Federal Tax Updates

Timely analysis of federal tax law changes, guidance, and developments affecting practitioners.

No Tricks or Treats: SBA Releases More PPP Loan Forgiveness Guidance

SBA Releases More PPP Loan Forgiveness Guidance October 31 is Halloween, but it is NOT the due date for PPP loan forgiveness applications to be submitted. This potential issue was…

Simplified PPP Forgiveness Process

Simplified PPP Forgiveness Process SBA releases simplified PPP Forgiveness Process and Form for Loans of $50k or less But before you go cheering into the streets because your clients are…

CFAP 2: How It Works and Application Walkthrough

CFAP 2: How it Works & Application Walkthrough Friend of Tax School Larry Gray, CPA, is back as a guest blogger this week. He has created two short videos to…

Payroll Tax Deferral: Recent Presidential Executive Orders

Payroll Tax Deferral: Recent Presidential Executive Orders On August 8, 2020, President Trump signed the Memorandum on Deferring Payroll Tax Obligations in Light of the Ongoing COVID-19 Disaster. Highlights of…

New Form 941 Worksheet 1: A Step-by-Step Guide

New Form 941 Worksheet 1: A Step-by-Step Guide In last week’s blog post, Larry Gray discussed the newly released Form 941 Payroll Tax Form for 2020. In the below video,…

New Form 941 Requirements

New Form 941 Requirements The IRS has released the new Form 941 Payroll Tax Form for 2020, which must be used beginning the second quarter of 2020. There are 18…