FASB Announces Further Delays of Revenue Recognition and Leases Standards

Following last month’s proposal to defer the effective date of two standards for private companies and nonprofit organizations, the Financial Accounting Standards Board (FASB) voted to delay the effective dates of revenue recognition and leases standards on May 20. The standards extension comes as a response to complications caused by the coronavirus pandemic. A recent…

Read more

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…

Read more

Guidance on Calculating Maximum PPP Loan Amounts

On Friday, April 24, the Small Business Administration (SBA) released additional guidance regarding how various types of businesses should calculate the maximum Paycheck Protection Program (PPP) loan amount for which they qualify. The new SBA guidance offers specific instructions for the following entities: Self-employed with no employees Self-employed with employees Self-employed and reports income on…

Read more

President Enacts $484 Billion Virus Aid Bill

On Friday, April 24, President Trump signed the Paycheck Protection Program and Health Care Enhancement Act into law. The new aid bill boosting funding for various initiatives in response to the coronavirus pandemic was passed in the Senate on Tuesday and by the House on Thursday. The legislation includes the following: $310 billion in additional…

Read more

Achieving PPP Loan Forgiveness

Businesses that have managed to secure financing through the Paycheck Protection Program (PPP) are fortunate—but also saddled with a lot of red tape. Business owners and managers should be careful that they adhere strictly to the terms of the program in order to qualify for loan forgiveness. In response to the coronavirus pandemic, Congress created…

Read more

CARES Act FAQ: Retirement Plan Withdrawals

On March 27 th , President Trump enacted the Coronavirus Aid, Relief, and Economic Security (CARES) Act. The historic $2.2 trillion stimulus bill includes an allowance for penalty-free early withdrawals from retirement accounts. Below, we address some of the common questions regarding this particular initiative. If youcannot find the answer to your question, please do…

Read more

CARES Act FAQ: Net Operating Loss & Other Tax Modifications

On March 27 th , President Trump enacted the Coronavirus Aid, Relief, and Economic Security (CARES) Act. The historic $2.2 trillion stimulus bill contains a variety of modifications to key business tax provisions, such as regulations regarding Net Operating Losses. Below, we address some of the common questions regarding these tax law modifications. If you…

Read more

CARES Act FAQ: Employee Retention Credit

On March 27 th , President Trump enacted the Coronavirus Aid, Relief, and Economic Security (CARES) Act. The historic $2.2 trillion stimulus bill includes a wide range of business tax provisions, including a new credit for employers that retain their employees. Below, we address some of the common questions regarding this particular initiative. If you…

Read more

Watch Out for Coronavirus-Related Scams

On Thursday, April 2, the Internal Revenue Service (IRS) issued a warning concerning the development of new scams related to the coronavirus, particularly the recovery rebates legislated by the CARES Act. It is not surprising that criminals are taking advantage of the chaos resulting from the coronavirus outbreak to perpetrate fraud. The IRS has observed…

Read more