Privately Held & Family-Owned Business

ppp loan

New Simplified Forgiveness for Paycheck Protection Program Loans Under $50,000

October 12, 2020

Small businesses with Paycheck Protection Program (PPP) loans of $50,000 or less can apply for forgiveness using a new, simplified application. The US Small Business Administration and Treasury Department released a new interim final rule that provides guidance for loans under $50,000. Under the new rule, PPP borrowers of $50,000 or less are exempted from…

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tax deadline

Tax Calendar: Key Deadlines for Businesses and Other Employers in Q4 2020

October 5, 2020

We are already in the fourth quarter of 2020. Here are some of the key tax-related deadlines affecting businesses and other employers. Keep in mind that this list isn’t all-encompassing, so there may be additional tax deadlines that apply to you. Contact us to ensure you’re meeting all applicable deadlines and to learn more about…

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virtual board meeting

Navigating Meetings for Your Audit During COVID-19

September 30, 2020

Remote audit procedures can help protect the parties from health risks during the COVID-19 pandemic as well as streamline the audit process. Though, seeing people can be essential when it comes to identifying and assessing fraud risks during a financial statement audit. Virtual face-to-face meetings can be the solution to this issue. What does an…

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IRS

IRS Released Revised Form 941-X

September 28, 2020

The final version of the second quarter Form 941-X, Adjusted Employer’s Quarterly Federal Tax Return or Claim for Refund, has been released by the IRS. The instructions detail changes to the form to account for the COVID-19 tax relief offered under the Families First Coronavirus Response Act (FFCRA) and the Coronavirus Aid, Relief, and Economic…

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ppp loan forgiveness

U.S. Department of Labor Revises Families First Coronavirus Response Act Regulations

September 23, 2020

The U.S. Department of Labor (DOL) issued new regulations on the paid sick leave as well as the family and medical leave provisions of the Families First Coronavirus Response Act (FFCRA). The changes are in response to a recent New York federal court decision invalidating certain regulation of the paid leave provisions. The revisions include:…

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tax related actions

Due Date Postponed for Reporting and Payment of Certain Excise Taxes

September 16, 2020

The IRS and Treasury Department have postponed the due dates for reporting and paying excise taxes relating to certain delayed minimum required contributions to a single employer defined benefit plan due on January 1, 2021. The due dates are now January 15, 2021. This change overrides the due date provided on Form 5330 and the…

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