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News2020-01-08T16:47:51-05:00

FASB Confirms Revenue Recognition Standards Delay

On Wednesday, the Financial Accounting Standards Board (FASB) announced a broad extension of the revenue recognition standard effective date. A recent article from the Journal of Accountancy examines the reasoning behind the board’s decision. Prior to this final vote, FASB released a more limited proposal that would adjust the effective date of the revenue recognition standard just for non-public franchisors. During the comment period, it became clear that all nonpublic entities desired an adjustment to [Read More]

May 22nd, 2020|

Paycheck Protection Program Loan Forgiveness Best Practices

Whether the impact is on a global, national, or individual industry level, this pandemic is already changing the way businesses are operating on a day-to-day basis. As we venture past the peak of the pandemic, businesses are going to have to adapt to the new world in which they reside in order to survive. The Paycheck Protection Program loan has become a lifeline for small businesses. Some of these loans may even be forgiven if [Read More]

May 20th, 2020|

SBA Releases Application for PPP Loan Forgiveness

On Friday, May 15, the Small Business Administration (SBA) announced an important release for borrowers who received loans through the Paycheck Protection Program (PPP). The bureau made public a form and instructions for borrowers to use to apply for PPP loan forgiveness. The application must be completed and submitted to the lender that serviced the borrower’s PPP loan. It includes the following four components: A form for calculating the PPP loan forgiveness amount A PPP [Read More]

May 18th, 2020|

Employers Can Defer Payroll Taxes

One of the benefits included in the COVID-19 epidemic stimulus package is the ability of an employer to defer payment of the employer's share of certain federal payroll taxes. The deferral applies to the employer's 6.2% share of the Social Security (OASDI) payroll tax. The deferral does not apply to the employer's 1.45% share of the hospital tax. The deferral is optional, applies to employers of any size, and applies to wages paid between March [Read More]

May 15th, 2020|

Tax Credit Pays for Keeping Employees on Payroll

To help businesses retain employees and keep them employed during the COVID-19 crisis, Congress has provided a refundable employer retention credit available to all qualifying employers regardless of size, including tax-exempt organizations. To qualify for the credit, employers must fall into one of two categories: Business Operations Curtailed: Eligible employers were carrying out a trade or business during 2020, and the operation of that business is fully or partially suspended due to orders from an [Read More]

May 15th, 2020|

Businesses Score Big Tax Benefits with the CARES Act

As part of the stimulus package to help offset the financial damage inflicted on businesses as a result of the COVID-19 crisis, Congress restored the ability of businesses that suffer a loss to carry those losses back and recover taxes paid in prior years. The limitation on business interest deductions has also been relaxed, as has the business loss limitation for larger businesses. The legislative package also made a long-awaited beneficial retroactive correction to the [Read More]

May 15th, 2020|

New SBA Guidance Regarding Paycheck Protection Program

On May 13, the Small Business Administration (SBA) issued additional guidance regarding the Paycheck Protection Program (PPP). They added a highly anticipated new question to their lengthy FAQ: “How will SBA review borrowers’ required good-faith certification concerning the necessity of their loan request?” One of the requirements when submitting a PPP loan application is a self-certification by the applicant that the loan is necessary to support their ongoing operations in light of the current economic [Read More]

May 14th, 2020|

Playbook for Re-Opening Your Business

As the country and even the world shift their attention to the seeming long-lasting impact of the Coronavirus, updates appear to be coming out each day. Whether the impact is on a global, national, or individual industry level, this pandemic is already changing the way businesses are operating on a day-to-day basis. As we venture past the peak of the pandemic, businesses are going to have to adapt to the new world in which they [Read More]

May 13th, 2020|

How The Office of the Future Will Look After Coronavirus

As the country and even the world shift their attention to the seeming long-lasting impact of the Coronavirus, updates appear to be coming out each day. Whether the impact is on a global, national, or individual industry level, this pandemic is already changing the way businesses are operating on a day-to-day basis. Specifically, changes to the workplace such as wider corridors and better air filtration are occurring. To view this article, click HERE to access [Read More]

May 6th, 2020|

IRS Releases Notice Regarding Tax Deductions and PPP Loan Funds

On Thursday, April 30, the IRS released Notice 2020-32. The announcement effectively disallows a tax deduction for any expenses that are paid via a forgiven Paycheck Protection Program (PPP) loan. The PPP was created by the Coronavirus Aid, Relief, and Economic Security (CARES) Act, a historic $2.2 trillion stimulus package. The loan program allows small businesses to borrow funds equal to 2.5 months of their 2019 payroll from the Small Business Association (SBA). If their [Read More]

May 1st, 2020|
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