Accounting News & Trends: PPP Forgiveness & IRS Tax Relief (June 22, 2020)

Accounting special

We are starting this week by looking at the biggest news and trends in accounting: PPP loan forgiveness, processing the rehiring of the furloughed staff, and the latest in IRS tax relief options. 

1. IRS Gives Tax Relief to Investors and Businesses Affected by Covid-19

By Cpapracticeadvisor.com

The recent big news in taxes is that the Treasury Department and the Internal Revenue Service have announced tax relief for certain taxpayers affected by the COVID-19 pandemic.

The taxpayers receiving relief through the most recent guidance are community development entities (CDEs) and qualified active low-income community businesses (QALICBs) who invest and conduct business in low-income communities. 

2. How Bookkeepers Can Help Clients With the Right Time to Rehire Furloughed Staff

By Lil Roberts

As the states are opening up, there are certain steps that bookkeepers can take to help their clients in the difficult process of rehiring their staff. Click on the article written for Accounting Web to learn what you can do to help your clients.

3. SBA and Treasury streamline PPP loan forgiveness applications

By Michael Cohn

And finally some updates from the PPP loan forgiveness sphere. SBA and the Treasury Department have issued additional information on loan forgiveness. 

However, there were many questions, many of them still answered with regards to loan accessibility and now forgiveness. Read the latest from Accounting Today to see what can be forgiven and how. 

Follow us and subscribe to our updates to receive weekly digests of the best in all things accounting, business, and productivity.