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PPP Loan Forgiveness Calculator

22 May, 2020 / 0 Comments

May 22, 2020 On Friday, May 15th, the SBA released the Paycheck Protection Program (PPP) Loan Forgiveness Application, with accompanying instructions. Our team has been brushing up on the details, and though there are still unanswered questions, we now have a good indication of the rules...

Required Minimum Distribution Waiver and Other Changes Under the CARES Act

13 May, 2020 / 0 Comments

The Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed in to law on March 27, 2020. The Act waives the requirement to take minimum distributions for most taxpayers during 2020 and may provide relief for taxpayers that have already taken their distributions. Additionally,...

Treasury Provides Helpful Guidance on May 14th Repayment Safe Harbor

13 May, 2020 / 0 Comments

On May 13th, Treasury updated its Paycheck Protection Program (PPP) Frequently Asked Questions document by adding #46. As a reminder, in FAQ #31, Treasury had added an unclear requirement requiring that each borrower assess their ability to access other sources of liquidity in relation to their certification for the...

May 7 Deadline to Repay PPP Loans Extended to May 14

07 May, 2020 / 0 Comments

May 7, 2020 The SBA issued revised guidance via FAQ #43 extending the “safe harbor” deadline from May 7th until May 14th relating to repayment of any PPP loan already funded. All borrowers were required to reevaluate whether their loan certification was valid based on revised (but unclear) guidance requiring...

PPP Loan Program Update – IRS Notice 2020-32 Disallows Related Deductions

01 May, 2020 / 0 Comments

May 1, 2020 The IRS issued Notice 2020-32 on April 30, 2020. We are assuming for purposes of this update that you are familiar with the basics of the Paycheck Protection Program (PPP) and the fact that related loans may be forgiven if the loan proceeds are used...

CARES Act – Focus on Tax Provisions for Businesses & Individuals

30 March, 2020 / 0 Comments

On March 27, 2020, President Trump signed into law the Coronavirus Aid, Relief and Economic Security Act (the CARES Act or Act), with its reported $2.3 trillion in spending or stimulus. The Act, while primarily targeting economic stabilization and stimulus, also contains a host of...

Oregon, Portland/Multnomah, & Portland Arts Tax Timing Updates

27 March, 2020 / 0 Comments

Portland, Ore. – March 27, 2020 We have summarized below the most recent guidance from Oregon (issued March 25th) and Portland/Multnomah with respect to 2019/2020 filing and payment deadlines, which have been modified in response to the delays provided by the federal government. If you have not...

Families First Coronavirus Response Act Tax Benefits and Employer Obligations

25 March, 2020 / 0 Comments

As the federal government searches for ways to combat the economic effects of the growing coronavirus (COVID-19) pandemic, the first official legislation towards those ends was the Families First Coronavirus Response Act (“the Act”), which was signed into law on March 18, 2020. The Act...

Final Federal Guidance on April 15, 2020 Automatic Relief (Notice 2020-18)

23 March, 2020 / 0 Comments

Portland, Ore. – March 23, 2020 Late Friday, the IRS issued Notice 2020-18, which contains formal guidance relating to the verbal statements from President Trump and Treasury Secretary Mnuchin that the April 15 filing and payment deadlines are being moved to July 15, 2020. This notice...

Update on IRS Tax Deadline

20 March, 2020 / 0 Comments

Portland, Ore. – March 20, 2020 While we do not have a formal notice from the IRS yet, both President Trump and Treasury Secretary Mnuchin announced publicly today that the federal due date of April 15, 2020, for filing income tax returns would be extended to...

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