(The.Idea.Exchange) Blog. Timely articles on a wide range of topics including new tax legislation, accounting regulations, best practices, industry news, business insights and more.
The rules and guidance regarding the Small Business Administration’s (“SBA”) Paycheck Protection Program (“PPP”) loans authorized in the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) continue to evolve. The CARES Act provides that, “an eligible [PPP loan] recipient…
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IMPORTANT NOTE: The PPP program is now replenished for round two. We encourage all eligible small businesses to apply now through their financial institution or through an online lender as the funds will quickly run out. While the EIDL program…
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Posted in Tax Legislation | Leave a comment
The law providing relief due to the coronavirus (COVID-19) pandemic contains a beneficial change in the tax rules for many improvements to interior parts of nonresidential buildings. This is referred to as qualified improvement property (QIP). You may recall that…
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The IRS recently issued Notice 2020-23, expanding on previously issued guidance extending certain tax filing and payment deadlines in response to the novel coronavirus (COVID-19) crisis. This guidance applies to specified filing obligations and other “specified actions” that would otherwise…
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Posted in Employee Benefit Plans | Leave a comment
IMPORTANT NOTE: The PPP and EIDL programs are now replenished for round two. We encourage all eligible small businesses to apply now through their financial institution or through an online lender as the funds will quickly run out. Here’s what…
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Posted in Business Management | Leave a comment
IMPORTANT NOTE: The PPP and EIDL programs are now replenished for round two. We encourage all eligible small businesses to apply now through their financial institution or through an online lender as the funds will quickly run out. The SBA…
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IMPORTANT NOTE: The SBA and the Treasury Department have released the eagerly awaited Paycheck Protection Program (PPP) loan forgiveness application and detailed instructions. The Application and Instructions do not answer all key questions, but a number of calculations and substantive…
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Working with the Treasury Department, the Internal Revenue Service today unveiled the new Get My Payment with features to let taxpayers check on their Economic Impact Payment date and update direct deposit information. With an initial round of more than…
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The economic fallout from the coronavirus (COVID-19) pandemic has forced business owners to reevaluate their operations and make difficult decisions. One place to look for the information you need to make rational, reasonable moves is your financial statements. Under U.S.…
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The IRS has issued guidance providing relief from failure to make employment tax deposits for employers that are entitled to the refundable tax credits provided under two laws passed in response to the coronavirus (COVID-19) pandemic. The two laws are…
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Questions and Answers on the central bank’s $600 billion direct-loan program The Federal Reserve announced the creation of new lending programs to help businesses that need access to cash because of the coronavirus pandemic. The central bank said it will…
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The IRS and the U.S. Department of Treasury have announced new relief for federal taxpayers affected by the coronavirus (COVID-19) pandemic. The IRS had already extended certain deadlines to file and pay federal income taxes and estimated tax payments due…
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On March 27, the Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law. How is this massive $2 trillion recovery package poised to help your not-for-profit organization? It depends on your group’s size, financial condition and other…
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Although many not-for-profits have been hurt by the coronavirus (COVID-19) pandemic, your organization’s specific challenges likely depend on your mission, constituency and other factors. For example, social distancing rules have forced most arts organization to temporarily shut down and furlough…
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As banks start accepting and processing applications, and businesses and their advisors race to apply, all have struggled with limited PPP guidance and unanswered questions. Late Monday night, April 6, 2020, the US Treasury and the SBA released FAQs on…
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The U.S. Small Business Administration reported Saturday morning that banks had approved more than 725,000 loans from its $349 billion Paycheck Protection Program, totaling over $182 billion. That is progress, coming a week after business owners could first begin applying,…
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Laid off or furloughed because of COVID-19? We answer your questions about unemployment benefits. Unemployment claims are soaring across the United States due to coronavirus-related layoffs and closures. Americans are increasingly worried about how they are going to pay their…
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As we all try to keep ourselves, our loved ones, and our communities safe from the coronavirus (COVID-19) pandemic, you may be wondering about some of the recent tax changes that were part of the CARES Act. The Coronavirus Aid,…
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To help mitigate the financial and health crises related to the coronavirus (COVID-19), on Friday, March 27, 2020, President Trump signed into law the largest economic relief package in modern U.S. history. The $2 trillion Coronavirus Aid, Relief, and Economic…
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Posted in Tax Legislation | Leave a comment
UPDATE 4/4/20: The SBA has Issued a Second Round of Guidance – 13 CFR Part 121. This guidance primarily focuses on affiliation rules for businesses, not-for-profits and faith-based organizations. See updated information below. Despite not being ready on April 3rd…
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