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IR-2021-48, March 1, 2021  WASHINGTON – The Internal Revenue Service today issued guidance for employers claiming the employee retention credit under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), as modified by the Taxpayer Certainty and Disaster Tax Relief Act of 2020 (Relief Act), for calendar quarters in 2020. The guidance in Notice 2021-20 is similar to the information in the employee retention credit FAQs , but includes clarifications and describes retroactive changes under the new law applicable to 2020, primarily relating to expanded eligibility for the credit.  For 2020, the employee retention credit can be claimed by employers ...
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Jessica L. Jeane, J.D. Director of Public Policy February 23, 2021  IRS Commissioner Charles P. Rettig on February 23 told lawmakers on Capitol Hill that the IRS has no plans to generally extend the 2021 tax filing season. Additionally, Rettig informed lawmakers that the IRS is still processing about 6 million 2019 tax returns. “We have no present plans to extend the filing season,” Rettig said during Tuesday’s House Appropriations Financial Services and General Government Subcommittee hearing. Rettig stated that extending the filing season creates confusion for taxpayers while "backing up" the IRS. However, he acknowledged the many calls among tax practitioners ...
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Jessica L. Jeane, J.D. Director of Public Policy & Strategic Communications February 22, 2021 The Biden administration has announced several reforms to the Paycheck Protection Program (PPP), which are aimed at targeting the PPP more narrowly toward certain small businesses. The White House on February 22 released a Fact Sheet outlining the following changes to be implemented: A 14-day period will begin Wednesday, February 24, during which time only businesses with fewer than 20 employees can apply for relief through the PPP. 98 percent of small businesses have fewer than 20 employees, according to the White House. The 14-day exclusive application ...
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Jessica L. Jeane, J.D. Director of Public Policy & Strategic Communications February 19, 2021 The IRS has released a statement alerting taxpayers that approximately 260,000 CP59 Notices should not have been sent. These IRS notices are generally issued to taxpayers who have failed to file a tax return for the prior calendar year. “Due to pandemic related shutdowns, the IRS has not completed processing all 2019 returns at this time,” the IRS said in a February 18 statement. “Therefore, the CP59 notices should not have been sent because some portion of the recipients may actually have filed a return that is still being processed.” NSA Advocacy NSA recently ...
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Join Jessica L. Jeane, J.D., NSA's Director of Public Policy, on Thursday, February 11, 2021, at 2:00 PM ET, for a 1-hour webinar titled Legislative Review: Consolidated Appropriations Act, 2021 –Changes to Paycheck Protection Program (PPP) and Employee Retention Credit (ERC). During this webinar, Jessica will walk you through the various changes and enhancements to the PPP and ERC made under the Consolidated Appropriations Act, 2021, enacted on December 27, 2020.
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February 1, 2021 Today, the National Society of Accountants (NSA) sent a letter to Treasury Secretary Janet Yellen and IRS Commissioner Charles P. Rettig voicing concerns raised by NSA members regarding the delayed and now shortened 2021 tax filing season. The letter outlines various challenges faced by tax practitioners and the IRS alike, while also seeking clarity regarding the IRS’s preparedness for this year’s filing season and whether the agency is considering an extended filing and payment deadline. “ Ma ny members of the National Society of Accountants (NSA) have expressed significant concerns related to the ability of tax practitioners to provide ...
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Jessica L. Jeane, J.D. Director of Public Policy & Strategic Communications January 30, 2021 The U.S. Small Business Administration (SBA), in consultation with Treasury, released late in the evening of January 29 updated Paycheck Protection Program (PPP) Loans Frequently Asked Questions (FAQs). Specifically, the PPP FAQs have been updated with new questions 54 – 56. Notably, the document states that questions 1 – 53 are in the process of being revised to reflect changes pursuant to the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act (Economic Aid Act) enacted under the Consolidated Appropriations Act, 2021 ( P.L. 116-260 ). Shuttered ...
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Jessica L. Jeane, J.D. Director of Public Policy & Strategic Communications January 20, 2021 The U.S. Small Business Administration (SBA), in consultation with Treasury, released late in the evening of January 19 a new Paycheck Protection Program (PPP) interim final rule (IFR) and revised loan forgiveness applications. Additionally, the SBA and Treasury released new guidance on how to calculate Second Draw PPP loans. The IFR, Business Loan Program Temporary Changes; Paycheck Protection Program – Loan Forgiveness Requirements and Loan Review Procedures as Amended by Economic Aid Act , consolidates prior rules related to forgiveness and reviews of PPP ...
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Jessica L. Jeane, J.D. Director of Public Policy & Strategic Communications January 17, 2021 The U.S. Small Business Administration (SBA) has released additional Paycheck Protection Program (PPP) guidance regarding forgiveness application resubmissions and excess loan amount errors.  PPP Loan Forgiveness Application Resubmission SBA Procedural Notice, CONTROL NO.: 5000-20077, details the following: the process for borrower resubmission of loan forgiveness applications using PPP Loan Forgiveness Application Form 3508S (SBA Form 3508S); lender responsibilities to notify borrowers of (a) lender decisions to deny forgiveness in full, (b) SBA loan ...
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SBA Press Release Number 21-07  January 13, 2021 SBA Re-Opening Paycheck Protection Program to Small Lenders on Friday, January 15 and All Lenders on Tuesday, January 19 The U.S. Small Business Administration (SBA), in consultation with the U.S. Treasury Department, will re-open the Paycheck Protection Program (PPP) loan portal to PPP-eligible lenders with $1 billion or less in assets for First and Second Draw applications on Friday, January 15, 2021 at 9 am ET.  The portal will fully open on Tuesday, January 19, 2021 to all participating PPP lenders to submit First and Second Draw loan applications to SBA. Earlier in the week, SBA granted dedicated ...
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The IRS on January 11 sent its Taxpayer First Act Report to Congress – a comprehensive set of recommendations to enhance and reimagine the taxpayer experience and IRS operations. The bipartisan Taxpayer First Act (TFA) ( P.L. 116-25 ), enacted in July 2019, is the most significant reform legislation affecting the structure and operation of the IRS in over 20 years. NSA's Contribution Upon the IRS's request, NSA sent IRS Commissioner Charles Rettig a February 18, 2020, letter in which several proposals were outlined to assist the IRS in its restructuring efforts and preparation of its TFA report to Congress. Although given the opportunity to be a signatory ...
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Jessica L. Jeane, J.D. Director of Public Policy & Strategic Communications January 9, 2021 Treasury and the U.S. Small Business Administration (SBA) have issued additional Paycheck Protection Program (PPP) subregulatory guidance and applications. PPP Reopening The PPP is scheduled to reopen the week of January 11. Accordingly, Treasury and the SBA on the evening of January 8 released the following applications for First and Second Draw Loans: PPP Borrower Application Form (Revised 1/8/2021 ), and PPP Second Draw Borrower Application Form (1/8/2021) . Additionally, Treasury and the SBA released on January 8 the following top-line ...
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Jessica L. Jeane, J.D. Director of Public Policy & Strategic Communications January 8, 2021 The U.S. Small Business Administration (SBA) is no longer deducting Economic Injury Disaster Loan (EIDL) Advances from Paycheck Protection Program (PPP) loan forgiveness payments remitted by the SBA to PPP lenders. In a January 8 Procedural Notice issued to SBA employees and PPP lenders, the SBA stated that its Forgiveness Platform has been updated and, effective immediately, EIDL Advances will no longer be deducted from forgiveness payments remitted to PPP lenders by the SBA.   The PPP was created under the Coronavirus Aid, Relief, and Economic Security Act ...
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January 8, 2021 NEWS RELEASE   SBA and Treasury Announce PPP Re-Opening; Issue New Guidance WASHINGTON – The U.S. Small Business Administration (SBA) , in consultation with the Treasury Department, announced today that the Paycheck Protection Program (PPP) will re-open the week of January 11 for new borrowers and certain existing PPP borrowers. To promote access to capital, initially only community financial institutions will be able to make First Draw PPP Loans on Monday, January 11, and Second Draw PPP Loans on Wednesday, January 13.  The PPP will open to all participating lenders shortly thereafter. Updated PPP guidance outlining Program changes ...
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Jessica L. Jeane, J.D. Director of Public Policy & Strategic Communications January 7, 2021 Treasury and the U.S. Small Business Administration (SBA) released late in the evening of January 6 guidance on Paycheck Protection Program (PPP) First and Second Draw Loans. The guidance, released as two interim final rules (IFR), which go straight to the Federal Register and are effective upon publishing, is listed as follows: An 82-page IFR, Business Loan Program Temporary Changes; Paycheck Protection Program as Amended by Economic Aid Act , which for borrower and lender convenience consolidates the rules and guidance issued to date for PPP forgivable ...
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Jessica L. Jeane, J.D. Director of Public Policy & Strategic Communications January 6, 2021 Treasury and the IRS released guidance on January 6 implementing the recent legislative change allowing for the deductibility of expenses paid with a Paycheck Protection Program (PPP) loan. The guidance, Rev. Rule. 2021-2 , comes in response to the enactment of section 276(a) of the COVID-Related Tax Relief Act of 2020 under the Consolidated Appropriations Act, 2021 ( P.L. 116-230 ), which codifies “that no deduction is denied, no tax attribute is reduced, and no basis increase is denied by reason of the exclusion from gross income of the forgiveness of an eligible ...
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Jessica L. Jeane, J.D. Director of Public Policy & Strategic Communications January 4, 2021 The U.S. Small Business Administration (SBA) has released a revised Paycheck Protection Program (PPP) Loan Forgiveness Application Form 3508S that has been updated with a new expiration date. The previously simplified SBA form, which is applicable for PPP loans of $50,000 or less, has been updated to include an expiration date of December 31, 2023. Prior to this version, the expiration date was listed as December 31, 2020. The updated instructions for SBA Form 3508S can be located here .  ###     The core mission of NSA is to help tax and accounting professionals ...
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Jessica L. Jeane, J.D. Director of Public Policy & Strategic Communications December 31, 2020 The U.S. Small Administration (SBA) is seeking additional public comments on certain Paycheck Protection Program (PPP) information collection forms. The SBA's unpublished notice announcing the next public comment period is scheduled to be published in the Federal Register on January 4, 2021. In particular, the SBA solicits public comments for its Loan Necessity Questionnaires, SBA Form 3509 (For-Profit Borrowers) and SBA Form 3510 (Non-Profit Borrowers). These two information collection forms have garnered a great deal of controversy since being issued to ...
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Jessica L. Jeane, J.D., Director of Public Policy & Strategic Communications December 29, 2020 Treasury and the IRS are set to begin sending a second round of Economic Impact Payments (EIPs) as established under the recently enacted Consolidated Appropriations Act, 2021.  President Trump signed the fiscal year 2021 appropriations and economic relief measure into law, which includes the Coronavirus Response and Relief Supplemental Appropriations Act of 2021, on December 27. “Today, the Treasury Department and the Internal Revenue Service will begin delivering a second round of [EIPs] to millions of Americans as part of the implementation of the Coronavirus ...
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Jessica L. Jeane, J.D., Director of Public Policy & Strategic Communications December 22, 2020 The IRS has issued final regulations, ( T.D. 9941 ) on certain accounting changes to sections 451(b) and (c) made under the Tax Cuts and Jobs Act (TCJA) (P.L. 115-97). The final rules provide guidance on the timing of income inclusion under an accrual method of accounting, including the treatment of advance payments for goods, services, and certain other items. The final regulations follow last year’s proposed rules, ( REG-104870-18 ,) on revised section 451(b), and ( REG-104554-18 ,) on added section 451(c), which codifies  Rev. Proc. 2004-34. Note: ...
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