COVID-19 regulatory and tax updates
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IRS Eliminates Tax Value of PPP Forgiveness
The IRS just ruled that expenses related to PPP loan forgiveness are non-deductible. It will be up to Congress to change it.
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Additional Guidance for Seasonal Employers
Treasury issued further guidance for seasonal employers yesterday.
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Finally – Clarity on Schedule F Farmers for PPP
After almost a month, we finally have guidance on how much a Schedule F farmer can receive for a PPP loan. Not all of the guidance is good news.
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No Restriction on Farm Losses for 2018-2020
The CARES Act suspended the Excess Business Law rules for 2018-2020 and also suspended the Excess Farm Loss rules for the same period. This is good news.
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What Does 75% Mean?
The law did not require 75% be spent on payroll costs to qualify for PPP loan forgiveness. The SBA added this provision. But what does it really mean. The final answer can be material.
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Will Commodity Wages Count for PPP Loan Forgiveness?
We continue to get questions on commodity wages and loan forgiveness under the PPP.
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Is Gas For Your Auto Really a Utility
The SBA considered gasoline to be a utility cost that qualifies under the PPP program. But this is for Schedule C taxpayers but should apply for other businesses too.
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A Tale of Two Farms
The USDA announced some detail on their COVID-19 aid. Many farm operations will see substantially less aid than expected based on their entity.
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Technical Glitches
The SBA guidance issued this week had some glitches. We review them and also go over some the questions we still need answers on.
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Some SE Guidance – Just Not All Good
The SBA issued some guidance on self-employed taxpayers today for the PPP loan. However, it appears directed towards the typical “employee” self-employed such as an Uber driver. We need better guidance for farmers.