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CORONAVIRUS "COVID-19" TAX RESOURCE CENTER

We're here to provide you with guidance and resources to help you with growing concerns during this uncertain time. DHJJ remains committed to the needs of our clients while keeping health and safety at the forefront of our minds.

Our team is working virtually while our physical office locations are temporarily closed. During this time, clients can utilize our safe and secure ShareFile portal to digitally exchange documents with their tax advisor.

We're continuously monitoring this fluid situation and will provide updates with the latest information and guidance from the Federal government and state governing bodies.

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TAX GUIDANCE & RESOURCES

On March 27, 2020, President Trump signed into law the latest COVID-19 relief bill: Coronavirus Aid, Relief, and Economic Security (CARES) Act. The bill provides several elements of relief for businesses, employees, and families to help maintain livelihoods throughout the crisis and after. The expected cost of the bill is nearly $2 trillion and includes nearly $500 billion in economic distress relief for companies.

TAX ARTICLES

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PPP Loan Forgiveness – News for PPP Borrowers of $50,000 and Below

There has been much anticipation that the SBA would announce some sort of automatic forgiveness for smaller Paycheck Protection Program loan Borrowers. The rumors were put to rest yesterday with the SBA issuing another Interim Final Rule…. Read more »

woman on tablet

Clarification Issued by SBA: PPP Borrowers Get Extended Deferral Period

We’ve been telling our readers since August that there is no rush to apply for forgiveness, and that no payments would be due for 10 months following the end of the borrower’s covered period. Apparently there has… Read more »

paycheck protection program questions

PPP Loan Forgiveness Updates and FAQs

On August 4 and August 11, the SBA posted additional FAQs regarding PPP forgiveness matters. There are a lot of information and some examples included in these FAQs. Below, I attempted to extract the topics that have… Read more »

ppp loan forgiveness

PPP Forgiveness – Wait for it… wait for it…

This seems to be the mantra that we have been preaching for months – and “wait for it” remains the best advice we can give today. The process-in brief The Paycheck Protection Program (PPP) loan forgiveness process… Read more »

PPP forgiveness

PPP Loan Forgiveness–One Step Closer

The much awaited Paycheck Protection Program Loan forgiveness application revision is now available! The current application, issued June 16, 2020, incorporates the many changes and interpretations that have been issued by the Treasury and SBA since the… Read more »

Accounting for Paycheck Protection Program Forgiveness

On Wednesday, June 10, 2020, the AICPA published Technical Questions and Answers (TQA) 3200.18, Borrower Accounting for a Forgivable Loan Received Under the Small Business Administration Paycheck Protection Program providing guidance on the accounting for loan forgiveness… Read more »

paycheck protection program questions

Paycheck Protection Program Flexibility Act

Last night, on June 3, 2020, the Senate passed a bill which was passed in the House last week to provide flexibility for the Paycheck Protection Program. It is expected the President will sign the Bill.This Bill… Read more »

paycheck protection program questions and answers

May 27 Update on PPP Loan Forgiveness: DHJJ Urges Caution at This Time

For our readers who are closely following developments in PPP Loan forgiveness, we offer a brief update. Officially the most recent updates were on May 22 when two Interim Final Rules (IFRs) were released providing additional guidance… Read more »

paycheck protection program questions

Paycheck Protection Program – Income Tax Treatment Clarified

Slowly the details of the Paycheck Protection Program (PPP) Loan program are coming into focus. The most recent clarification has come from the Internal Revenue Service in IRS Notice 2020-32. The IRS stated eligible expenses the business… Read more »

financial planning for retirement on the horizon

Required Minimum Distributions Provisions in the CARES Act

The Coronavirus Aid, Relief, and Economic Security (CARES) Act provides for a variety of measures to aid the economy but also to protect retirees. One provision allows retirees to forgo taking RMD’s in 2020. RMD amounts are… Read more »