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The IRS continues to open up (including taxpayer phone lines) after closing some of their operations due to COVID-19. Read more in these articles: Big News As IRS Opens Taxpayer Phone Lines & More IRS Operations During COVID-19: Mission-critical functions continue

The House and Senate have both unanimously passed a 5 week extension of the Paycheck Protection Program (PPP), and President Trump is expected to sign the bill. The PPP deadline was originally June 30, and with the 5 week extension, the new deadline is August 8th. For anyone who had a PPP application in process

The SBA and the Treasury Department have announced that they will be publishing the names and amount ranges for any PPP loans over $150,000. As seen in the following AICPA article: Business names, addresses, NAICS codes, zip codes, business type, demographic data, not-for-profit information, jobs supported, and loan amount ranges will be disclosed. Read more

Reminder to Clients- The deadline for filing for a PPP loan is Tuesday June 30, 2020. Read more in the article below from the AICPA: New PPP guidance addresses maturity dates, loan amounts

The SBA and the Treasury recently made new PPP loan forgiveness applications available, which reflect some new changes to the PPP forgiveness details. Read more about the updates and see links to the new forgiveness applications in this article from the AICPA. Some of the recent updates include: a simplified application for self-employed borrowers the

The IRS has released a graphic that gives information regarding the Employee Retention Credit. To view the IRS graphic, click here.

The SBA and the Treasury Department recently clarified that partial loan forgiveness will be available even if less than 60% of the funds are spent on payroll costs. Read more in this AICPA article here.

  We are sad to hear about the passing of William “Bill” Laukhuf, on June 5, 2020.  Bill founded our Van Wert office in 1968, where he worked until 2013, when he retired.  His 45 years of service to our firm, clients, community and co-workers will not be forgotten.  His high moral standards, commitment to

On June 3, 2020 the U.S. Senate passed the Paycheck Protection Flexibility Act, which extends the time allotted for Paycheck Protection Program (PPP) borrowers to spend their PPP funds and still qualify for forgiveness of the loans. The new legislation also changes the amount of the PPP funds required to be spent on payroll from

There is some confusion over the amount that self-employed individuals are supposed to be paying themselves from the Paycheck Protection Loan.  The Interim Final Rules from the SBA say that the compensation to the sole proprietor filing on a Schedule C or Schedule F is the 2019 net income divided by 52 and then paid