Month: November 2020

IRS issues reminder about relief options to help taxpayers affected by COVID-19

Earlier this year, the Internal Revenue Service (IRS) provided relief and temporarily adjusted their processes to help people and businesses through the People First Initiative, which was in effect for the first months of COVID.

The IRS yesterday issued a press release reminding taxpayers of these enhanced opportunities for relief.

The IRS asks that taxpayers keep in contact when dealing with tax due, notices or other issues.  They encourage taxpayers to reach out and respond as quickly as possible.  It should also be noted that the agency’s commissioner informed federal lawmakers on Friday November 20th that there is a backlog of 1 million unprocessed tax returns and over 3 million unprocessed pieces of mail.… Read More

Governor Wolf of Pennsylvania announces new restrictions

Governor Wolf of Pennsylvania announced new restrictions and a new plan aimed at increased enforcement for not following orders already in place and those announced yesterday with the announcement of potential regulatory action for “repeat offenders.”

The press release can be read in full HERE.   The new order can be read in full HERE.

The updated order mentions immunity from civil liability for businesses by declaring within the order that they are working in essential emergency service activities but only as related to the masking mandate which can be read HERE.

Wolf and Pennsylvania Health Secretary Dr. Rachel Levine announced the new measures in a news conference yesterday, November 24. … Read More

SBA adds new requirement for PPP borrowers with loans over $2million

The U.S. Small Business Administration (SBA) will require Paycheck Protection Program (PPP) lenders to issue “loan necessity” questionnaires to all borrowers of PPP loans of $2 million of more through, among other forms, SBA Form 3509 (Loan Necessity Questionnaire – For-Profit Borrowers) and SBA Form 3510 (Loan Necessity Questionnaire – Non-Profit Borrowers).

The questionnaires will be required from borrowers (for-profit and non-profit) that received PPP loans of $2million of more (in aggregate).

Per the Journal of Accountancy, the SBA said in an email sent to lenders that they will be receiving notification letters requesting that borrowers complete the appropriate questionnaire.Read More

IRS issues guidance on deductibility of forgivable PPP expenses

The Paycheck Protection Program (PPP), a provision in the CARES Act, provides forgivable loans for businesses impacted by the devastating financial impact of the COVID19 epidemic.  Under Section 1106(b) of the CARES Act, these covered loans are eligible for full forgiveness if certain criteria are met.

The language in the CARES Act guided the general understanding of borrowers and advisors that the PPP loans and associated forgiveness would be tax-exempt.  The IRS later clarified that no deduction would be allowed for any expenses that resulted in forgiveness of the loan reducing the benefit of the loans based on marginal tax rate and potentially resulting tax liabilities that devastated businesses will not have the liquidity to pay. Read More

Philadelphia announces new “Safer at Home” restrictions to fight rising COVID-19 cases

Mayor Jim Kenney and Philadelphia Health Commissioner Dr. Tom Farley have announced new restrictions for Philadelphia intended to mitigate the spread of COVID19.

The new restrictions are effective Friday November 20, 2020 through the New Year.

Below is a detailed list of the restrictions which can also be read HERE.

The following businesses and activities are not allowed:

  • High schools and colleges must move to online instruction only, with the exception of clinical instruction for students in health sciences.
  • Indoor dining at restaurants and other food service businesses. (Takeout, delivery and outdoor dining may continue. Additional restrictions on outdoor dining are detailed below.)
Read More

ICYMI – Recording Available for November 5, 2020 Webinar – PPP Update

Brinker Simpson & Company, LLC hosted a webinar Thursday November 5, 2020 to provide a PPP Forgiveness update and host a Q&A with participants.

A recording of that overview and the following Q&A from participants can be viewed HERE .

You can download the PPT slides from the presentation by clicking here – PPP Update.

We send all webinar invitations to our email distribution list, if you would like to be added and/or there are topics you would like us to consider for future webinars, please let us know.

Please reach out to with questions.

We are in this together,

Brinker Simpson & Company, LLC

Disclaimer: This alert is for informational purposes only and does not constitute professional advice.… Read More

Powered by WordPress & Theme by Anders Norén