Tax

New IRS Guidance Allows, But Does Not Force, Employers to Postpone Withholding Payroll Taxes

In early August, President Trump signed an executive order declaring a payroll tax holiday. On Friday last week, the Internal Revenue Service issued guidance to address some of the logistical issues related to deferring payroll taxes. Per IRS Notice 2020-65, employers may opt out of withholding social security taxes... Read more

SBA Releases Revised PPP Loan Forgiveness Application, New EZ Loan Forgiveness Application and Additional Interim Final Rule

This week, the Small Business Administration (SBA) released a revised Paycheck Protection Program (PPP) loan forgiveness application and a new EZ application for PPP loan forgiveness along with instructions for the revised and EZ forms. The applications include changes that became law in early June when the Paycheck Protection... Read more

Best Practices to Ensure Your PPP COVID-19 Loan is Forgiven

NOTE: In early June, new legislation was enacted that extends the time period during which PPP loans may be used and the percentage of the loan that must be used for payroll. We continue to promote the following recommendations, in general, and encourage you to also refer to more... Read more