Going Forward

The latest industry news, tax updates and strategies for success.

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Additional Changes to SBA PPP FAQ on August 4, 2020

Upcoming Sales Tax Holidays

Maryland and Virginia are holding sales tax holidays in the month of August. The “Shop…

Borrower Accounting for PPP Loans

Although the legal form of the PPP loan is debt, some believe the loan is,…

Notice: Paycheck Protection Program has reopened.

The Paycheck Protection Program began accepting new applications July 6, 2020, at 9:00 AM EDT…

IRS Confirms July 15th Deadline Won’t be Pushed Back Again

On June 29, 2020 the IRS confirmed that the July 15th tax deadline will not…

New PPP Loan Forgiveness Applications

This article was published on June 18, 2020. The SBA has finally released updated Paycheck…

IRS Extends Due Dates on Balance Due Notices

Due to the COVID-19 pandemic, the IRS was unable to mail some previously printed balance…

Economic Impact Payment Prepaid Debit Cards

The IRS is now sending out some taxpayer’s stimulus payments on prepaid debit cards. The…

PPP Forgiveness: The Latest Update

**This article was updated to reflect additional guidance from the SBA and Congress. The intent…

IRS Provides Updated FAQS for Corporate Net Operating Loss Carrybacks

Over the past week the IRS has posted several updates to its Frequently Asked Questions…

PPP Loan Forgiveness: The Two New Interim Final Rules & What’s Next for Borrowers

On May 22nd, the Small Business Administration (SBA) issued the fourteenth and fifteenth Interim Final…

Maryland Business Owners Getting Around Federal SALT Deduction Cap? (and Maryland Paper Return Processing)

Pass-Through Entity-Level Tax 2020 Maryland Senate Bill No. 523 of Maryland’s 441st Session of the…