Advisory
Tax
Audit & Assurance
Business SupportTimely News & Updates
We have created this section of our site to keep you informed of Jackson Thornton updates as well as other news that impacts our clients and friends.
SECURE 2.0 ACT and Other Recent Updates
February 7, 2023 – The SECURE 2.0 Act of 2022 aims to improve retirement savings by making it easier for employers to offer retirement plans to employees and for individuals to increase their retirement savings. Learn about select provisions of the Act that affect both individuals and employers.
February 2, 2023 – Payroll Tax Update Information 2023
CARES Act/PPP Loan Program
January 25, 2022 – Top 5 Things to Remember When Filing Income Tax Returns in 2022
December 21, 2021 – The Deductible Mileage Rate for Business Driving Increases for 2022
June 17, 2021 – HHS Provider Relief Fund – Reporting Update
March 18, 2021 – IRS Extends Filing Deadline to May 17th
March 12, 2021 – President Biden Signs American Rescue Plan Act of 2021
March 3, 2021 – Updated PPP Loan FAQs
February 22, 2021 – Updated PPP Second Draw Loan Application
February 12, 2021 – AL Passes Significant Income Tax and COVID-19 Relief
January 20, 2021 – Updated PPP loan forgiveness application forms: 3508S – for PPP loans under $150,000; 3508EZ – for PPP loans over $150,000 meeting certain criteria; 3508 – for PPP loans over $150,000 that did not meet certain criteria. Please reach out to us if you have questions about which form is applicable to your business.
January 12, 2021 – Here’s a link to an informative video on the recent updates to the employee retention tax credit from RSM US LLP. Jackson Thornton is an independently-owned member of RSM US Alliance. Source: RSM US LLP; Used with permission as a member of RSM US Alliance; link to original content.
January 11, 2021 – Employee Retention Tax Credits + Second Draw PPP Loans – client email
January 11, 2021 – Revised PPP Loan Application and New Second Draw PPP Loan application
January 5, 2021 – EIDL Grants Will NOT Reduce PPP Forgiveness Amounts – client email
December 28, 2020 – Sweeping Stimulus Package Offers Good News – client email
November 19, 2020 – Second Wave of AL Revive Grants Available – client email
November 17, 2020 – Need Help with PPP Loan Forgiveness Applications?
November 9, 2020 – SBA Announces PPP Loan Necessity Questionnaire for Loans $2M or Greater
October 12, 2020 – Updated PPP Loan Forgiveness Guidance & ADOR Tax License Deadline Change – client email
October 9, 2020 – PPP Loan Forgiveness Form 3508S – for businesses that borrowed less than $50k
October 9, 2020 – Updated PPP Loan FAQs
August 31, 2020 – Social Security Tax Deferral Information
August 18, 2020 – Alert: Unemployment Fraud
August 4, 2020 – Additional FAQs on PPP loan forgiveness
July 24, 2020 – Update on Available Loans and Grants
July 9, 2020 – Alabama Revive Grant Program Information
June 25 – PPP Flexibility Act: Additional Clarifications – Client Email
June 16 – PPP EZ Loan Application Instructions
June 16 – PPP EZ Loan Forgiveness Application
June 16 – PPP Loan Forgiveness Application Instructions
June 16 – PPP Loan Forgiveness Application
June 12 – Updated PPP Borrower Application & Instructions
June 10 – PPP Flexibility Bill Clarifications
June 4 – PPP Flexibility Bill Passed – Client Email
May 28 – PPP Loan Forgiveness Guidance/Loan Review Procedures
May 28 – Documentation Needed for PPP Loan Forgiveness
May 18 – PPP Loan Forgiveness Application Client Email
May 16 – Yesterday, the SBA and Treasury released the Paycheck Protection Program (PPP) Loan Forgiveness Application and detailed instructions. Click here for that document.
May 13 – The SBA has extended the repayment date for PPP loans to Monday, May 18,2020, to give borrowers an opportunity to review and consider question 46 (see post below). Borrowers do not need to apply for this extension. Please see question 47 at the end of the FAQs document.
May 13 – Earlier today, the SBA and Treasury updated their FAQs to clarify how they would review certifications that PPP loans were taken in good faith. PPP loans with the original principal amount of less than $2 million will be deemed to have made the required certification concerning the necessity of the loan request in good faith. For companies with loans over $2 million, Treasury states that the companies “may still have adequate basis for for making the required good-faith certification.” They go on to state that they will review these applications to determine if they believe the good faith certification was met. For additional details on their loan application review process, please see question 46 at the end of the FAQs document.
May 6 – The IRS has recently issued guidance on retirement plan distribution and loan rule changes – click here for more information. In addition, tax-related deadlines were extended for employee benefit plans and their participants. Please click here for more information on those extensions.
May 5 – US Dept. of The Treasury – Link to the latest information/FAQs on the Paycheck Protection Program
May 1 – PPP Loans & Expense Deductibility
April 30 – Assessment of Loan Need & Documentation for PPP Loans Client Email
April 16 – The CARES Act provided for Economic Impact Payments for many US Residents. If you do not file a tax return or receive Social Security or Railroad Retirement, the IRS has set up the following web page for Non-Filers to enter their payment information. Click here for the page.
April 14 – The CARES Act allows employers to defer the deposit and payment of the employer’s share of social security taxes and self-employed individuals to defer payment of certain self-employment taxes. These FAQs address specific issues related to the deferral of deposit and payment of these employment taxes; they will be updated to address additional questions as they arise. Click here for the FAQs.
April 13 – US Dept. of The Treasury – Link to an overview of the Small Business Paycheck Protection Program & applicable tools
April 3 – Small Business Loan Programs Under CARES Act – UPDATED – Given the fluid nature of the guidance, please confirm this information with your lending institution.
April 2 – 7(a) Paycheck Protection Program Loan Application UPDATED
April 2 – Paycheck Protection Program Fact Sheet for Borrowers UPDATED 4/26/20
March 31 – Paycheck Protection Program Client Email – Updated 4/3/20
March 28 – CARES Act Client Email – Updated 4/3/20
Families First Act Updates
March 25 – Families First Coronavirus Response Act – Key Employer Provisions
March 20 – Families First Act Passed | Tax Deadline Extended
March 19 – Important Tax News + Coronavirus Legislation Passes/Signed
Jackson Thornton/JTAM/JTT Updates
March 18 – COVID-19 Update from Jackson Thornton Asset Management
March 17 – Jackson Thornton physical offices close – transition to remote work arrangement for JT employees
March 13 – JTT COVID-19 Business Continuity Plan
March 13 – Jackson Thornton COVID-19 Business Continuity Plan
Updates that Impact You or Your Business
March 30 – Availability of IRC Sec. 139 for making disaster relief payments as a result of COVID-19
March 27 – Tax Relief Offered by States in Response to COVID-19
March 25 – Families First Coronavirus Response Act – Key Employer Provisions
March 24 – The Dept. of Labor issued a press release with some key points for employers as related to payroll taxes as well as providing a comprehensive Q&A on their website.
March 24 – Filing and Payment Deadlines Q&A from Internal Revenue Service
March 23 – Alabama Extends State Income Tax Deadline
March 17 – Tax Payment Deadline Extended to July 15, 2020
Jackson Thornton provides the information on this website for general guidance only, and does not constitute the provision of tax advice, legal advice, accounting services, investment advice, or professional consulting of any kind. The information provided herein should not be used as a substitute for consultation with professional tax, accounting, legal, or other competent advisers. Before making any decision or taking any action, you should consult a professional adviser who has been provided with all pertinent facts relevant to your particular situation. Tax articles in this website are not intended to be used, and cannot be used by any taxpayer, for the purpose of avoiding accuracy-related penalties that may be imposed on the taxpayer. The information is provided “as is,” with no assurance or guarantee of completeness, accuracy, or timeliness of the information, and without warranty of any kind, express or implied, including but not limited to warranties of performance, merchantability, and fitness for a particular purpose.
The information contained herein is general in nature and based on authorities that are subject to change. RSM US LLP guarantees neither the accuracy nor completeness of any information and is not responsible for any errors or omissions, or for results obtained by others as a result of reliance upon such information. RSM US LLP assumes no obligation to inform the reader of any changes in tax laws or other factors that could affect information contained herein. This publication does not, and is not intended to, provide legal, tax or accounting advice, and readers should consult their tax advisors concerning the application of tax laws to their particular situations. This analysis is not tax advice and is not intended or written to be used, and cannot be used, for purposes of avoiding tax penalties that may be imposed on any taxpayer.
