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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: All new frequently asked questions on PPP loan forgiveness were published. 8/11/20: The SBA provided an interim rule … Read more
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 payroll taxes. There are still many questions to be answered, but the following guidance was … Read more
The IRS Form 990’s Schedule G provides information about a not-for-profit organization’s fundraising activities and events, including benefit dinners and auctions. The schedule also covers gaming activities conducted by the organization, such as bingo, casino nights, or video poker. This article will explore the relevant reporting requirements for each section of Schedule G and the … Read more
A definitive answer has been provided by the U.S. Department of Health and Human Services (HHS) regarding the audit requirements for non-federal entities and for-profit entities expending funds under the new Provider Relief Fund (PRF) program. Please note that entities expending funds under the new Provider Relief Fund program may be subject to an audit … Read more
Heads up! The July 31 deadline to make the 2nd quarter payment for the Oregon Corporate Activity Tax (CAT) is coming up on us quickly. To review, for the 2020 tax year, if you expect a Corporate Activity Tax liability of $10,000 or more, then you are required to make estimated payments by April 30, … Read more
When considering a successful family business, we tend to focus on the external outcome rather than all of the challenges and effort that goes into making it successful. The reality is that, when you mix business and family, conflicts of interest can arise which offer unique challenges to a family business’ road to success. One … Read more
“Telemedicine in the New Normal: Best Practices in Coding, Reimbursement & Workflow”Friday, July 24, 12:00 – 1:00 (PDT)with Elizabeth Woodcock, MBA, FACMPE, CPC In this fast-paced, content-rich webinar, we’ll spotlight the pandemic-driven dive into telemedicine and the ever-present challenges of getting paid and efficiently delivering ambulatory care. The rules and regulations about coding for telemedicine … Read more
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 by the FTE count from the selected base period. The borrower is able to choose … Read more
Jones & Roth CPAs and Business Advisors has been named to the Accounting MOVE Project’s 2020 Best CPA Firms for Equity Leadership list for the third consecutive year. The Accounting MOVE Project, an annual survey of leading Financial and Accounting Firms, is sponsored by the Accounting & Financial Women’s Alliance. Jones & Roth received this … Read more
In response to the COVID-19 pandemic, many not-for-profit entities applied for relief funding made available through the CARES Act. Two of the most common forms of funding are loans made through the Paycheck Protection Program (PPP) and Economic Injury Disaster Loan (EIDL) program. A significant question among not-for-profit entities that received PPP or EIDL funding … Read more