tax planning accountant

Paycheck Protection Program Loan Forgiveness Application Released

May 18, 2020

The US Small Business Association released a form for the Paycheck Protection Program (PPP) loan forgiveness. The new form includes instructions on how small businesses can apply for forgiveness for their PPP loans. The SBA also plans to issue more guidance and regulations for borrowers and lenders soon. The form is meant to simplify the…

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nonprofit auditor

How the CARES Act Impacts Business Charitable Deductions

May 15, 2020

Many businesses are still interested in donating to charity during the Coronavirus pandemic. In order to incentivize charitable giving, the Coronavirus Aid, Relief and Economic Security (CARES) Act revised the rules governing charitable deductions. Here are two changes that affect businesses: Increased limit on charitable deductions for corporations The total charitable deduction that a corporation…

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PPP loan

Paycheck Protection Program: Safe Harbor for Good-Faith Certification

May 14, 2020

Small businesses that receive Paycheck Protection Program (PPP) loans of less than $2 million are considered to meet the required good-faith certification. According to newly released a FAQ from the SBA and Treasury, “any borrower that, together with its affiliates, received PPP loans with an original principal amount of less than $2 million will be…

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health plan audit cpa

Employers Receive More Flexibility on Cafeteria Plans

May 13, 2020

The IRS released guidance on temporary changes to section 125 cafeteria plans, which extend the claims period for health flexible spending arrangements (FSAs) and dependent care assistance programs as well as allow employees to make mid-year changes to their employer-sponsored health coverage. Employers, at their discretion, may amend their cafeteria plans to allow employees to:…

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tax cpa

How the CARES Act Affects Net Operating Losses

May 12, 2020

The Coronavirus Aid, Relief, and Economic Security (CARES) Act includes provisions impacting net operating losses. Here’s how the rules for claiming certain tax losses have changed in order to provide businesses with relief from the Coronavirus (COVID-19) pandemic. Deductions for net operating losses The CARES Act includes changes to the rules for deducting net operating…

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ppp loan

Paycheck Protection Program: Deadline for Businesses to Repay Loans

May 11, 2020

Businesses have until May 14 to return their Paycheck Protection Program (PPP) loans to be eligible for the employee retention credit. An eligible employer that receives a PPP loan, regardless of the date of the loan, cannot claim the employee retention credit. Eligible employers should consider if the PPP loan or employee retention credit is…

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