May 19, 2020/Tax, Business Planning, COVID-19
PPP Forgiveness Application and Guidance Issued
The much-anticipated PPP forgiveness application and related guidance have now been released. As many anticipated, the steps to securing forgiveness may be challenging. We break down the key components for you as you seek to apply this to your business.
NC Impact: Gov Cooper Signs COVID Relief Into Law
NC Senate Bill 704 was recently signed into law and effectively waives interest penalties accrued during April 15 to July 15. NC estimated tax payments for Q1 and Q2 2020 are also now both due July 15.
The Price of PPP – Guidance for Management & Boards on Mitigating PPP Risk
One thing now clear from the PPP is that while the application process is primarily based on certifications made by the applicant, there will be significant oversight and scrutiny of many borrowers from the government, lenders, the public, and other third-parties. This is in addition to the government publishing the names and PPP loan amounts of borrowers and any current and future self-reporting requirements imposed on borrowers.
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 14, 2020/Accounting and Auditing, COVID-19
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.
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.
April 1, 2020/Accounting and Auditing, Tax, Financial Planning, COVID-19
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.
NCDOR Expands Penalty Relief
On March 31, 2020, the North Carolina Department of Revenue (NCDOR) issued a notice that greatly expanded penalty relief on taxes owed or items due as a result of the coronavirus.
March 30, 2020/Accounting and Auditing, Tax, Business Planning, Financial Planning, COVID-19
SBA Loan Information
With the economy in turmoil and business uncertainty looming, many of our clients are seeking guidance on how to proceed. One great option is to seek a SBA loan to cover salary expenditures, rent, and utilities for 8 weeks. We outline some of the SBA loan requirements below and are happy to work with you to get your financial packages in order so you may present them to a SBA lender.
March 30, 2020/Tax, Business Planning, COVID-19
CARES Act Signed Into Law
On Friday, March 27, 2020, the $2 trillion CARES (Coronavirus Aid, Relief and Economic Security) Act was signed into law by President Trump after an overwhelming vote in the House to provide relief to businesses and individuals impacted by COVID-19. We have provided key takeaways for both businesses and individuals that you need to know.
