Small Business Administration, in light of lawsuit, notifies PPP lenders that loan necessity questionnaire is withdrawn.
SBA formally withdraws loan necessity questionnaire
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White House releases President’s budget, Treasury Greenbook
Administration issues Presidential priorities and pay-fors. Corporations and wealthy individuals face prospect of increasing tax rates.
IRS provides guidance on deductions for food or beverages
Notice 2021-25 provides temporary relief on deductions for food or beverage under the Taxpayer Certainty and Disaster Relief Act.
The IRS provides further guidance on the Employee Retention Tax Credit
The Relief Act made changes on how the Employee Retention Tax Credit works during the first two quarters of 2021.
Senate passes extension of Paycheck Protection Program to May 31
PPP extension clears Senate. Program to be extended to May 31, with 30 days provided after May 31 for SBA to process pending applications.
North Carolina Job Retention Grant program applications due Sept. 1
Eligible businesses that did not receive certain other COVID-19 relief may qualify for grants up to $250,000.
Court addresses participation time for real estate professional
Taxpayers often struggle to quantify participation for the passive activity rules. A recent court decision may affect those calculations.