SBA has informed lenders that the PPP general fund is out of money. The application deadline had been extended for an additional two months, through May 31, to allow borrowers time to apply for the loans.
IRS has begun sending letters to EAs with SSNs ending in 7, 8, 9, or no SSN, who have not renewed for the 2018 and 2021 cycles.
Two important updates affecting the 2020 filing season have been posted to FTB’s website regarding Advance Child Tax Credit Payments, and In-Home Support Services and CalEITC.
IRS is now opening mail within normal timeframes, and has also made significant progress in processing prior year returns. Unprocessed returns include those requiring correction or validation.
In consideration of the extended tax filing season, EAs receiving CE audit Letter 5781 now have 60 days from the date of the letter to respond.