Main Street Lending Program: What You Need to Know By: Tony LaNasa The Main Street Lending Program (Program) was established by the Federal Reserve to support lending to small and medium-sized businesses impacted by the COVID-19 pandemic. The Program […]
Paycheck Protection Program Flexibility Act Signed into Law President Trump has signed the Paycheck Protection Program (PPP) legislation known as the PPP Flexibility Act (PPPFA). The bipartisan bill makes several changes to the PPP loan program: Extension of […]
The latest news on nonprofit fraud is here By: Tony LaNasa Every two years, the Association of Certified Fraud Examiners (ACFE) publishes what has become the definitive guide for preventing and detecting workplace fraud. The recently released Report to the Nations: […]
Where’s my package? Foiling parcel delivery thieves By: Tony LaNasa Even before the novel coronavirus (COVID-19) pandemic struck, Americans received a lot of packages. About 18 billion parcels were shipped in the United States in 2018, according to […]
Business meal deductions: The current rules amid proposed changes By: Ed Decker 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 […]
Provider Relief Fund Updates The Department of Health and Human Services (HHS) continues to make payments to healthcare providers from its Provider Relief Fund. At the same time, HHS continues to issue new guidance […]
IRS releases 2021 amounts for Health Savings Accounts By: Karen Baksa CPA The IRS recently released the 2021 inflation-adjusted amounts for Health Savings Accounts (HSAs). HSA basics An HSA is a trust created or organized exclusively for the purpose of paying the […]
SBA Releases Guidance on Forgiveness of PPP Loans By: Tony 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: Tony 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 […]