PPP Loan Forgiveness Application: An In-Depth Analysis
Like Alice’s trip down the rabbit hole in Lewis Carroll’s famous 1865 novel, the Paycheck Protection Program (PPP) has been filled with surprising, strange and sometimes frightful twists and turns.
PPP Loan Forgiveness Application: Overview
On May 15, 2020, the Small Business Administration (SBA) issued Paycheck Protection Program (PPP) Loan Forgiveness Application (Application).
Do Employees Working from Home During the Pandemic Trigger State Tax Nexus for Their Companies?
In the time before the coronavirus outbreak – which seems so long ago ‒ companies were addressing state tax considerations of their mobile workforces
IRS Relief: Increased Flexibility ‒ Section 125 Cafeteria Plans
A significant amount of information pertaining to relief afforded retirement plans has previously been issued by the Internal Revenue Service and Department of Labor which was previously reported upon by us in a prior Alert.
Paycheck Protection Program: New Needs Certification Safe Harbor
As we have previously mentioned in our articles, the guidance surrounding the Paycheck Protection Program (PPP) keeps changing and evolving.
IRS Relaxes Safe Harbor Minimum Cash Distribution Requirement by REITs and RICs
To help conserve vital liquidity during these trying times, the IRS issued Revenue Procedure (Rev. Proc.) 2020-19 on May 4, 2020 to provide temporary relief to publicly-offered real estate investment trusts (REITs) and publicly-offered regulated investment companies (RICs) with regard to their annual required cash distributions to shareholders.
Update on IRS Guidance for Foreign Branch Operations
The IRS issued guidance on May 7, 2020 to provide relief for U.S. companies with temporary activities in foreign countries.
PKF O’Connor Davies Hires Tina Wei as Director, Transaction Advisory Services
PKF O’Connor Davies, LLP, one of the nation’s largest accounting, tax, and advisory firms, announced today it has hired Tina Wei to serve as Director of Transaction Advisory Services in the Firm’s New York City office.
Financial Reporting Considerations for Higher Education CARES Grant Fund Recipients
Nationwide closures of higher education institutions as a result of the pandemic could continue into the fall semester and raises the question on how colleges and universities can continue to serve and educate their students.
GASB Officially Delays Implementation
Recognizing that the COVID-19 pandemic has caused significant disruption to the operations of State and Local Governments, the Governmental Accounting Standards Board (GASB) adopted Statement No. 95 on May 8, 2020 which postpones the effective dates of several GASB statements and implementation guides.
FAQ No. 44 Causes Panic for Some Borrowers with Foreign Affiliates
On Wednesday evening, May 6, 2020, the Treasury Department released FAQ No. 44 which seems to reverse earlier guidance (FAQ No. 3) relating to the exclusion of non-U.S. based employees from the headcount number for purposes of determining eligibility for a Paycheck Protection Program (PPP) loan.
Didn’t Get the PPP? Think About the Employee Retention Credit
By far, the most discussed aspect of the CARES Act has been the Paycheck Protection Program (PPP) loans. And with good reason.