Tax School Blog

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The U of I Tax School blog is written by tax professionals for tax professionals.

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PPP Loan: Questions Answered (Part II)

PPP Loan: Questions Answered (Part II) In the second installment of of the blog series answering your questions on the paycheck protection program (PPP), Tom looks at a correction on…

PPP Loan: Questions Answered (Part I)

PPP Loan: Questions Answered (Part I) On May 19, 2020, we held a webinar on loan forgiveness under the Paycheck Protection Program (PPP). With more than 800 attendees, there were…

Paycheck Protection Program Phase II: Loan Forgiveness

Paycheck Protection Program Phase II: Loan Forgiveness Terms to watch for this blog post: PPP, 75/25 Rule, Qualified Expenses, Covered Period, FTEE On March 27, the federal government allocated $349 billion in forgivable loans to…

Recovery Rebate Information

Recovery Rebate Information Recovery rebate. Economic impact payment. Stimulus check. No matter what they call it, your clients are asking you questions about the advance of a 2020 credit that…

News from Recent IRS Notices

News from Recent IRS Notices The IRS continues to issues notices with guidance on items from the CARES Act and Families First Coronavirus Response Act. In today’s video, Tom discusses…

PPP Loans for the Self-Employed: SBA Q&A

PPP Loans for the Self-Employed: SBA Q&A The U.S. Small Business Administration’s Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their…