The SBA and US Treasury have released revised PPP forgiveness application forms for first and second-draw Paycheck Protection Program borrowers.Read More
The Consolidated Appropriations Act made big changes to the Employee Retention Credit by expanding and extending it. Here's what you need to know.Read More
The new COVID-19 stimulus package, the Consolidated Appropriations Act, provides a second round of PPP loans and makes big changes to the program.Read More
The $900 billion COVID-19 relief bill reopens the Paycheck Protection Program and ensures expenses paid for with forgiven PPP loan funds will be tax deductibleRead More
It’s almost time for year-end inventory counts. You might need to alter your approach if COVID-19 cases are rising in locations your inventory is stored.Read More
Here are the FTE (full-time equivalent) employee reduction exemptions you should be aware of when filling out your PPP loan forgiveness application.Read More
The SBA released two loan necessity questionnaires for Paycheck Protection Program (PPP) borrowers who received PPP loans totaling $2 million or more.Read More
A recent fraud alert from the Cybersecurity Infrastructure Security Agency explains how scammers use voice phishing (or "vishing") to access company recordsRead More
The FASB issued simplified rules for reporting long-term insurance contracts in 2018. But insurers have struggled to make the changes during the COVID-19 crisis.Read More
COVID-19-related loan modifications may be exempt from the complex accounting rules for troubled debt restructurings, if certain conditions are met.Read More
Many businesses have undergone strategic shifts during the pandemic--ensure that change is within the scope of accounting rules for discontinued operations.Read More
Business taxes are a major issue in this year's presidential election. Here's a summary of how the 2020 tax platforms measure up on business-related issuesRead More
The IRS has issued guidance to implement the deferral of the employee share of Social Security tax, but employers still have questions and concerns,Read More
The COVID-19 pandemic has resulted in many people borrowing from their companies' qualified retirement plans, but this should be used only as a last-resortRead More
The Families First Act requires certain employers to provide paid family and medical leave to employees unable to work due to COVID-19 concerns.Read More
Shutdowns caused by the COVID-19 pandemic have lead to worldwide supply chain disruptions, leading construction firms to have costly job delaysRead More
Here are CARES Act provisions that can help construction companies (and other businesses) reduce their tax bills and, thereby, boost their cash flows.Read More
Interim guidance released by the Treasury and SBA declare PPP recipients can apply for PPP loan forgiveness before the end of their Covered Period.Read More
The COVID-19 crisis may affect tax angles for rental property losses. Here is a summary of important federal income tax rules for such losses.Read More
The Paycheck Protection Program Flexibility Act (PPPFA) aims to make it easier for PPP loan borrowers to receive forgiveness. Here are the key points.Read More
The SBA and Treasury announced PPP loan borrowers of $2 million or more should expect an audit. Here are some ideas to help facilitate the process.Read More
If you get a PPP loan and use the proceeds on certain expenses, the loan amount will be forgiven. Can you then deduct the expenses on your tax return?Read More
The Small Business Administration announced there will be a safe harbor for all Paycheck Protection Program (PPP) loans under the amount of $2 millionRead More
The Coronavirus Aid, Relief, and Economic Security (CARES) Act provides provisions that may make it advantageous to file an amended return for your businessRead More
If your business is donating to charity to help ease the pain from COVID-19, you may be eligible for enhanced charitable deductions for donations.Read More
This $50 million Grant Fund offers working capital to provide interim relief for Maryland small businesses and nonprofits whose operations were disrupted due to COVID-19. Terms and...Read More
The law providing relief due to the coronavirus (COVID-19) pandemic contains a beneficial change in the tax rules for qualified improvement property (QIP)Read More
There's much disagreement regarding whether business interruption insurance policies should cover loss of income triggered by the COVID-19 pandemicRead More