* Partnerships and Corporations must file or extend by 3/15/21; Individuals and Fiduciary (Trusts / Estates) must file or extend by 4/15/21. Individuals please be sure to let me know if you received stimulus payments and for how much – first beginning around April, 2020 and again here in January, 2021.
* Businesses who received PPP 1 loans through the U.S. Small Business Administration and have submitted forgiveness paperwork to their bank (Form 3508-EZ) are seeing rapid and favorable processing. Please let me know if your business PPP 1 loan was forgiven prior to 12/31/20. Reminder - these forgiven loan proceeds are not included in taxable income….and in a real victory for taxpayers the Government has decided to allow payroll, payroll related items and occupancy expenses paid presumably with PPP 1 money to be an allowable deduction! https://home.treasury.gov/system/files/136/PPP-Forgiveness-Application-3508EZ.pdf