Recent IRS guidance provides some explanation of how employers can defer withholding and remitting an employee’s share of Social Security tax when wages are below a certain amount. The guidance was issued to implement the presidential executive action signed in…
Read More »
Posted in Tax Legislation | Leave a comment
More than 1 million Individual Taxpayer Identification Numbers are set to expire at the end of 2020 as the Internal Revenue Service completes the expiration of ITINs assigned prior to 2013. The IRS continues to urge affected taxpayers to submit…
Read More »
Posted in Tax Legislation | Leave a comment
COVID-19 has created worldwide economic upheaval and many concerns for all of us. One question I hear frequently is how to adjust your investment strategy when there’s an unusual event such as a pandemic. Here are some tips for navigating…
Read More »
Posted in Business Management | Leave a comment
Here are some of the key tax-related deadlines affecting businesses and other employers during the fourth quarter of 2020. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to…
Read More »
Posted in Business Management | Leave a comment
On Aug. 10, the U.S. Small Business Administration opened its loan forgiveness portal in the wake of a contested battle about future legislation for COVID-19 relief. There are several reasons why business owners may not want to rush into completing…
Read More »
Posted in Tax Legislation | Leave a comment
The U.S. Small Business Administration (SBA) and Treasury issued an interim final rule Monday addressing Paycheck Protection Program (PPP) forgiveness issues related to owner-employee compensation and the eligibility of nonpayroll costs. Specifically, the interim final rule establishes that owner-employees with…
Read More »
Posted in Tax Legislation | Leave a comment
In advance of a new stimulus package agreement, the White House issued an executive order and three memoranda over the weekend. This executive action is said to provide economic relief during the current recession caused by the coronavirus. Here are…
Read More »
Posted in Tax Legislation | Leave a comment
As the Small Business Administration (SBA) prepares to accept forgiveness documentation from lenders via its Paycheck Protection Program (PPP) Forgiveness Platform beginning on August 10, 2020, the SBA has issued a new round of Frequently Asked Questions (FAQs) relating to…
Read More »
Posted in Business Management | Leave a comment
FAQs on PPP Loan Forgiveness Issued by SBA with Some Surprises on Shareholder-Employee Payroll Costs The Small Business Administration (SBA), in consultation with the Department of the Treasury, issued additional guidance regarding PPP Loan Forgiveness for funds advanced as part…
Read More »
Posted in Tax Legislation | Leave a comment
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…
Read More »
Posted in Business Management | Leave a comment
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…
Read More »
Posted in Tax Legislation | Leave a comment
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…
Read More »
Posted in Business Management | Leave a comment
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…
Read More »
Posted in Not-for-Profit | Leave a comment
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…
Read More »
Posted in Not-for-Profit | Leave a comment
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…
Read More »
Posted in Not-for-Profit | Leave a comment
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…
Read More »
Posted in Business Management | Leave a comment
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…
Read More »
Posted in Business Management | Leave a comment
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…
Read More »
Posted in Tax | Leave a comment
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…
Read More »
Posted in Business Management | Leave a comment
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…
Read More »
Posted in Tax | Leave a comment
