By Jeff Drew The U.S. Small Business Administration issued a new interim final rule Tuesday that supplements the guidance for the Paycheck Protection Program (PPP) included in the first interim final rule for the PPP issued on April 2 and FAQs that are being updated periodically. The additional guidance provides specific information on calculating the maximum loan amount for […]
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COVID-19 Postponement Relief Under Notice 2020-23 Expanded By IRS
On April 9,2020, the IRS issued Notice 2020-23, which contains expanded relief for those tax forms and other filings that are postponed as was originally announced last month. See the IRS Coronavirus website for more details. First, the payments and returns eligible for relief are expanded. Any tax return or payment due on or after April 1, 2020, […]
Read moreWelcome Relief For Partnership Filings To Obtain CARES Act Benefits
General Rules for Amending Partnership Returns Prior to 2018, partnerships were generally subject to unified partnership audit and litigation rules enacted by the Tax Equity and Fiscal Responsibility Act of 1982, commonly referred to as the TEFRA partnership procedures. For taxable years beginning after December 31, 2017, the Bipartisan Budget Act of 2015 (BBA) replaced the […]
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