Current Federal Tax Developments

Keeping CPAs Up to Date on Tax Matters

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2021-01-25 PPP and ERC Clarifications For CAA Changes

January 24, 2021 by Ed Zollars, CPA

This week we look at:

  • Penalty relief related to partners’ tax basis capital

  • IRS provides limited option for ERC claims on 4th quarter 941

  • Revised PPP First Draw Maximum Loan Calculation

  • PPP Borrowers Who Received Too Much Have to Pay Excess Back

  • Second disbursement for PPP First Draw Loan procedures

  • Gross Receipts Calculation for Second Draw Loans

  • PPP Revised Forgiveness Forms Released

An audio only version of this week’s presentation can be streamed or downloaded below:

Articles for this week’s update can be downloaded as a PDF below:

2021-01-25 Current Federal Tax Developments

January 24, 2021 /Ed Zollars, CPA
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