The Latest PPP Update – Adam Sweet, Eide Bailly.
“The government introduced a new forgiveness application for certain borrowers with PPP loans of $50,000 or less. This new application is referred to as the Alternative Loan Forgiveness Application (SBA Form 3508S). The government states that a borrower using the SBA Form 3508S (or the lender’s equivalent form) is “exempt from any reductions in the borrower’s loan forgiveness amount based on reductions in full-time equivalent (FTE) employees … or reductions in employee salary or wages.”
Was Your PPP Loan Less Than $50,000? Life Just Got (A Little Bit) Easier – Tony Nitti, Forbes. “borrowers finally got some good news. Or should I say, a narrow class of PPP borrowers got some good news. The SBA released a streamlined application — Form 3508S — designed specifically for those who borrowed less than $50,000.”
House GOP Releases Tax Priorities Amid Fitful Talks on Stimulus – Jad Chamseddine, Tax Notes($). “The Commitment to American Growth, Renewal, and Opportunities for Workers, Technology, and Health (GROWTH) Act (H.R. 11), which combines proposals from various GOP Ways and Means Committee members into one package, aims to boost American innovation and grow the economy, according to committee ranking member Kevin Brady, R-Texas.”
The bill includes provisions that are not solely Republican ideas. These items focus on boosting the Research and Development tax credit.
“One measure would allow for immediate research and development expensing by repealing the requirement to amortize costs beginning in 2022 as implemented by the Tax Cuts and Jobs Act.”
And
“Another bipartisan measure included in the GROWTH Act would see the R&D tax credit doubled. While the language adopted in the bill mirrors that of H.R. 7766, introduced by Ways and Means Committee member Jackie Walorski, R-Ind., similar measures have the support of Democrats, including Senate Finance Committee member Maggie Hassan, D-N.H., who introduced a bill (S. 2207) to expand the credit for new small businesses in 2019 along with Sen. Thom Tillis, R-N.C.”
House Speaker Pelosi Says Coronavirus Stimulus Talks With White House at Impasse – Kristina Peterson and Andrw Duehren, WSJ($). “House Speaker Nancy Pelosi (D., Calif.) said negotiations with the White House over a new coronavirus aid package remained at an impasse Sunday, as Senate Republicans remain wary of more spending.”
AICPA Asks for Authoritative Guidance on CARES Act Effects – Nathan J Richman, Tax Notes($). “In an October 8 letter to Treasury and the IRS, the AICPA requested additional clarification and guidance regarding the interaction of two provisions from the Coronavirus Aid, Relief, and Economic Security Act (P.L. 116-136).”
Pay With Your Smartphone: IRS Adds QR Codes To Tax Bills – Kelly Phillips Erb, Forbes. “Starting this month, the IRS will add QR codes to certain tax notices. QR stands for quick response, since the code can convey a lot of information to your smartphone in a short period of time.”
CPAs Tackle COVID Tax Impact on Athletes – Kristine A. Parillo, Tax Notes($). “The COVID-19 pandemic has thrown a curveball at CPAs who handle professional athletes’ tax returns and at states that could get a smaller slice of taxable income from nonresident”
Carbon Taxes in Europe – Elke Asen, Tax Policy Blog. “In recent years, several countries have taken measures to reduce carbon emissions using environmental regulations, emissions trading systems (ETS), and carbon taxes. In 1990, Finland was the world’s first country to introduce a carbon tax. Since then, 16 European countries have followed, implementing carbon taxes that range from less than €1 per metric ton of carbon emissions in Ukraine and Poland to over €100 in Sweden.”
We're Here to Help
