On August 8, 2020, President Donald J. Trump signed an executive memorandum directing the U.S. Department of the Treasury (Treasury) to allow deferral of the withholding, deposit, and payment of the employee portion of the 6.2 percent Social Security tax (but not the 1.45 percent Medicare tax) for the period of September 1, 2020, through…
DOWNLOAD THE CALCULATOR (PPP Loan Forgiveness Calculator will be updated as further guidance is issued by the SBA, so check back for updates – current version follows the format of SBA Form 3508 – Loan Forgiveness Application)
Treasury Issues FAQ’s on PPP On April 6, 2020 The Treasury Department issued updated FAQ’s which clears up most of the confusion in the computation of the maximum loan amount and discusses other matters under the Paycheck Protection Program. Some of the major clarifications are as follows: The Gross Payroll approach should be used for…
THE CARES ACT: Confusion over the PPP Loan Program (analysis as of April 5, 2020) As you’ve probably noticed applying for a PPP Loan has been fraught with conflicting instructions, contradictory rules, lenders not prepared to accept applications and constant last minute changes in the application form. Borrowers and Lenders are both confused. [UPDATE :…
EIDL vs PPP Loan Program We’ve put together a summary comparison of the two SBA sponsored loan programs that were authorized by the CARES Act. EIDL VS PPP Loan Program If you apply for the EIDL loan, businesses can get a $10,000 cash advance grant. The cash advance does not have to be repaid if…
Small Changes That Have a Big Impact on Employee Satisfaction BY DIANE OPUDA, CPA, ROTENBERGMERIL As the way in which we work continues to evolve, employers that stay ahead of the curve and keep up with the changing demands of employees are more likely to attract and retain talent. Professionals today consider many more factors…
As seen on ABC 7 – February 11th, 2019 The 16 million Americans who have already filed their federal tax returns are seeing, on average, an 8.4 percent drop in their refund amount so far this year, according to new data from the IRS. So far in 2019, the average refund clocks in at $1,865,…
AICPA’s National A&A Resource Center Alert August 29, 2018 ASU 2018-13 Amendments to Fair Value Measurement Disclosures ASU 2018-13 Center for Plain English Accounting AICPA’s National A&A Resource Center Amendments to Fair Value Measurement Disclosures August 29, 2018 On August 28, 2018, the FASB issued Accounting Standards Update (ASU) 2018-13, Fair Value Measurement…
Form 1099 Filings Dear Client: The IRS has become stricter with 1099 information reporting and filings by assessing harsher penalties. The penalties associated with missing the deadline or not filing 1099s can range from $30 to $100 per form, with a maximum fine of $500,000 per year. If the IRS determines there is intentional disregard…
2017 Tax Reform: Client Letter on last-minute year-end moves in light of Tax Cuts and Jobs Act Dear Client: Congress is enacting the biggest tax reform law in thirty years, one that will make fundamental changes in the way you, your family and your business calculate your federal income tax bill, and the amount of…