New Loan Programs Created for Nonprofits On July 17, 2020, the Federal Reserve (Fed) finalized details for two new Main Street loan programs created for not-for-profits (NFP): Nonprofit Organization New Loan Facility and Nonprofit […]
The CARES Act – Federal Program Requirement Challenges By: Michael Shea CPA The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) was passed and signed into law on March 27th, 2020 in response to the impact of the COVID-19 pandemic. The […]
How some “reputable” professionals enable illegal opioid distribution By: Anthony LaNasa With COVID-19 still raging in much of the country, the opioid crisis may not be the top public health challenge on most Americans’ minds. But according to the American […]
Businesses: Get ready for the new Form 1099-NEC By: David M. Reape There’s a new IRS form for business taxpayers that pay or receive nonemployee compensation. Beginning with tax year 2020, payers must complete Form 1099-NEC, Nonemployee Compensation, to report any payment […]
Skimming may sound small, but losses can be significant By: Anthony LaNasa Skimming isn’t the biggest fraud threat for most businesses. The theft of cash receipts represents only 11% of asset appropriation schemes, according to the Association of Certified Fraud Examiners’ […]
Steer clear of the Trust Fund Recovery Penalty By: David M. Reape If you own or manage a business with employees, you may be at risk for a severe tax penalty. It’s called the “Trust Fund Recovery Penalty” because it applies to […]
New PPP Extension Bill Signed On July 4th, President Donald Trump signed a bill which re-opened the application window for the Paycheck Protection Program (PPP) until August 8. The five-week extension had been passed by […]
Appealing to the next generation of supporters By: Helen Weeber Factors such as wealth level, education and even whether people volunteer, probably will tell you more about potential donors than their generation. But some broad generalizations about age can help […]
Senate approves 5-week PPP extension The U.S. Senate unanimously passed a five-week extension of the Paycheck Protection Program (PPP) on June 30, 2020, only a few hours before the application window on the program was […]
PPP Loan Forgiveness Calculator The Loan Forgiveness Calculator uses available guidance from the Small Business Administration and Treasury, along with interpretations of that guidance (see notes throughout) to estimate the amount of a PPP […]
Ohio Excludes Forgiven PPP Loan Proceeds from CAT Taxation By: David M. Reape The State of Ohio has joined other states in excluding forgiven Paycheck Protection Program (PPP) Loans from taxation. The Coronavirus Aid, Relief, and Economic Security (CARES) Act, passed by Congress, […]
Accounting Recognition for PPP Loans By: Anthony LaNasa The AICPA recently updated a technical accounting guide that provides accounting options to borrowers of the Paycheck Protection Program (PPP) Loan. The guide is in the form of a Technical […]