(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.
Although forgiveness for Paycheck Protection Program (PPP) loans is front of mind for borrowers, experts say not to rush to apply for forgiveness. More Changes ComingFrequently Asked Questions (FAQs) expected to clarify many remaining PPP loan forgiveness related issues…
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An intensifying coronavirus pandemic has prompted Congress to look at a second round of stimulus as the recession continues to deepen. On July 27th, Senate Republicans announced the Heals Act (Health, Economic Assistance Liability Protection & Schools Act), a $1…
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To date, the Paycheck Protection Program (PPP) has provided over 5 million loans, totaling nearly $520 billion. More than $130 billion remains for new applicants. Now, however, the question is how to handle forgiveness applications for such a large number…
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Every two years, the Association of Certified Fraud Examiners (ACFE) publishes what has become the definitive guide for preventing and detecting workplace fraud. The recently released Report to the Nations: 2020 Global Study on Occupational Fraud and Abuse draws conclusions…
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The COVID-19 crisis has put enormous financial stress on many not-for-profits — whether they’re temporarily shut down or actively fighting the pandemic. If cash flow is a problem, your organization may need to do more than trim expenses. Here’s how…
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In late July, the Federal Reserve announced that not-for-profit organizations may now apply for loans under the $600 billion Main Street Lending Program. Previously open only to for-profit businesses with more than 100 employees, the program offers low-interest loans with…
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Borrowers who received Paycheck Protection Program (PPP) loans under the Coronavirus Aid, Relief, and Economic Security (CARES) Act are asking their CPAs if and how they will qualify for PPP loan forgiveness. There is uncertainty over some of the program…
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Just about every business owner’s strategic plans for 2020 look far different now than they did heading into the year. The COVID-19 pandemic has changed the economy in profound ways, forcing many companies to recalibrate suddenly and severely. As your…
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Happy Tax Day! The tax filing deadline for 2019 tax returns was extended until July 15 this year, due to the COVID-19 pandemic. After your 2019 tax return has been successfully filed with the IRS, there may still be some…
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The COVID-19 crisis is affecting not only the way many businesses operate, but also how they assess productivity. How can you tell whether you’re getting enough done when so much has changed? There’s no easy, one-size-fits-all answer, but business owners…
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The CARES Act was enacted in an attempt to mitigate the economic effects of the COVID-19 pandemic. Among other things, it extends favorable tax treatment to qualified individuals who take “coronavirus-related distributions” (CRDs) from IRAs, 401(k) plans and certain other…
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The Paycheck Protection Program application deadline has officially been extended to August 8th. Under the program, the SBA had approved almost 4.9 million loans, totaling $520.6 billion. Despite the program’s popularity, it had approximately $130 billion in unallocated funds when…
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New PPP rules, applications and guidance are almost a daily occurrence and last week was no exception. The June 22 Interim Final Rule officially updates the language of the Final Rules to include the changes enacted by the PPP Flexibility…
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