On May 4, 2020, we published an article about the current effort of the administration and of both sides of the Congressional aisle to browbeat companies into returning PPP loans by May 7. We concluded that if an eligible business or not-for-profit submitted proper documentation to the lender and honestly swore to the declarations on loan application (Form 2483), then borrower should feel no compulsion to return the money that it received. See that article by clicking here.
Yesterday, May 5, Treasury extended the deadline for returning money until May 14, 2020. The extension was granted by Treasury through its issuance of Paycheck Protection Program Loans FAQ 43. See FAQs by clicking here.
By the way, we haven’t changed our opinions about returning the money. We present below a link to a blog posted yesterday (May 5) from Barry Melancon, Chief Executive Officer of the American Institute of Certified Public Accountants (AICPA). Could not have said it better myself.
Read AICPA BlogFor more information check out HM&M’s COVID-19 Resources page.
HM&M COVID-19 ResourcesRelated Posts
Yesterday, the Senate passed the PPP Extension Act of 2021, which had previously been approved by the House, sending the Bill on to President Biden for his expected signature. This bill extends the time businesses ...
On March 20, 2020, the Treasury Department and the Internal Revenue Service issued Notice 2020-18, superseding Notice 2020-17, issued on March 18, 2020, which provided tax payment relief for taxpayers. Notice 2020-18 provides expanded tax ...
Texas taxpayers only have until Friday, May 28, 2021 to file their application (Texas Form 50-312 Temporary Exemption Property Damage by Disaster) along with supporting documentation to obtain temporary property tax relief on qualifying property ...
The IRS continues to warn the public to beware of thieves trying to steal money or identities by claiming to be the IRS. Below are tips from the IRS website on how to be aware ...
Latest Blog
On December 29th, 2022, President Biden signed the SECURE Act 2.0 into law, as part of the Consolidated ...
A complex trust or estate may make an election under Internal Revenue Code Section 663(b) to treat all ...
We often receive questions from clients about their 401(k) plans and recently had a client ask two thought ...
HM&M Updates
Last month, Senior Manager, Pearl Balsara was invited to speak at the 2023 FPA DFW Annual Conference in ...
We are pleased to announce the winners of the 2022 HM&M Excellence Awards. Ronna Beemer, Keith Phillips, and ...
Huselton, Morgan and Maultsby is composed of a spectacular team of individuals. During our annual What’s Happening Meeting, ...