Confidently Respond in Emergency Situations
Caring for our people, in our offices and communities, is our primary concern.
Your company’s response to the recent pandemic or any natural disaster can impact your business’ future success. The LBMC team is ensuring we are at the forefront of surveillance and early identification. We are continuously monitoring events in our area, and across the country, to manage our response both inside and outside our walls.
Featured Blog Posts
Managing PPP Loan Forgiveness
Nov. 19, 2020 – A note from our tax experts:
IRS Drops Another Hammer on PPP-Funded Deduction (TaxNotes.com)
This article answers a question that organizations have been struggling with for a while:
Is there a chance to play with the deductibility of PPP-related expenses?
According to this piece, the answer is that you cannot. It also provides another reason why you should not wait to file your forgiveness forms. If you haven’t filed yet, start it today. If you need help contact us.
Read more >>
Frequently Asked Questions (FAQs) on PPP Loan Forgiveness from SBA
On August 4, the Small Business Administration (SBA), in consultation with the Department of the Treasury, released guidance to address borrower and lender questions concerning the forgiveness of Paycheck Protection Program (PPP) loans, as provided for under section 1106 of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), as amended by the Paycheck Protection Program Flexibility Act (Flexibility Act).
Borrowers and lenders may rely on the guidance provided as SBA’s interpretation, in consultation with the Department of the Treasury, of the CARES Act, the Flexibility Act, and the Paycheck Protection Program Interim Final Rules (“PPP Interim Final Rules”).
COVID-19 Tax Resources
LBMC COVID Tax Resources
- Eligibility for 2nd Round of PPP Loans (April 21, 2021)
- Tax Obligations from Transitioning to a Remote Workforce (April 5, 2021)
- CARES Act Employee Retention Credit Extended (March 10, 2021)
- Provider Relief Funds: The Changes We Have All Been Waiting On & The HHS Reporting Portal (January 19, 2021)
- SBA and Treasury Announce PPP Re-Opening and Issue New Guidance (January 9, 2021)
- Provider Relief Funds: Accounting Treatment and Presentation (December 17, 2020)
- COVID-19 Related Federal Funding – Audit & Compliance Information (November 13, 2020)
- CARES Act Modified NOL Limitations Providing Taxpayers Relief (November 5, 2020)
- PPP loans add costs, delays to healthcare M&A (October 25, 2020)
- PPP Update: SBA Issues Guidance on Treatment of PPP Loans in M&A Transactions (October 9, 2020)
- Families First act creates tax credit for COVID-19-related paid leave (September 2020)
- CARES Act includes tax relief for individuals and businesses (September 2020)
- COVID-19 tax relief for employers (September 2020)
- Small businesses that took PPP face huge, unexpected tax hits (August 17, 2020)
- Loan repayments could be tipping point for financially unstable hospitals (August 13, 2020)
- What’s next for PPP funds? (August 12, 2020)
- Managing PPP Loan Forgiveness (April 27, 2020)
IRS COVID Tax Tips
- Important additional guidance for employers claiming the employee retention credit (August 23, 2021)
- Common questions about the advance Child Tax Credit payments (August 11, 2021)
- Extension filers: IRS Free File, other resources available until Oct. 15 for 2020 tax returns (August 5 2021)
For more IRS information on coronavirus (COVID-19) tax relief for businesses and tax-exempt entities, click here.