PPP) participants must treat loan expenses when they have not received loan forgiveness by the end of the 2020 tax year.
Under Revenue Ruling 2020-27 and Revenue Procedure 2020-51, businesses that “reasonably believe” the SBA will forgive their PPP loans in the future cannot deduct expenses related to those loans… Read more “The IRS and Treasury Department recently released guidance clarifying how Paycheck Protection Program (PPP) participants must treat loan expenses when they have not received loan forgiveness by the end of the 2020 tax year.”
Azari T Benjamin PL 