A questionnaire asking borrowers to justify their $2 million-plus Paycheck Protection Program loans is confusing and burdensome, says the AICPA. The U.S. Small Business Administration and the Treasury Department want to know more about businesses that borrowed $2 million or…
Read More »
Posted in Tax Legislation | Leave a comment
Business owner who took a forgivable loan this year under the Paycheck Protection Program can’t write off certain expenses on their taxes if they expect the debt will be forgiven, according to the IRS and Treasury Department. The IRS recently…
Read More »
Posted in Tax Legislation | Leave a comment
Recipients of Paycheck Protection Program (PPP) loans of $50,000 or less will be able to apply for forgiveness using a simplified application that was released Thursday by Treasury and the U.S. Small Business Administration (SBA). A new interim final rule…
Read More »
Posted in Tax Legislation | Leave a comment
The US Small Business Administration released guidance Wednesday clarifying that lenders must recognize the previously established extended deferral period for payments on the principal, interest, and fees on all Paycheck Protection Program (PPP) loans, even if the executed promissory note…
Read More »
Posted in Tax Legislation | Leave a comment
There is no question that PPP loan borrowers who wish to apply for forgiveness and release the burden of their PPP loan are eager to move forward. Uncertainty, however, remains. Although there is much talk about automatic forgiveness for PPP…
Read More »
Posted in Tax Legislation | Leave a comment
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
