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Author Archive for Wayne Naegele

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PPP Loan Forgiveness and Deductions Update

November 23, 2020 Dear Clients, Colleagues and Friends, The Internal Revenue Service has issued new guidance concerning the deductibility of expenses used to obtain Paycheck Protection Program (PPP) loan forgiveness. This new guidance is provided in Revenue Ruling 2020-27 and Revenue Procedure 2020-51. The new guidance provides much needed clarity as to whether a PPP loan borrower’s decision […]

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PPP Loan Forgiveness Applications – Update

November 12, 2020 Dear Clients, Colleagues and Friends, Your Paycheck Protection Program (PPP) loan forgiveness strategy may impact your 2020 year-end tax planning. P&N is here to assist you in evaluating your specific circumstances so that you may make an informed decision regarding your PPP loan forgiveness application. PPP loan forgiveness applications are currently being […]

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Guidance Released on Employee Payroll Tax Deferral

Guidance Released on Employee Payroll Tax Deferral The Treasury and IRS have issued guidance on the recent order by President Trump to defer certain employee payroll tax obligations on wages paid from September 1, 2020, through December 31, 2020. Under the guidance: the due date for the withholding and payment of the employee’s portion of […]

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PPP Forgiveness Application

October 5, 2020 Dear Clients, Colleagues and Friends, As you may be aware, many banks and lenders have released their applications for PPP loan forgiveness. At this time, we recommend holding off on submitting forgiveness applications until at least November, as further modifications to the application and lender processes are expected. We will share significant […]

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PPP Forgiveness Application Update

August 31, 2020 Dear Clients, Colleagues and Friends, After a fast-paced roll out followed by subsequent sets of modifications to COVID-19-related government legislation and assistance programs, such as the PPP & EIDL, there has been a lull in significant updates for the past several weeks. Although these changes appear to be leveling off, we have […]

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Congress Extends PPP Application Deadline to August 8th

Congress Extends PPP Application Deadline to August 8th July 2, 2020 Dear Clients, Colleagues and Friends, On Wednesday, The U.S. House of Representatives unanimously voted to extend the Paycheck Protection Program (PPP) application deadline from June 30, 2020 until August 8, 2020. The extension is welcomed news for small businesses who have not yet applied […]

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PPP Loan Forgiveness Application Changes and New EZ Form

PPP Loan Forgiveness Application Changes and New EZ Form June 25, 2020 Dear Clients, Colleagues and Friends, The U.S. Small Business Administration has released an updated loan forgiveness application and instructions for Paycheck Protection Program loans. There is now a shorter, simplified “EZ” application that borrowers may qualify to use. Here are some key highlights […]

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SBA REOPENS ECONOMIC INJURY DISASTER (EIDL) Programs

SBA REOPENS ECONOMIC INJURY DISASTER (EIDL) Programs June 17, 2020 Dear Clients, Colleagues and Friends, The US Small Business Administration has reopened their Economic Injury Disaster Loan (“EIDL”) program to eligible small businesses. The program was suspended for a period of time, and during that time was only open to businesses in the Agricultural industry. […]

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IRS Releases Guidance Related to Loans Received from Paycheck Protection Program

IRS Releases Guidance Related to Loans Received from Paycheck Protection Program The IRS has provided guidance regarding whether taxpayers receiving loans under the Paycheck Protection Program (PPP) may deduct otherwise deductible expenses. Act Sec. 1106(i) of the Coronavirus Aid, Relief, and Economic Security (CARES) Act ( P.L. 116-136) did not address whether generally allowable deductions such […]

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Paycheck Protection Program Flexibility Act of 2020

Paycheck Protection Program Flexibility Act of 2020 June 4, 2020 Dear Clients, Colleagues and Friends, Yesterday, the Senate unanimously passed H.R. 7010 – Paycheck Protection Program Flexibility Act of 2020. The bill must now be signed by the President to become law. Here are some of the key points of the bill: Borrowers now have […]

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