Federal Tax Update: Simplified PPP Forgiveness Application for Small Loans

https://vimeo.com/466896092

https://www.currentfederaltaxdevelopments.com/podcasts/2020/10/10/2020-10-12-simplified-ppp-forgiveness-application-for-small-loans

 

This week we look at:  

• SBA's simplified Form 3508S for PPP forgiveness and the regulations authorizing its use for loans of $50,000 or less
• Lenders told what to do when borrowers supply more expense documentation than necessary for full PPP loan forgiveness
• Pre-PPPFA loan documents do not need to be modified to obtain PPPFA longer deferral period
• QR codes will be added to CP14 and CP14 IA notices beginning later this month
• SIFL rates for last half of 2020 published
• Taxpayer finds no relief available for payroll taxes paid years earlier on nonqualified deferred compensation that will not paid due to subsequent bankruptcy of the employer