The proceeds of a PPP loan are to be used for the following. Owner compensation replacement, calculated based on 2019 net profit. Employee payroll costs (as defined in the First PPP Interim Final Rule) for employees whose principal place of residence is in the United States, if you have employees. Mortgage interest payments (but not […]
Paycheck Protection Program (PPP) – How do I calculate the maximum amount I can borrow?
Paycheck Protection Program (PPP) – How do I calculate the maximum amount I can borrow? How you calculate your maximum loan amount depends upon whether or not you employ other individuals. If you have no employees, the following methodology should be used to calculate your maximum loan amount: Step 1: Find your 2019 IRS Form […]
Am I Eligible for the PPP If I Have Income From Self-Employment and File a Form 1040, Schedule C?
Am I eligible for the Paycheck Protection Program (PPP) loan if I have income from self-employment and file a Form 1040, Schedule C? You are eligible for the Paycheck Protection Program (PPP) loan if: You were in operation on February 15, 2020; You are an individual with self-employment income (such as an independent contractor or […]
Is There An Extension for 990 Forms?
Is there an extension for 990 Forms? The IRS and the Department of Treasury released Notice 2020-18 on March 20th in response to the Coronavirus pandemic. At first glance, this notice had little impact on tax-exempt organizations and not-for-profits. The Notice 2020-18 applied exclusively to income tax returns and payments due on April 15, 2020, postponing […]
Tax Deadline Extension to Cover Individuals, Trusts, Estates, and Corporations
Has the tax deadline been extended to cover individuals, trusts, estates, and corporations? To help taxpayers, the Department of Treasury and the Internal Revenue Service announced that Notice 2020-23 extends additional key tax deadlines for individuals and businesses. Last month, the IRS announced that taxpayers generally have until July 15, 2020, to file and pay […]
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Paycheck Protection Program (PPP) Q&A
Information about the Paycheck Protection Program (PPP) is changing rapidly. Because it is changing so quickly, we want to remind you of the importance of checking your sources. For this reason, we are providing the link to a great resource from the Small Business Administration (SBA), their FAQ page. You can find their Paycheck Protection […]
What is the Main Street Lending Program from the Federal Reserve?
What is the Main Street Lending Program from the Federal Reserve? The Federal Reserve has taken additional actions to provide up to $2.3 trillion in loans to support the economy. This funding will assist households and employers of all sizes and bolster the ability of state and local governments to deliver critical services during the […]
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Recommendations for Paycheck Protection Program (PPP) Application Documents
AICPA Recommendations for Paycheck Protection Program (PPP) Application Documents The American Institute of Certified Public Accountants (AICPA) is the world’s largest member association representing the accounting profession. As members, we closely follow their guidance. The AICPA-led Coalition, and other key stakeholders – collectively representing 44K CPA firms, 2.5M small businesses and 30M employees – have […]
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CARES Act – Things You Need To Know – Get The Facts
Payment Protection Program (PPP) – This is a program that was included in the CARES Act and was enacted into law on March 27, 2020. This is an 800+ page bill. Here are a few fast facts to highlight things you need to know now, especially if you decide it makes the most sense for […]
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The New NFP Financial Reporting Standard ASU 2016-14: The Top 5 Things Your Board Should Know!
The ASU 2016-14 was recently modified to update the current model. The changes improve information in financial statements and notes and allows NFP organizations to better tell their story. This applies to all NFPs and is effective for annual financial statements issued for fiscal years beginning after December 15, 2017. WARNING: This blog contains intense, […]
