2020-05-08 One More Week to Return Funds and You Get ERC - a podcast by The Ohio Society of CPAs

from 2020-05-12T19:32:49

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This week we look at:

IRS changes its guidance on the payment of health insurance only and qualification for the Employee Retention Credit
Borrowers can repay PPP loans by May 14 and then use Employee Retention Credit in the future.
SBA issues guidance for non-discrimination rules and not for profits and also impact of student workers.
Borrowers using new seasonal employer measuring periods will be able to sign unmodified PPP loan applications.
SBA gives relief to businesses unable to rehire employees who wish to remain on unemployment.
IRS issues guidance on excess deductions on termination following TCJA's addition of §67(g).
Taxwriters disagree with IRS's view on deductibility of expenses used to obtain PPP loan forgiveness.
Cannabis business found to be a reseller and not a producer. IRS issues guidance on taxpayers whom the agency wishes to return their economic impact payments.