August 2020 - Whitley Penn

August 29, 2020 – Update – IRS Issues Guidance on Payroll Tax Deferral

On August 8, President Trump issued an executive action directing the Treasury Department to defer the withholding and payment of the employee portion of FICA tax on wages paid from September 1, 2020 to December 31, 2020. The executive order required the Treasury to provide guidance regarding the detailed rules and practical application of the payroll

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August 27, 2020 – Additional Guidance Issued for PPP Loan Forgiveness (But not for Payroll Tax Deferral)

SBA Releases PPP Loan Forgiveness Interim Final Rule The Coronavirus Aid, Relief, and Economic Security (“CARES”) Act established the Paycheck Protection Program (“PPP”) that provided loans for qualifying small businesses. Under the CARES Act, proceeds received by a borrower from a PPP loan may be forgiven if the borrower uses the proceeds to pay specified expenses

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Amanda Beabout Receives 2020 Women Who Mean Business Award

Houston, TX (August 25, 2020) – Amanda Beabout, Audit Senior Manager, was chosen to receive the 2020 Women Who Mean Business award from the Houston Business Journal. This award honors women across the Houston area for their achievement in various fields such as finance, energy, law, hospitality and more. Hundreds of women applied and 96

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August 6, 2020 – SBA Releases PPP Loan Forgiveness FAQs

The Coronavirus Aid, Relief, and Economic Security (“CARES”) Act established the Paycheck Protection Program (“PPP”) that provided loan funding for qualifying small businesses. Under the CARES Act, the proceeds received by a borrower from a PPP loan may be forgiven if the borrower uses the proceeds to pay specified expenses (including payroll costs, interest on qualified

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Public Sector: Insight in Uncertainty

During a time of uncertainty, we want to assure you that Whitley Penn will adapt to the needs of our clients. With normalcy out the window, we are also monitoring state and federal laws and regulations to see what relief will be granted to our public sector clients. The federal government is currently working on a stimulus

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