We are still advising clients to hold off applying for loan forgiveness for a little while longer. Congress passed another stimulus package which includes relaxing the forgiveness requirements for loans of $150,000 and less to a one-page form. More details are to come but it appears the new application requires: a description of number of employees you were able to retain because of the loan, the estimated amount of the loan spent on payroll costs, the total amount of the loan, and attestation by the applicant as to accuracy and compliance. Your specific lender may require additional documentation.
If you have mailed a check to the IRS in the last several months and it hasn't cleared the bank, DON'T CANCEL THE PAYMENT OR SEND IN ANOTHER CHECK. The IRS is still behind in processing the mail that has piled up due to COVID-10. Included in the backlog are 2019 tax returns, estimated tax payments for 2020 or other correspondence sent in by taxpayers with paper checks. There is no need to worry about penalties if you sent the payment in on time. IRS credits payments to accounts based on the envelope's postmark date, not the date the payment is processed.
56 cents per mile...down 1.5 cents from 2020