tax reform | Perkins & Co

Paycheck Protection Program (PPP) Loan Forgiveness Considerations

28 October, 2020 / 0 Comments

So You Received a PPP Loan: What Next? If you received a Paycheck Protection Program (PPP) loan, it's imperative to consider the tax and accounting implications around the timing of when you apply for loan forgiveness. If you have not yet done so, we suggest discussing...

Paycheck Protection Program (PPP) Loan Forgiveness Update

16 October, 2020 / 0 Comments

We Are Ready to Help! Perkins is ready to assist you with your PPP Loan Forgiveness calculation. Have you spent all of your PPP Loan money and your lender is accepting loan forgiveness applications? Please contact your Perkins team to get the process started. SBA & Treasury Simplify...

IRS Addresses the President’s Executive Order on Employee Payroll Tax Deferral in Notice 2020-65

03 September, 2020 / 0 Comments

On August 28, 2020, the IRS issued Notice 2020-65 that provides some needed guidance for employers wondering whether and how to comply with the employee payroll tax deferral described in the August 8, 2020 Presidential memorandum (often referred to as an “executive order.”). Even though...

Webinar: Paycheck Protection Program (PPP) Loan Forgiveness

12 June, 2020 / 0 Comments

Hear a discussion on PPP loan forgiveness based upon current guidance with our CARES Team that includes: Overview of the loan forgiveness calculation Information regarding forgiveness reductions related to decreases in FTEs/wages Planning ideas to maximize the benefits of PPP A review of a loan...

Treasury Announces More Flexibility for Opportunity Zones

11 June, 2020 / 0 Comments

On June 4, in response to the ongoing COVID-19 pandemic, Treasury provided increased flexibility for Qualified Opportunity Funds (QOF) and their investors with the release of Notice 2020-39. Find the full notice here and a summary of the highlights below. For more general information on...

Senate Passes Paycheck Protection Program Modifications

04 June, 2020 / 0 Comments

The U.S. Senate voted to pass the Paycheck Protection Flexibility Act of 2020 (the Act) yesterday. It now moves to the President for likely signature. The Act contains the following major provisions beneficial to many borrowers participating in the CARES Act Paycheck Protection Program loans. The...

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...

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