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  • PPP Forgiveness Applications and Guidance

    PPP Forgiveness Applications and Guidance

    On June 16, 2020, the Small Business Administration (“SBA”) released new documents pertaining to the forgiveness of the Paycheck Protection Program (“PPP”) loans.  The documents are (1) a revised PPP loan forgiveness application (Form 3508) and instructions and (2) a new “EZ” option (Form 3508EZ) and instructions for those borrowers that qualify.  Read More »
  • PPP Loan Forgiveness New Guidance

    PPP Loan Forgiveness New Guidance

    The SBA released Paycheck Protection Program (PPP) loan forgiveness documents and instructions late on May 15, 2020.  The guidance is very comprehensive, particularly regarding the count of full-time equivalent (FTE) employees, and it specifies the documentation required to be submitted to lenders and what information borrowers must keep in the event of an SBA inquiry.Read More »
  • PPP Economic Need Update

    PPP Economic Need Update

    Good news for those Paycheck Protection Program (PPP) borrowers whose loan amount is under $2 million!  On May 13, 2020, the SBA posted an update to their Frequently Asked Questions document that states the following: “Any borrower that, together with its affiliates, received PPP loans with an original principal amount of less than $2 million will be deemed to have made the required certification concerning the necessity of the loan request in good faith.”Read More »
  • BE-10 Foreign Entity Ownership Filing Deadline May 29!

    BE-10 Foreign Entity Ownership Filing Deadline May 29!

    Every five years the U.S. Bureau of Economic Analysis (BEA) conducts a mandatory BE-10 Benchmark Survey of U.S. Direct Investment Abroad. The survey is used to produce statistics on the scale and effects of US-owned business activities abroad. The due date to file the survey is either May 29th, 2020 or June 30th, 2020 (depending on the number of forms required to be filed) but with approval from the BEA, the deadline in most situations can be extended until August 31, 2020. Read More »
  • Employee Benefit Plan Deadlines Extended

    Employee Benefit Plan Deadlines Extended

    The IRS recently issued Notice 2020-23, expanding on previously issued guidance extending certain tax filing and payment deadlines in response to the novel coronavirus (COVID-19) crisis.  This guidance applies to specified filing obligations and other “specified actions” that would otherwise be due on or after April 1, 2020, and before July 15, 2020. It extends the due date for these specified actions to July 15, 2020.Read More »
  • New IRA, RMD and Estate Plan Rules

    New IRA, RMD and Estate Plan Rules

    Many individuals estates typically include IRAs. Be aware that two major laws were enacted into law recently, the Setting Every Community Up for Retirement Enhancement (SECURE) Act  passed on December 20, 2019, and the Coronavirus Aid, Relief, and Economic Security (CARES) Act passed on March 27, 2020, have had a direct effect on IRAs. Read More »
  • No Tax Deduction for Expenses Paid with Forgiven PPP Loan Funds

    No Tax Deduction for Expenses Paid with Forgiven PPP Loan Funds

    In the CARES Act, Congress has allowed borrowers under the Paycheck Protection Program (PPP) to have some or all of their loan forgiven if they meet certain requirements.  See loan forgiveness details in our previous article, “PPP Economic Need and Loan Forgiveness”.  In Notice 2020-32, the IRS has provided that taxpayers are not permitted to deduct any payments made with funds from a PPP loan that have been forgiven.  While this is not a favorable result, keep in mind that PPP loans are not taxable income to borrowers.Read More »
  • PPP Economic Need and Loan Forgiveness

    PPP Economic Need and Loan Forgiveness

    The Department of the Treasury and SBA have been updating guidance on the Paycheck Protection Program (PPP) on almost a daily basis, and an update to a Frequently Asked Questions document on April 23, 2020, was quite alarming. Additional information appears to suggest that borrowers will be subject to future scrutiny about their eligibility for a PPP loan. Read More »
  • CARES Act for College Students and Other Adult Dependents

    CARES Act for College Students and Other Adult Dependents

    As many people eagerly wait for their CARES Act advance recovery rebate (stimulus checks), some people have been left out of receiving them. Anyone aged 17 and older who can be claimed as a dependent cannot receive one, and the people claiming them do not receive additional payments for them either.Read More »
  • Updates to Federal Tax Return Due Dates

    Updates to Federal Tax Return Due Dates

    In Notice 2020-23, the IRS provided additional updates to the list of federal tax returns that have been extended due to the COVID-19 pandemic.  Please read this news post for more details regarding when the various forms are due.Read More »
  • Employee Retention Credit + Payroll Tax Delay

    Employee Retention Credit + Payroll Tax Delay

    The federal CARES Act provides two additional options - The Employee Retention Credit and the Delay of Payment of Employer Payroll Taxes.  Keep in mind if a company applies for and receives a PPP loan, it is prohibited from using either of these two programs. Read this article for an overview of each program to see if either of them will benefit your organization.Read More »
  • SBA Economic Injury Disaster Loan Program EIDL

    SBA Economic Injury Disaster Loan Program EIDL

    In addition to the Paycheck Protection Program (PPP) (click HERE for our previous article), the Economic Injury Disaster Loan Program (EIDL) may be able to provide funds to assist your business.  The program is administered by the Small Business Administration (SBA), and unlike PPP, borrowers work directly with the SBA instead of commercial lenders. Here are the highlights of the EIDL Program:Read More »
  • CARES Act Commercial Finance Provisions (updated)

    CARES Act Commercial Finance Provisions (updated)

    CARES Act Title I – Keeping American Workers Employed and Paid Act By: Tiffany Rankin [Updated March 28, 2020] Title I of the CARES Act creates a $349 billion Paycheck Protection Program (PPP) for small businesses.  This program will provide loans of up to $10 million to eligible entities through June 30, 2020.  These funds will be made by, or ... Read MoreRead More »
  • CARES Act and Retirement

    CARES Act and Retirement

    CARES Act – Use of Retirement Funds by Individuals Impacted by the Coronavirus By: Dave Reyes For many individuals, retirement accounts (whether 401(k)/403(b) or IRA’s) hold the largest source of their liquid assets. The CARES Act allows participants to have early access to these retirement assets and to also avoid penalties.  The following two methods implemented by the CARES Act ... Read MoreRead More »
  • CARES Act for Individuals

    CARES Act for Individuals

    Provisions Related to the CARES Act for Individuals By: Scott Fraker Recovery Rebate The Act provides for an advance recovery rebate (stimulus check) in the amount of $1,200 per individual ($2,400 if married filing joint). The rebate also includes an additional $500 rebate for each qualifying child. The rebate is reduced by $50 for every $1,000 earned over the following ... Read MoreRead More »
  • CARES Act for Businesses

    CARES Act for Businesses

    Business Provisions of the CARES Act By: Amy Troiano On March 25th the Senate unanimously passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act to provide further relief for individual and business taxpayers impacted by the COVID-19.  The House voted on March 27 to pass the legislation. The following is a summary of the business tax provisions included in ... Read MoreRead More »
  • Families First Coronavirus Response Act

    Families First Coronavirus Response Act

    Overview of the Families First Coronavirus Response Act By Dave Reyes, Shareholder On March 18, 2020, the Families First Coronavirus Response Act was signed into law, marking the second major legislative initiative to address COVID-19 (the first was signed on March 6 and provided emergency funding relief for domestic and global efforts). The purpose of the Families First Coronavirus Response Act is to provide employees with ... Read MoreRead More »
  • IMPORTANT Ohio COVID-19 Update

    IMPORTANT Ohio COVID-19 Update

    Ohio Governor Mike DeWine announced a stay-at-home order for all Ohioans, effective Monday, March 23, 2020, at 11:59 p.m.  There are exceptions to this order which include all essential businesses, infrastructure providers, and government functions. The Governor has specifically named Professional Services including accounting firms as an essential business, but the order nonetheless requires that as many employees as possible be permitted to work remotely.Read More »
  • R&D Tax Credit

    R&D Tax Credit

    The Research & Development tax credit (R&D) has been around in many forms since 1981.  It was made a permanent credit as part of the PATH Act signed 12/18/15.  This included a number of changes which has made the R&D more attractive to small and medium-sized businesses.  The credit was designed to allow companies to claim a nonrefundable federal tax credit on research and development expenses.  It was intended to reduce the after-tax cost of research and development and ultimately strengthen the competitiveness of U.S. companies.   If you haven’t utilized the credit or been frustrated by its limitations due to the alternative minimum tax (AMT) it is time to revisit its potential to save you taxes.   Read More »
  • SECURE Act and Retirement

    SECURE Act and Retirement

    On December 20, 2019, the President signed into law the SECURE Act – Setting Every Community Up for Retirement Enhancement Act.  This new law had strong bi-partisan support and focuses on retirement savings.  Many of the provisions of the SECURE Act go into effect in 2020, but others will go into effect after this year.  Most experts agree that the changes under the SECURE Act are the most sweeping changes to the retirement plan landscape in well over a decade.  The purpose of this new law is to provide individuals with more opportunities to save for retirement.  Here is a brief summary of some of the more significant changes.  Read More »
  • Not-for-Profit Tax Update January 2020

    Not-for-Profit Tax Update January 2020

    The bill, known as the Further Consolidated Appropriations Act of 2020, contains two important provisions for not-for-profit organizations. First, the tax law provision forcing not-for-profit organization to recognize taxable revenue for the costs of providing employees with certain transportation benefits including parking has been repealed. The second provision in the bill affects private foundations by changing the excise tax rate on net investment income to 1.39%.  Read More »
  • 1031 Exchanges

    1031 Exchanges

    If you are considering selling investment property only to buy other investment property, you should know about IRS code section 1031 and how you can utilize this to defer otherwise taxable gains. In summary, a 1031 exchange is a method used to defer gains on real property either used in a trade or business or as investment property. This is accomplished by timely reinvesting sales proceeds into other real property either used in a business or as an investment property, is like kind in value and is an equal or greater value of the relinquished property.   Read More »
  • Social Media and Cyber Security

    Social Media and Cyber Security

    Social media and online connectivity are a big part of most people’s everyday routines these days, so it’s not surprising to learn that many of the sites, posts and links offered through these channels are, unfortunately nefarious. Just think of the infamous Instagram Ray-Ban hack you may have come across in recent months. It often looked like a promotional photo post on your feed, except that it came from an account or person you follow, but who was uncharacteristically advertising discounted Ray-Ban sunglasses. Fortunately, it wasn’t long before followers recognized the highly suspect post for what it was.  Read More »
  • Securing Your Personal Data Online

    Securing Your Personal Data Online

    It’s National Cybersecurity Awareness Month, and recommendations on securing your personal data online are in the spotlight this week. In this article we are sharing some tools to use and situations to watch for to build up your cyber security quotient both at home and at work. Learn more about how to secure your online activity with these tips on password controls, authentication measures, system updates, and greater awareness of phishing and skimming risks.  Read More »
  • Dale Dresch Discusses Ransomware in Crain’s

    Dale Dresch Discusses Ransomware in Crain’s

    As part of Cybersecurity Month, Crain's Cleveland Business published an article "Be proactive when it comes to ransomware" detailing the challenges business face with preventing hackers and scammers from holding a company's information technology and data hostage.  Read More »
  • Cybersecurity Update

    Cybersecurity Update

    Ahhh, October. That time of year when we celebrate Christopher Columbus, carve pumpkins, and maybe even buy candy corn. And, for the 16th year running, it’s also the time for recognizing National Cybersecurity Awareness Month. This annual campaign, co-led by government and industry via the National Cyber Security Alliance and the Cybersecurity and Infrastructure Agency (CISA), is all about building cybersecurity awareness at home and at work by understanding the risks and updating your digital practices to reduce them. This year the overarching theme of the campaign makes a clever play on the term Information Technology, with organizers urging us to: “Own IT. Secure IT. Protect IT.”Read More »
  • Crop Insurance Proceeds

    Crop Insurance Proceeds

    With the extremely wet year we had in 2019, this is a good time to address the income tax reporting options regarding reporting crop insurance proceeds.  For cash basis farmers, crop insurance proceeds are taxable to the recipient when received.  However, for insurance proceeds, prevent plant indemnities and federal disaster payments received for the destruction or damage to crops, an election is available to defer reporting the proceeds to the following tax year.  Read More »
  • Not-for-profit Tax Returns

    Not-for-profit Tax Returns

    Mandatory E-filing for Not-For-Profit Tax Returns and Failure to File Notification By: Chris Anderson, CPA The Taxpayer First Act of 2019, recently signed into law by President Trump, contained 2 important provisions for not-for-profit organizations that are required to file returns in the Form 990 series:  mandatory e-filing for not-for-profit tax returns and notice from the IRS when an organization ... Read MoreRead More »
  • Nonprofit Grants and Contracts Accounting

    Nonprofit Grants and Contracts Accounting

    Revenue Accounting for Nonprofit Grants and Contracts By: Pam Lebold, CPA It has been a year of change for nonprofit organizations.  First, there was ASU 2016-14 that changed the presentation of nonprofit financial statements.  And now, there is ASU 2018-08, Clarifying the Scope and the Accounting Guidance for Contributions Received and Contributions Made, which changes the way you may have ... Read MoreRead More »
  • Centralized Audit Regime

    Centralized Audit Regime

    The 2018 tax year ushered in the centralized audit regime, which enacted new IRS protocol for auditing partnerships. The regime was created from the 2015 Bipartisan Budget Act (BBA), which repealed the Tax Equity and Fiscal Responsibility Act (TEFRA) partnership audit procedures that had existed for over three decades. The BBA’s new centralized partnership audit rules are effective for tax years beginning after December 31, 2017.  Read More »