Blog
  • PPP Forgiveness Gets Some Wiggle Room

      The U.S. Senate passed the House version of Paycheck Protection Program (PPP) legislation Wednesday, June 4, 2020, tripling the time allotted for small businesses and allowing for more flexibility. The Senate approval was signed by President Trump, on Friday, June 5, 2020. Borrowers can choose to extend the eight-week period to 24 weeks, but […]

  • Business Meal Deductions: The Current Rules Amid Proposed Changes

    Restaurants and entertainment venues have been hard hit by the novel coronavirus (COVID-19) pandemic. One of the tax breaks that President Trump has proposed to help them is an increase in the amount that can be deducted for business meals and entertainment. It’s unclear whether Congress would go along with enhanced business meal and entertainment […]

  • Revenue Recognition and Leases: FASB Gives Certain Entities More Time

    Private companies and most nonprofits were supposed to implement updated revenue recognition guidance in fiscal year 2019 and updated lease guidance in fiscal year 2021. Amid the novel coronavirus (COVID-19) crisis, the Financial Accounting Standards Board (FASB) has decided to give certain entities an extra year to make the changes, if they need it. Expanded […]

  • To Pivot Successfully: Start with Why!

      Business is hard! Even in a booming economy, companies that don’t constantly pivot and adapt to changes in their industry, the economy, and the needs of their consumer can often go out of business as a result.  Throw in a global pandemic, stay-at-home orders, and more than 40 million jobless claims since the start […]

  • Foreign Investment: Filing Requirement by Bureau of Economic Analysis

    The Bureau of Economic Analysis (BEA), a division of the U.S. Department of Commerce, is again requesting certain businesses to complete its benchmarking survey of U.S. Direct Investment Abroad.  The BEA requires U.S. persons with investments abroad to complete this survey every five years. This filing requirement is due as early as May 29 (or […]

  • Congrats, You Got Your PPP Money… Now What?

    How should I be using this money? The proceeds from your Paycheck Protection Program (PPP) loan should be used only to cover the following items Salary / wages / commissions (capped at $100,000 on an annualized basis for each employee), including benefits Interest on mortgage obligations that is incurred before February 15, 2020 Rent under […]

  • PPP Loan Amounts under $2 million Meet Good Faith Requirements

    The Treasury Department continues to update a list of frequently asked questions regarding the CARES Act including the Payroll Protection Program (PPP). Recently we informed you of an update that instructed borrowers of the PPP loan to certify in good faith that their PPP loan request was needed under a new standard. What followed was […]

  • Treasury Provides New Standard for PPP Loan “Good Faith” Certification

    The Treasury Department continues to update a list of frequently asked questions regarding the CARES Act including the Payroll Protection Program (PPP). A recent update instructs borrowers of the PPP loan to certify in good faith that their PPP loan request was needed under a new standard: 31 & (37) Question: Do businesses owned by […]

  • PPP Loan Update – Potential Treatment of Forgiveness Not Taxpayer Friendly

    The CARES Act provided the ability to have your Paycheck Protection Program loan or a portion forgiven while having that forgiven component excluded from income. However, the Act was silent as to the treatment of allocable expenditures. Generally, businesses are allowed a deduction for ordinary and necessary business expenses. There are limits to deductibility where […]

  • An Offensive Playbook for Nonprofit Arts Organizations

    Nearly every performance has been cancelled. Galas and other critical fundraising events will not occur. Important youth programs have been curtailed. Like just about every other corner of society, the COVID-19 pandemic has had a sudden and severe impact on arts organizations. The economic impact on the arts and culture industry across the nation is […]