PPP loan forgiveness application released by SBA

On Friday May 15th, the SBA released the Paycheck Protection Program Loan Forgiveness Application. The highly anticipated application provides insight and direction for the loan forgiveness process. The application can be found on our web page.  While the application will likely not answer all of the questions borrowers have, the eleven-page document includes the form, …

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PPP loan forgiveness application now available

The SBA released a PPP loan forgiveness application on Friday, May 15th along with instructions on completing the form. The application does provide some clearer guidance on some unanswered questions that people have been struggling with since the program started. There is clarity on how to calculate FTE (full time equivalent) employees, how to calculate …

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Joint Chiefs of Global Tax Enforcement

The Joint Chiefs of Global Tax Enforcement, known as the “J5”, are cracking down on international tax evasion and criminal activity. The J5 is made up of a group of investigators from Australia, Canada, the UK, US and the Netherlands. The group formed in mid-2018 and has been actively focused on bringing down worldwide tax …

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PPP loan increases available for partnerships and seasonal employers

Is your Paycheck Protection Program loan not covering as much as you need it to? Some businesses may be able to go back for more. The Small Business Administration (SBA) released an interim finale rule regarding PPP loan increases for partnerships and seasonal employers. Don’t miss: SBA clarifies process for review of good-faith PPP certifications …

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Here’s why you should file a tax return

Millions of Americans every year are required to file a tax return, and it’s a good idea for everyone to determine whether or not they should file a return this year. Individuals with low income may not be required to file a tax return, but it may be a good idea to file if you …

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SBA clarifies process for review of good-faith PPP certification

In an effort to provide businesses desperately needed help during the COVID-19 crisis, the Small Business Administration (SBA) is administering loans through the Paycheck Protection Program. To streamline the process, qualification certification has been reduced to good-faith certification, but that’s raised several questions. Key among them, exactly how will SBA review borrower’s required good-faith certifications? …

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OMB exemptions related to the expenditure of federal awards and COVID-19

With the widespread impact of the COVID-19 virus, the Office of Management and Budget (OMB) has released various memorandums offering advice, direction and relief through the relaxation or easing of the administrative requirements related to the expenditure of federal funds. Initially the OMB’s memo’s focused on providing relief or flexibility only to recipients performing essential …

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Exclusion continues: Discharge of qualified principal residence debt

With the introduction of the SECURE Act, the exclusion from gross income for a discharge of qualified principal residence indebtedness has been extended. This is good news for taxpayers who had part or all of their mortgage forgiven by a bank or financial institution. Don’t miss: Welcome back tuition and fees deduction Qualified principal indebtedness …

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Accounting for a pandemic

This pandemic has changed almost every aspect of our lives. With more people working from home, changes to our business operations, personnel and their roles, we see a plethora of moving pieces that make this time challenging. Business is changing, has changed, and we are sharing some tools for moving forward. Don’t miss: Your audit …

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