Articles

If you were hoping the IRS would further extend the July 15 deadline for individual and business tax filings because of the continued COVID-19 pandemic…you’re out of luck.

With its People First Initiative set to expire July 15, 2020, the Internal Revenue Service (IRS) has announced a new audit initiative that targets private foundations.

Does your 501(c)(7) private club hold non-member/outside events, and do these events generate a profit for the club? The IRS is now focusing closer on whether or not private clubs are properly calculating the profit and paying income tax.

By Bruce L. Blasnik, CPA, CGMA, Partner The federal Office of Management and Budget (OMB) recently released Memorandum M 20-26, dated […]

The Internal Revenue Service recently announced that anyone who already took a required minimum distribution (RMD) in 2020 from certain retirement accounts now has the opportunity to roll back those funds into a retirement account following the CARES Act RMD waiver for 2020.

Late yesterday, June 22, the SBA issued a Paycheck Protection Program (PPP) Interim Final Rule (IFR) on Revisions to Loan Forgiveness and SBA Loan Review Procedures.

The Small Business Administration (SBA) began accepting applications for new Economic Injury Disaster Loans (EIDL) and EIDL Advances beginning on June 15.

Most small businesses in New York State have required loans to recover in this pandemic. As the Small Business Administration (SBA) Paycheck Protection Program is drawing closer to its termination date of June 30, 2020, a New York State economic recovery loan program will still be available to “save the day” – or, let’s say – “save the business.” Governor Cuomo recently announced the initiation of the New York Forward Loan Fund (NYFLF).

Nonprofit organizations (“nonprofits”) that receive significant amounts of federal and state grant funding (“government grants” or simply “grants”) are likely to face challenges in maximizing the benefits of their Paycheck Protection Program (PPP) loans.

The COVID-19 pandemic caused private foundations to relocate physical offices to a “virtual office” without much preparation. This hasty change […]

After weeks of silence regarding the forgiveness of Paycheck Protection Program (PPP) Loans, the SBA has recently released two new forgiveness application forms and its nineteenth (yes, nineteenth) Interim Final Rule (IFR) on PPP. Here’s what we know.

The Federal Reserve announced on June 15th that lenders may begin registering to be an approved lender under the Main Street Lending Program (the Program). Once registered, the lenders will be allowed to offer loans under the Program.