PKF O'Connor Davies Accountants and Advisors
PKF O'Connor Davies Accountants and Advisors
Insights
Click Here to Access Our COVID-19 Resource Center

Insights


Plan sponsors should review the cost of living adjustments (COLAs) to determine what, if any, changes need to be communicated to employees by means of orientation meetings and enrollment forms.

Finance Memorandum 20-6 issued by the New York City Department of Finance sets forth that NYC’s Business Corporation Tax (BCT), General Corporation Tax (GCT), Unincorporated Business Tax (UBT), and Banking Corporation Tax (BTX) are decoupled from CARES Act Amendments to IRC §163(j), IRC §172 and IRC §461(l). Our prior article, here, discussed how NYS and NYC had decoupled from certain CARES Act tax provisions.

As we enter the last quarter of the year, now is the time for private foundations to review the current year’s tax planning and year-end strategies.

A few days ago, the U.S. Small Business Administration (SBA) released a new Paycheck Protection Program (PPP) loan forgiveness application, Form 3508S, intended to “simplify further the forgiveness and loan review processes for PPP loans of $50,000 or less.”