NSAC Happenings and Latest News - Page 47
New FAQs Address PPP Loan Forgiveness Issues
The U.S. Small Business Administration (SBA), in consultation with Treasury, released guidance Tuesday answering 23 frequently asked questions regarding the forgiveness of Paycheck Protection Program loans. The FAQs, published in a new 10-page document, are divided into four sections addressing different aspects of the process and calculations PPP borrowers should use to determine how much of their loan is forgivable. Following is a brief ...
Read MoreIRS to Allow Faxing of Automatic Method Change Requests
In response to the coronavirus pandemic, beginning July 31, the IRS is allowing taxpayers that file Form 3115, Application for Change in Accounting Method, to fax the duplicate copy of the request, instead of mailing a paper copy. Usually the duplicate copy is mailed to the Ogden, Utah, IRS office, but now taxpayers can fax it to 844-249-8134. Taxpayers should still file the original copy with their tax return. The new procedure does ...
Read MoreIRS Finalizes Rules on Business Interest Expense Deduction Limits
The Internal Revenue Service released the final regulations and other guidance on the limitation on the deduction for business interest expenses under the Tax Cuts and Jobs Act of 2017, which was amended by the CARES Act earlier this year. The 2017 tax overhaul limited the business deduction as a way of helping pay for the $1.5 trillion set of tax cuts, but the $2 trillion legislative package approved in March by Congress temporarily ...
Read MoreAn Update on Like-Kind Exchanges
The recently released proposed regulations on Sec. 1031 like-kind exchanges (REG-117589-18) provide much needed clarification for taxpayers who have conducted cost segregation studies on exchanged properties. The law known as the Tax Cuts and Jobs Act (TCJA), P.L. 115-97, removed personal property from part of the preferential deferred tax treatment for like-kind exchanges. While most people understood the intent of that edict, it created some ...
Read More10 Areas to Revise in Your Disaster Recovery and Pandemic Plans
Many firms have gotten by without standard business policies and procedures in place. The COVID-19 pandemic has highlighted the need to have a business continuity and disaster recovery plan and a pandemic plan in place. Now is an excellent time to consider updates to these plans as well as other business plans and policies. The following 10 areas to update in your disaster plan, from CPA Mutual and Network Management Group Inc., are simply a ...
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