Preparation 
IRS Clarifies Timing of Paycheck Protection Program Loan Forgiveness Basis Increase
The Internal Revenue Service (IRS) released three new revenue procedures last month clarifying Paycheck Protection Program (PPP) loan and other federal COVID-19 grant tax-exempt income recognition, expense deductions paid with COV... Jane Ryder, EA, CPA
Jan/Feb 2022,
Preparation,
s corporation, partnership, COVID-19, PPP, Paycheck Protection Program, SBA loans, Schedule K-1, Form 1065, net operating loss, NOL, COVIDTRA, COVID-related Tax Relief Act of 2020, tax-exempt income, loans, Rev. Proc. 2021-49, Emergency Economic Injury Disaster Loan, EIDL, SBA 7(a) loans, Rev. Proc. 2021-50, SBA Community Advantage loans, SBA microloan, Restaurant Revitalization grants, subsidiary member, Bipartisan Budget Act of 2015, carryback, pass-through
Feature Article
Tax Planning Versus Preparation – What Is the Difference?
Visit social media or Google these days and you will most likely see advertisements for tax planning. But many taxpayers (and even tax professionals) are confused about the differences between tax planning... Dominique Molina, CPA