News Release: First United Methodist of Hurst DAY SCHOOL is OPEN!
Whitley Penn Tax Alert: Additional Guidance Issued for PPP Loan Forgiveness
SBA Releases PPP Loan Forgiveness Interim Final Rule The Coronavirus Aid, Relief, and Economic Security (“CARES”) Act established the Paycheck Protection Program (“PPP”) that provided loans for qualifying small businesses. Under the CARES Act, proceeds received by a borrower from a PPP loan may be forgiven if the borrower uses the proceeds to pay specified expenses (including payroll costs, interest on qualified mortgage indebtedness, rent under a qualified lease contract, and qualified utilities) during
Whitley Penn Tax Alert: Update – IRS Issues Guidance on Payroll Tax Deferral
On August 8, President Trump issued an executive action directing the Treasury Department to defer the withholding and payment of the employee portion of FICA tax on wages paid from September 1, 2020 to December 31, 2020. The executive order required the Treasury to provide guidance regarding the detailed rules and practical application of the payroll tax deferral. See “Whitley Penn Tax Alert: Additional Guidance Issued for PPP Loan Forgiveness (But not for Payroll Tax Deferral)” dated August 27,
