Treasury Department

The Internal Revenue Service and the Treasury Department released guidance on claiming deductions for expenses associated with Paycheck Protection Program loans that have been forgiven.

The program should do more to help the economy adapt to post-virus realities, writes economist Michael R. Strain.

There are still plenty of challenges and potential changes on the horizon. Here’s what to watch for.

The guidance clears up the tax treatment of expenses when a loan from the Paycheck Protection Program hasn’t been forgiven by the end of the year.

A moderate pick with financial sector ties could upset progressives, while the likely GOP majority in the Senate could balk at a nominee seen as too liberal. Here are some of the candidates.

If Republicans keep their majority, the incoming administration will likely have to pick moderates over progressives to have any chance of getting its nominees approved.

The final regulation includes guidance on the requirements needed for properties to qualify for the deduction.

Trump’s order defers the payment deadline to the end of the year, though Treasury Secretary Steven Mnuchin has said company participation is optional.

By law, these payments are taxable so clients will need to report them on their 2020 federal income tax returns.

The U.S. Small Business Administration has posted rules about how businesses who have been turned down for forgiveness of their Paycheck Protection Program loans can appeal the decision.

The change bars money managers from using some types of business entities to take advantage of an exemption to rules laid out in the 2017 tax law.

The Tax Cuts and Jobs Act created opportunity zones as an economic development tool to stimulate investments in distressed communities.

The Small Business Administration and the Treasury Department unveiled a simpler loan forgiveness application for the Paycheck Protection Program to reflect changes under the PPP Forgiveness Act.

Evidence suggests some minority-owned businesses can’t access loans, and the Trump administration is under pressure to report borrower demographics. The issue is gaining attention against the backdrop of protests over the George Floyd killing.

The Internal Revenue Service won’t charge people who threw their stimulus money away because they thought the envelope was junk mail.

In the months since CEO Larry Fink’s push to focus the firm’s efforts on ESG, the investing landscape has changed more than anyone could have anticipated.

The bill, which passed the House last week on a 471-1 vote, now heads to President Trump’s desk for his signature.

The latest version supplements the previously posted rules in order to help borrowers submit their loan forgiveness applications as provided under the CARES Act.

The new Paycheck Protection Program rules, which created a review process and timeline for paying lenders, did not extend the time borrowers have to comply or increase how much money can be spent nonpayroll expenses.

The Internal Revenue Service and the Treasury Department are beginning to send nearly 4 million economic impact payments by prepaid debit card, instead of by paper check or direct deposit.