New PPP Guidance and Next Steps
August was another very busy month in the world of PPP loan forgiveness. This is the timeline of the information provided by the Department of the Treasury and the SBA. 8/11/20: New and updated PPP loan frequently asked questions were published. 8/11/20: … Read more…
Guidance Provided on Payroll Tax Deferral
Late on Friday, August 28th, the Internal Revenue Service issued guidance on the payroll tax deferral ordered by the President on August 8th. The IRS Notice 2020-65 allows employers to suspend withholding and paying to the IRS, eligible employees’ Social Security … Read more…
PPP Loans: Accounting & Financial Reporting Considerations for Business Entities
The Paycheck Protection Program (PPP) has been a savior to many companies, but it has also certainly come with its complexities. Questions regarding loan eligibility, the application process, and calculation of qualifying expenses quickly arose. And then, there is the … Read more…
PPP Loans: Nonprofit Accounting & Reporting Considerations in Accordance with US GAAP
FTE Calculation and Its Affect on PPP Forgiveness
If you have received funds under the Paycheck Protection Program (PPP), you need to know the importance of Full-Time Equivalent (FTE) employees with regard to your loan forgiveness. The borrower’s count of FTE employees during their covered period is divided … Read more…
Tax Filing & Payment Deadline Update
Updated: 4/10/20, 5:10PM PST On April 9th, the IRS issued Notice 2020-23, which provides even more expansive filing and payment relief than what has previously been given. Now, essentially every IRS filing that is due between April 1 and July … Read more…
Donor Advised Funds – A Tax Efficient Way of Giving
The new complexities and depth of changes in the new tax law have created the need for clients to implement different planning strategies to achieve their goals with greater tax efficiency—and we have been working with many of them to … Read more…
New Tax Incentives through Qualified Opportunity Funds
Recent tax reform has provided business owners with many new and unique opportunities. One of the more unique sections of the new code relates to Qualified Opportunity Funds (QOF). A QOF is an investment vehicle which provides the opportunity to … Read more…
IRS Issues Inflation Adjustments for 2019
The IRS has issued the new limits and inflation adjustments for 2019 tax provisions in Revenue Procedure 2018-57. Below is a link to the entire notice: https://www.irs.gov/newsroom/irs-provides-tax-inflation-adjustments-for-tax-year-2019 Dozens of tax provisions are adjusted every year, and the following are the top … Read more…
2018 Last-Minute Business Tax Strategies
Although there are only a few weeks left to go before the year ends, it is not too late to implement some planning moves that can improve a business’s tax situation for 2018 and beyond. Plan to maximize the Qualified … Read more…
