The Small Business Administration (SBA) and the Treasury Department recently released an interim final rule entitled, “Treatment of Owners and Forgiveness of Certain Non payroll Costs.” This rule addresses important guidance related to PPP loan expenses eligible for forgiveness, owner-employee compensation, the eligibility of non payroll costs, including related party rents, and rent-related costs. The […]
Today, business leaders are faced with a highly complex market situation, the likes of which the world hasn’t experienced ever before. Long-standing market downturns, businesses having to shut their doors indefinitely, and an overall paradigm-shift in the way we live our day-to-day lives have all played into an incredibly volatile market situation that not all […]
During periods of economic stress, both civil and criminal incidents of fraud tend to rise as businesses face increased financial pressures. The current climate is posing exceptional challenges resulting from COVID-19. Attorneys are more likely than ever to turn to the services of a CPA for support with settlement negotiations and trial testimony in fraud […]
COVID-19 has triggered many brick-and-mortar entities to either strengthen or create their online presence. This, in turn has forced them to address sales tax complexities they didn’t have to contend with when all sales were local. Understanding Sale Tax Thresholds The internet sales tax requirement is the direct result of the Supreme Court’s ruling in […]
Around the world, businesses are emerging from various pauses and lockdowns, some in better shape than others. Many businesses continue to grow and prosper, and many likely are doing so through a merger or acquisition. Others are looking to merge into or be acquired by other businesses. The M&A market was active before the COVID-19 […]
Paycheck Protection Program Flexibility Act of 2020 (PPPFA) In my last post, I covered the basic changes brought about by the PPPFA which was signed into law on June 5, 2020. Today we’ll do a deeper dive into some of the workings of the forgiveness process, particularly as it relates to the exceptions to the […]
In today’s economy auditors play a critical role in the security of the financial markets by ensuring we are performing high-quality audits and providing clear insight into a company’s financial position to the users of the financial statements. Each auditor should continuously focus on enhancing the quality of our audit procedures and the value that […]
Paycheck Protection Program Flexibility Act of 2020 (PPPFA) Over the last two weeks major developments have occurred with the signing of the Paycheck Protection Program Flexibility Act (PPPFA) and this week’s release of the updated loan forgiveness application(s). The revised loan forgiveness applications hope to provide a more efficient process to make it easier for […]
An Employee Stock Ownership Plan, also known as an ESOP, is an employee benefit plan that offers advantages to business owners, their companies, and their employees. It is a tax qualified, defined contribution plan where employees own shares in the company (or in the parent company of a group of companies), and is unique among qualified […]
On Wednesday evening, the Senate cleared changes to the popular Paycheck Protection Program that will allow small businesses more flexibility in using the rescue loan funds, and it was quickly signed into law by President Trump today. One of the key provisions in the new bill is that PPP borrowers will now have a longer […]
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