On Friday, April 3, lenders around the country began accepting applications for loans under the Paycheck Protection Program (PPP) currently being rolled out by the Small Business Administration (SBA).
(IRS Notice 2020-23 and Rev. Proc. 2018-58) Yesterday the IRS issued Notice 2020-23, providing a significant expansion of the returns and payments that qualify for automatic postponement until July 15. The notice also references two-year old Revenue Procedure 2018-58, and by doing so, pulls in even more actions that may
On Wednesday, April 8, the FASB held a Board meeting where they discussed recognition of interest income on loans modified as a result of COVID-19.
Through Rev. Proc. 2020-23, the IRS recently offered partnerships a window of opportunity until September 30, 2020 to make corrections to 2018 and 2019 partnership tax returns (Forms 1065) and related Schedules K-1.
The coronavirus will impact nonprofits in different ways as each organization serves the population through varied programs.
Section 3719 amended Section 1815 of the Social Security Act (42 U.S.C. 1395g).
On Friday, March 27, the President signed into law the 880-page Coronavirus Aid, Relief, and Economic Security Act (“CARES Act). BNN’s tax team has put together a comprehensive guide to the tax features of the CARES Act.