SBA Releases Guidance on Forgiveness of PPP Loans By: Anthony LaNasa On Friday, May 22, 2020, the SBA issued a long-overdue interim final rule providing guidance on how forgiveness will work for PPP loans. Below is a summary of how the […]
When nonprofit contributions are quid pro quo By: Helen Weeber Charitable contributions aren’t always eligible for tax deductions — even when the not-for-profit recipient is tax exempt and the donor itemizes. Take “quid pro quo” donations. These transactions occur when […]
Don’t get shortchanged by a liquidating business By: Anthony LaNasa Several major companies have already filed for bankruptcy during the novel coronavirus (COVID-19) crisis and many more large and small businesses are expected to follow suit. If you’re a creditor […]
Fortunate enough to get a PPP loan? Forgiven expenses aren’t deductible By: David M. Reape The IRS has issued guidance clarifying that certain deductions aren’t allowed if a business has received a Paycheck Protection Program (PPP) loan. Specifically, an expense isn’t deductible if both: The […]
SBA and US Treasury release PPP Loan Forgiveness Application The long awaited PPP Loan Forgiveness Application including instructions was issued by the SBA and US Treasury over the weekend and can be found on the SBA and U.S. Treasury […]
State of Ohio extends due date for payment of real property taxes and assessments During the COVID-19 pandemic, real property owners have had concerns on due dates for the payment of real property taxes and assessments for the second half of Tax Year 2019. […]
SBA Issues Interim Final Rule on PPP Loans to Partnerships and Seasonal Employers The U.S. Small Business Administration (SBA) issued a new interim final rule 5/13/2020, which allows lenders to increase existing Paycheck Protection Program (PPP) loans to partnerships and seasonal employers. This […]
SBA issues new FAQs dealing with Safe Harbor Deadline One of the most frequently discussed aspects of the Paycheck Protection Program (PPP) loans has been the economic necessity certification. The date for borrowers that may lack adequate certification and […]
Recent efforts to corral COVID-19 fraudsters By: Anthony LaNasa The COVID-19 pandemic has opened the floodgates to scam artists attempting to profit from sick, anxious and financially vulnerable Americans. On the frontlines fighting fraud are the Federal Trade Commission […]
Business charitable contribution rules have changed under the CARES Act By: David M. Reape In light of theCOVID-19 pandemic, many businesses are interested in donating to charity. In order to incentivize charitable giving, the Coronavirus Aid, Relief and Economic Security (CARES) Act made some […]
IRS Adds Economic Impact Payment Information By: David M. Reape The IRS recently addressed a question regarding an Economic Impact Payment being sent to someone who was deceased. From the IRS Economic Impact Payment Information Center: Q: Does someone who […]
Nonprofits get guidance on audit requirements By: Helen Weeber For nonprofit organizations, federal funds can be subject to single audit requirements under the OMB Uniform Grant Guidance. The SBA recently provided the following guidance for nonprofits receiving SBA funds […]