Archive for April, 2020

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April 30, 2020/Tax, COVID-19

Nondeductibility of Expenses Paid from PPP Loan Proceeds

While many have flocked to the PPP loan due to its forgivable nature, a new IRS notice creates a challenge by making the forgiveness taxable. Read on to find out more and reach out to your SL advisor with any questions.

April 30, 2020/Furniture Insights

April 2020 Furniture Insights

February results are in for our latest Furniture Insights, with orders up 6% over February 2019 and year to date numbers up 4% over last year. About two-thirds of the participants reported increased orders ahead of the slowdown experienced by many, if not all, in March.

FASB Votes to Defer Effective Date of Leases Standard (ASC 842) and Other Accounting Relief

FASB recently proposed a delay to the effective dates of its standards on lease accounting and revenue recognition for certain entities due to the challenges companies are experiencing associated with the coronavirus pandemic. FASB proposes that private companies and not-for-profit entities get an extra year to implement the lease accounting standard. At the same time, the proposed plan will give private franchisor companies an extra year to implement the revenue recognition standard.

April 10, 2020/Tax, COVID-19

Tax Deadline Updates – Q1 and Q2 Payments and State Timing

Deadlines for tax payments and state filings have been updated. First and second quarterly federal estimated tax payments are now both due July 15. Unsure of state deadlines? Read on for our comparative spreadsheet.

Required Minimum Distributions Suspended for 2020

RMDs are suspended for 2020, including inherited IRAs as well as traditional IRAs of those over age 70½. We answer two of the most common questions we’ve received in this post.

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