There are only a few days left to go before the year ends, but here are some actions to take before the end of the year to potentially improve your tax situation for 2020 and beyond. Consider President-elect Biden’s proposals. As the year comes to an end, it is hard to predict what, if anything,...
On November 18, the Internal Revenue Service (IRS) released Revenue Ruling 2020-27 and Revenue Procedure 2020-51. The two releases offer clarification regarding the non-deductibility of expenses that contribute to the forgiveness of loans from the Paycheck Protection Program (PPP). Background The Coronavirus Aid, Relief, and Economic Security (CARES) Act established the PPP program to support...
Abeles and Hoffman, P.C. is pleased to announce the addition of Christopher Goodwin, CPA to their professional team. Goodwin joins the firm as a senior tax associate. He brings with him nearly four years of valuable tax accounting experience. “It is a pleasure to welcome Chris to the Abeles and Hoffman team,” said Ron Abeles,...
Abeles and Hoffman, P.C. is pleased to announce the addition of Jack Gilbert Barrett III to their professional team. Barrett joins the team as a Tax Supervisor. He brings seven years of experience, most recently as a Tax Manager. “I am very excited to welcome Jack to the Abeles and Hoffman team,” said Ron Abeles,...
Abeles and Hoffman, P.C. is pleased to announce the addition of Jose Garcia, and Keaton King to their professional team. These young, AICPA affiliated professionals previously served the firm as interns for one season. They now join Abeles and Hoffman as staff accountants serving in the Tax Department. “I am absolutely thrilled to welcome Jose...
On Friday, August 28, the Internal Revenue Service (IRS) released Notice 2020-65 (click here to read), which offers guidance regarding the implementation of the Presidential Memorandum on the deferment of certain payroll taxes released earlier this month. The memorandum, which was released by President Trump on August 8th (click here to read), called for the...
The U.S. Supreme Court has recently announced it will hear a case that challenges the constitutionality of the individual mandate under the Affordable Care Act (ACA). The Supreme Court will hear the case during the Fall of 2020 and is expected to render a decision during the first part of 2021. One potential outcome to...
On June 22, 2020, the Small Business Administration (SBA) released additional revisions to existing interim final rules related to the Paycheck Protection Program (PPP) (click here to read). This most recent interim final rule is one of several rulings issued to date in response to the recently enacted Paycheck Protection Program Flexibility Act (PPPFA). The...
Last week, the Small Business Administration (SBA) revised the existing forms and instructions to be used by borrowers to request forgiveness under the Paycheck Protection Program (PPP). Additionally, the SBA released a new “EZ” application available to certain borrowers. The updated PPP loan forgiveness application reflects changes to the PPP made by the recently enacted...
SBA Revises Third and Sixth Interim Final Rules On June 16, 2020, the Small Business Administration (SBA) released revisions to its third and sixth interim final rules on the Paycheck Protection Program (PPP) (click here to read). This most recent interim final rule is the second of several anticipated rulings in response to the...