While many are focusing on preparing applications for second draw loans under the Payroll Protection Program (PPP), the Small Business Administration has issued a revised form for requesting forgiveness for PPP loans that borrowers have already received. The revision to Form 3508S creates a one-page forgiveness application that requires no documentation to be attached for borrowers who received ...
In January 2021, New York State began sending interest payments to taxpayers who filed their 2019 New York personal income tax returns after April 15, 2020 and on or before July 15, 2020. As discussed in our September 1, 2020 post, the IRS made similar interest payments that occurred much earlier and during 2020. Since taxpayers are receiving the New York interest payments in 2021, the payme...
The IRS has issued final instructions for the 2020 version of Form 1040, which contain an updated worksheet for the recovery rebate credit. (The recovery rebate credit appears on line 30 of the 2020 version of Form 1040.) The new format includes reference to both the economic impact payments that were sent to taxpayers starting in April 2020 (EIP #1) and the economic impact payments that wer...
Rules for Second Draw PPP Loans: The Small Business Administration (SBA) has issued new rules related to the 2nd round of the Payroll Protection Program (PPP). The PPP is discussed on pages 23 to 29 of the Tax Year 2020 M+O=CPE Individual Tax Year-End Workshop Reference Book. The new rules refer to loans received under the first round of the PPP as first draw PPP loans, and they refer to loans...
After initially releasing final instructions for Form IT-558, New York State Adjustments due to Decoupling from the IRC, New York has issued revised instructions that remove some of the adjustment codes that were contained in the earlier version of the form. As a result of the change, the following adjustment codes have been eliminated, and these adjustments are not required to be made on Form...
The IRS has released the 2021 standard mileage rate. For business travel, it is 56 cents per mile (down from 57½ cents in 2020). For medical-related travel, it is 16 cents per mile (down from 17 cents in 2020). The rate for charitable use of an automobile is not subject to adjustment, and it remains 14 cents per mile. ...
