Author: Kristen McCabe Page 1 of 11

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 cares@brinkersimpson.com 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

Register now for our upcoming webinar on PPP Forgiveness

Brinker Simpson & Company, LLC will host a webinar November 5th to provide an update on PPP Forgiveness to provide the most up to date information and give you an opportunity to get your questions answered.

The details and registration link are below.

When: November 5, 2020 12:00 PM Eastern Time (US and Canada)

TOPIC:
PPP – Update and Forgiveness 

AGENDA

  • PPP – History & Overview
  • PPP – Forgiveness
    • What we know
    • What we hope to know
    • What our banking friends are telling us
    • EIDL impact
    • Congressional action
  • Tax impact and uncertainty
  • Q & A

Register in advance for this webinar:

CLICK HERE TO REGISTER 

If you would like to submit a question in advance, there is a field to do so on the registration page.… Read More

Delco Strong Round 3 – Guidelines now available

The Delaware County Council has designated funding for a third round of the Delco Strong grant program.  The program is funded through CARES Act dollars (Coronavirus Aid, Relief, and Economic Security Act signed into law by President Trump on March 27, 2020) allocated to the county to help sustain the economic challenges presented by the COVID-19 pandemic.

Applications will be accepted beginning 5am  November 2 and ending at 5pm on November 13th.

The below guidelines for applying for the program can be found HERE:

Delco Strong 3
Small Business Support Grant Program » Program Guidelines

Application Period

5:00am Monday, November 2, 2020 through 5:00pm Friday,  November 6, 2020.Read More

IRS extends Economic Impact Payment deadline to Nov. 21 to help non-filers

The Internal Revenue Service (IRS) has extended the deadline to register for an Economic Impact Payment to November 21, 2020 from October 15.  The IRS announced the extended deadline through a press release October 5, 2020.  The IRS announcement can be read in full HERE.

The IRS urges people who don’t typically file a tax return – and haven’t received an Economic Impact Payment – to register as quickly as possible using the Non-Filers: Enter Info Here tool on IRS.gov. The tool will not be available after November 21.

This additional time into November is solely for those who have not received their EIP and don’t normally file a tax return.Read More

1099-C Not Required For PPP Loan Forgiveness

The Internal Revenue Service announced yesterday that lenders are not required to and should not file a 1099-C information return with the IRS or payee statement to the eligible recipient when all or a portion of a Paycheck Protection Program loan is forgiven under section 1106 of the Coronavirus Aid, Relief, and Economic Security Act (CARES).

Generally, entities are required to file the 1099-C information return with the IRS when they discharge at least $600 of a borrower’s indebtedness and to furnish a payee statement to the borrower.

IRS Announcement 2020-12 is intended to prevent erroneous underreporting notices that may be triggered by the filing of the information returns and confusion caused by the furnishing of payee statements to eligible recipients.… Read More

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