CARES Act

Among the pandemic-related issues covered are how to handle the Paycheck Protection Program and other stimulus efforts.

The American Institute of CPAs joined with more than 170 organizations in asking congressional leaders to allow businesses to write off expenses associated with loan forgiveness under the Paycheck Protection Program.

The TAS will be able to assist taxpayers with certain EIP-related issues.

Time is running out for further relief efforts before the August recess.

In a letter to leading legislators, the group also urged them to make businesses expenses paid with PPP money deductible.

The Internal Revenue Service moved to ease the tax burdens of private equity portfolio companies and heavily indebted industries.

The service released the final regulations and other guidance on the deduction, which was amended by the CARES Act.

Making partners bill; more distribution guidance; NATP winners; and other highlights from our favorite tax bloggers.

Democrats in Congress are criticizing how millions of economic impact payments authorized under the CARES Act are being handled.

The economic stimulus plan released by Senate Republicans offers no new money for states and cities to cope with swelling budget shortfalls, leaving them to contend with a grave financial crisis that’s already forcing them to slash spending, furlough workers and delay projects as tax revenue disappears.