The implementation date of the new lease standard ASC 842 for private companies is fiscal years beginning after December 15, 2021. The primary effects of the new lease standard as it relates to lessees are as follows:...
In recognition of the ongoing economic impact of the COVID-19 pandemic, the IRS has provided procedures to allow individuals to take early distributions from certain retirement plans under Section 2202 of the Coronavirus Aid, Relief, and Economic Security...
After months of back and forth with seemingly nothing to show for it (and immense frustration growing within the American people), it appears that Congress has reached a tentative agreement to pass much needed pandemic relief in the form of a new ...
On December 21st, 2020, Congress passed the Consolidated Appropriations Act of 2021 (CAA) which included an update to Paycheck Protection Program (PPP) loans, details on the new PPP second round (PPP2) and several enhancements to the Employee Retention Credit (ERC)...
First, a quick note on the calendar 2020 filing season. The Internal Revenue Service plans to open tax e-filing season on February 12th, 2021. While this normally begins late January, the ongoing pandemic, the distribution of the latest round of stimulus, a backlog of work from last year, and changes in the tax law have necessitated...
Although it has been quiet on the Paycheck Protection Program (PPP) front as of late, there are still many issues and topics being worked on behind the scenes at the U.S. Treasury Department and SBA. As a result, On June 16th, 2020, the SBA (in consultation with the US Treasury department) issued additional updates and revisions on the Paycheck Protection Program (PPP)...
Many small businesses are finally seeing their applications approved and funding granted for the Payroll Protection Plan Loans (“PPP”) after weeks of confusion and uncertainty. As the SBA and big banks continue to fumble through the second round of PPP funding, many borrowers are now focusing on how best to use their funds to optimize the best part: potential 100% loan forgiveness...
One week after issuing the long-awaited Paycheck Protection Program (PPP) Loan Forgiveness Application, summarized here, the Small Business Administration (SBA) issued two interim final rules on May 22, 2020 addressing loan forgiveness, loan review procedures, and borrower and lender responsibilities....
Many small businesses are finally seeing their applications approved and funding granted for the Payroll Protection Plan Loans (“PPP”) after weeks of confusion and uncertainty. As the SBA and big banks continue to fumble through the second round of PPP funding, many borrowers are now focusing on how best to use their funds to optimize the best part: potential 100% loan forgiveness...
In most cases, that’s the first phrase uttered when a firm discovers employee fraud. You hear about it all the time. A long-time, well-trusted employee embezzles cash over a period of years. These stories appear on a daily basis in just about every business publication. It happens in all size companies – small, medium and large. All levels of employees...
Accounting Fees
Advertising, Attorney's fees
Auto Expenses
Bad Debts (if previously income)
Banking Fees
Board Meetings
Building Repairs and Maintenance Cafeteria Plan (Requires Plan)
Car and Truck Expenses...