In order to get your Paycheck Protection Program Loan forgiven to the greatest extent possible, have to comply with a litany of specific rules, many of which fall under the categories of tracing, proof of forgiveness and certification by professional.
Tax Law News and Information Straight from The Tax Lawyer
If you received a Payroll Protection Program (“PPP”) loan under the Coronavirus Aid, Relief, and Economic Security (“CARES”) Act, then you must comply with a detailed body of rules if you hope to have the Government forgive the loan.
Federal law requires U.S. taxpayers with more than $10,000 total in foreign accounts to report those accounts on their tax return. Those that fail to do so may face an audit, substantial financial penalties, criminal prosecution, and imprisonment. In an effort to find such accounts the U.S. Department of Justice (DOJ) recently announced a tax deal with Switzerland.
In addition to the formal Offshore Voluntary Disclosure Program, the IRS offers Streamlined Filing Compliance Procedures for certain qualified taxpayers.
Before a taxpayer even makes a submission to the Offshore Voluntary Disclosure Program, he or she must successfully complete a pre-clearance phase.
In addition to the numerous civil penalties potentially facing taxpayers who fail to participate in the Offshore Voluntary Disclosure Program, there are also some serious criminal charges that may result if the IRS