by LAACPA | Jan 29, 2021 | News
The US Small Business Administration (SBA) announced on Tuesday that they are taking measures to improve PPP1 review so businesses can get funds as soon as possible. This press release comes after SBA finds data discrepancies and eligibility concerns of about 4.7%...
by LAACPA | Jan 27, 2021 | News
Last week, the SBA released revised forms and new guidance for borrowers who seek to apply for PPP loan forgiveness. The updated forms include SBA Form 3508S, the one-page form for PPP borrowers who received $150,000 or less loans. This applies to both first- and...
by LAACPA | Jan 25, 2021 | News
With PPP2 loans officially opened to all borrowers, we have compiled answers for frequently asked questions for our clients and subscribers. PPP2 1. How does affiliation rules affect a borrower’s eligibility for PPP2? The affiliation rules for PPP2 is the same with...
by LAACPA | Jan 22, 2021 | News
The Employee Retention Credit is a refundable payroll tax credit against certain employment taxes on “qualified wages”, as an incentive to retain workers during the pandemic. The passage of the Consolidated Appropriations Act of 2021 changed some of the provisions...
by LAACPA | Jan 22, 2021 | News
With the January tax season approaching, many business owners will need to put tax preparation at top priority, especially now that the IRS announced to increase audit rates for small business owners to 50 percent this year. To avoid raising IRS red flags and save you...
by LAACPA | Jan 20, 2021 | News
The Internal Revenue Service (IRS) is delaying the beginning of tax filing season to February 12. This means the 2020 tax returns can be filed and processed 2 weeks later than the previous years, while the deadline on April 15 remains unchanged. The announcement comes...
