For those business owners in need, the PPP Loan and possible forgiveness will hopefully secure resources needed by employers to pay their people and survive this economic downturn. With the SBA’s recent publication of the PPP Loan Forgiveness Application , we have put together guides to help you collect necessary information , documentation , and a simplified forgiveness calculator . These files are intended to aid you in preparing for a PPP loan forgiveness application with your lender after the expiration of your eight week PPP measurement period. Our guides do not substitute application guidelines used by your bank and the guidelines used in our materials are subject to change. Please continually monitor developments from the SBA and U.S. Treasury as subsequent pronouncements are released. The AICPA is also continually providing us guidance to apply the SBA’s forgiveness calculation. Our guides and tools can also be found at www.hancockaskew.com/theledger.
For further questions on our simplified forgiveness calculator, please contact Senior Manager, Sam Evans at 912-234-8243 or sevans@hancockaskew.com.
The IRS on August 23, 2022, announced it will grant automatic penalty relief for late-file penalties imposed with respect to certain returns required to be filed for the 2019 and 2020 tax years. Notice 2022-36 provides systemic penalty relief to taxpayers for certain civil penalties related to 2019 and 2020 returns. Penalty relief is automatic, so […]
The bipartisan Infrastructure Investment and Jobs Act (IIJA), which was signed into law on November 15, 2021, includes two provisions affecting the reporting of transactions involving...
The choice of entity is among the most important decisions facing taxpayers when starting a business or investment activity. The choice of tax entity generally includes...
The Biden Administration’s American Families Plan and other tax proposals may complicate the tax landscape for high-income earners. Many of the proposals target taxpayers earning more...
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