This week we look at:
- IRS changes its guidance on the payment of health insurance only and qualification for the Employee Retention Credit
- Borrowers can repay PPP loans by May 14 and then use Employee Retention Credit in the future.
- SBA issues guidance for non-discrimination rules and not for profits and also impact of student workers.
- Borrowers using new seasonal employer measuring periods will be able to sign unmodified PPP loan applications.
- SBA gives relief to businesses unable to rehire employees who wish to remain on unemployment.
- IRS issues guidance on excess deductions on termination following TCJA's addition of §67(g).
- Taxwriters disagree with IRS's view on deductibility of expenses used to obtain PPP loan forgiveness.
- Cannabis business found to be a reseller and not a producer.
IRS issues guidance on taxpayers whom the agency wishes to return their economic impact payments.