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After getting hung up for several weeks in the Senate, on April 24, 2020, President Trump signed the Paycheck Protection Program and Health Care Enhancement Act (the Enhancement Act) into law. This is the fourth piece of legislation providing COVID-19 relief. The new $484 Billion package includes $310 to replenish funding for the Paycheck Protection […]
Generating financial statements is a routine part of the close process, but standard financial reports cannot always provide sufficient explanations for the numbers. Getting that information can be difficult or even impossible. Often, the problem is in the chart of accounts, which provides a framework for organizing financial data in the general ledger (GL). Problems […]
The IRS issued Rev. Proc. 2020-25 on April 17, 2020, providing guidelines for how taxpayers can take advantage of the recently enacted technical correction to the rules for qualified improvement property (QIP) and outlines the procedures to change depreciation for certain QIP or to make, revoke or withdraw certain elections. Under the Tax Cuts and […]
On April 9, 2020, the Internal Revenue Service and Treasury issued additional guidance to specifically address the new net operating loss (NOL) rules included in Section 2303(b) of the CARES Act. Revenue Procedure 2020-24 clarifies the procedures related to filing refund claims resulting from the newly established five-year net operating loss carryback provisions under the […]
In deference to fairness, on April 9, 2020, the Internal Revenue Service issued Notice 2020-23, which extended the tax filing and payment deadline to now apply to all taxpayers that have a filing or payment deadline falling on or after April 1, 2020, and before July 15, 2020. In addition to tax-exempt organizations, individuals, trusts, […]
In the flurry of releasing millions of dollars of loan requests from small businesses under the CARES Act’s Paycheck Protection Program (PPP), the Small Business Administration (SBA), in consultation with Department of the Treasury, issued additional guidance on April 6, 2020. These Frequently Asked Questions (FAQs) go a long way in clarifying the intent of […]
There has been a flood of information (and misinformation) about the Paycheck Protection Program (PPP) included in the Coronavirus Aid, Relief and Economic Security (CARES) Act that provides eligible small businesses with borrowing opportunities to weather the current COVID-19 economic storm (see related posts below). Receiving less attention at the current time is another program […]
There are numerous relief programs available to small business owners negatively impacted by the Coronavirus pandemic. We have previously posted detailed information on each these programs, which can be accessed at the “related posts” links at the bottom. The following summaries and links provide quick access to additional information. For further assistance, please feel free […]
UPDATE (4/7/20): the SBA and Treasury have released FAQs to Provide Additional Clarity As with nearly all of the guidance being issued regarding the COVID-19 relief programs, information regarding the Paycheck Protection Program Loans continues to evolve. On April 2, 2020, the SBA issued an interim final rule and a new application form (that requires […]
On April 1, 2020, the U.S. Department of the Treasury and the Internal Revenue Service announced that Social Security beneficiaries who are not typically required to file tax returns will not need to file an abbreviated tax return to receive an Economic Impact Payment. Instead, payments will be automatically deposited into their bank accounts. The announcement […]
