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Payroll Tax Deferral: Trump’s Executive Order Begins September 1, 2020

On August 8th, President Trump signed the Memorandum on Deferring Payroll Tax Obligations in Light of the Ongoing COVID-19 Disaster, which allows for the deferral of payment for certain employee payroll taxes. President Trump’s interest in payroll tax forgiveness, and even termination, isn’t new. But, in terms of using a payroll tax cut to ease

SBA Issues New PPP Interim Final Rule

The SBA recently issued Paycheck Protection Program Interim Final Rule – Treatment of Owners and Forgiveness of Certain Nonpayroll Costs. This PPP interim final rule supplements the previously posted interim final rules by providing additional guidance on treatment of owners and forgiveness of certain nonpayroll costs. Here are several key points stipulated by the Rule: Less

Maine DECD announces the Maine Economic Recovery Grant Program

The Maine Department of Economic & Community Development (DECD) stated that the State of Maine plans to utilize CARES Act relief funding to provide grants for Maine business and nonprofits that demonstrate a need for financial relief due to lost revenues or expenses due to the COVID-19 pandemic and related interruption of business operations. The

US Treasury & IRS Issue Guidance on Reporting Wages Paid for Qualified Sick and Emergency Family Leave

On July 8th, the U.S. Treasury Department and Internal Revenue Service issued Notice 2020-54, Guidance on Reporting Qualified Sick Leave Wages and Qualified Family Leave Wages Paid Pursuant to the Families First Coronavirus Response Act.  According to Notice 2020-54, employers will be required to report qualified leave wage amounts in Box 14 of Form W-2

A Path to Success: Back to Construction Business Basics, Part II

ARB recently issued Part I of a two-part series, which focused on the basics that keep construction businesses on track for short and long-term success. Basics for maximizing cash flow, minimizing costs, and reviewing procedures, like job costing. Contingency planning and strategy are important, even mid-crisis. We encourage construction companies to keep your momentum, keep

Business Planning Solutions: Maintaining Adequate Cash Flow for Closely-Held Businesses

The effects of the COVID-19 crisis brought an end to the longest run of economic expansion in US history, leaving many businesses searching for creative ways to maintain payroll and operations. A lot can be said for the assistance provided to businesses through recent legislation; however, the programs and provisions made available through legislation like

Considerations for ALLL Calculations and Regulatory Updates Affecting Credit Unions

When the economy is stable and it’s “business as usual,” it’s reasonable to assume historical experience can be used in estimating future outcomes. Conversely, periods of instability can have a profound impact on things like loan collectability, delinquency, and risk. And 2020 has proven to be anything but a “stable” year.  A plethora of uncertainty

Federal Reserve Updates Guidelines For The Main Street Lending Program

Update as of July 20, 2020: On Friday, July 17th, the Federal Reserve Board (the Board) released their latest modifications to the Main Street Lending Program (MSLP), which will broaden access to credit through the program for nonprofit organizations.  The MSLP was established in April to support the operations and payroll needs of small- and

PPP Loan Forgiveness Workbook

Albin, Randall & Bennett and Boyer & Ritter LLC are CPA firms who enjoy a collaborative relationship. We are happy to have worked together to create our comprehensive tool for PPP Loan Forgiveness. Since our original release, the workbook has been downloaded more than 46,000 times. The latest edition has been streamlined to simplify the