COVID-19
Showing Resources: 1–20 of 38
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Paychex PPP Loan Forgiveness Estimator Update
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PPP State Tax Treatment Chart
/ in COVID-19Use this chart to determine whether states treat PPP loan forgiveness as taxable income. Also, use this chart to determine whether a state allows the deductibility of expenses paid with PPP loan amounts as provided for federal tax purposes by the Consolidated Appropriations Act, 2021 (CAA).
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Rev. Rul. 2020-27
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Rev. Proc. 2020-51
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Changes to Earned Income Tax Regulations
/ in COVID-19The City of Wilmington Administrative Board has made changes to regulations for earned income for the 2020 tax year and subsequent years. The Director of Finance is soliciting comments by July 15.
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PPP Loan Forgiveness Calculator
/ in COVID-19Loan Forgiveness Calculator based on information to date.
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Documenting Expenses Related to PPP
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IRS Guidance on Deductibility of Certain Expenses When Taxpayer Recieves PPP
/ in COVID-19IRS Notice 2020-32 provides guidance regarding the deductibility for Federal income tax purposes of certain otherwise deductible expenses incurred in a taxpayer’s trade or business when the taxpayer receives a loan pursuant to the Paycheck Protection Program.
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SBA Guidance on PPP for Self-Employed
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AICPA Contacts for Help
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AICPA Recommendations for PPP Lender Documents
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Notice 2020-26 - Extension of Time to File Application for Tentative Carryback Adjustment
/ in COVID-19Notice 2020-26 provides relief for certain taxpayers to allow them to take advantage of amendments made to the net operating loss (NOL) provisions set forth in § 172 of the Internal Revenue Code (Code) by section 2303 of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), Public Law 116-136, 134 Stat. 281 (March 27, 2020). Specifically, this notice extends the deadline for filing an application for a tentative carryback adjustment under § 6411 of the Code with respect to the carryback of an NOL that arose in any taxable year that began during calendar year 2018 and that ended on or before June 30, 2019.
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CARES Act and the PPP: Video from Barry Melancon
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IR-2020-67
/ in COVID-19IRS provides guidance under the CARES Act to taxpayers with net operating losses
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Rev. Proc. 2020-24
/ in COVID-19Revenue Procedure 2020-24 provides guidance under section 172(b)(1) and section 172(b)(3), as amended by the Coronavirus Aid, Relief, and Economic Security Act of 2020 (CARES Act). Section 2303 of the CARES Act amended section 172 to require taxpayers with net operating losses (NOLs) arising in taxable years beginning in 2018, 2019, and 2020 to carry those NOLs back for the 5 preceding taxable years, unless the taxpayer elects to waive or reduce the carryback period. The revenue procedure also describes how taxpayers with NOLs arising in taxable years 2018, 2019, or 2020 can elect to either waive the carryback period for those losses entirely or to exclude from the carryback period for those losses any years in which the taxpayer has an inclusion in income as a result of section 965(a).
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INCORRECT DE TAX NOTICES
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Delaware Absentee Ballot Information
/ in COVID-19From the Delaware Department of Elections: PLEASE NOTE: Per the provisions of the sixth modification of the current State of Emergency, voters are permitted to vote by absentee for the reason: "(#3) I am sick, or temporarily or permanently physically disabled" if they are: "...asymptomatic of COVID-19 infection and otherwise abiding by CDC and DPH guidelines by exercising self-quarantine or social distancing to avoid potential exposure to (and community spread of) COVID-19, and who herself or himself freely chooses to use such qualification to vote by absentee ballot."