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Webinar: What Do Football and Construction Firms Have in Common?

Due to a minor technical issue, the beginning of the recording has been cut off. Please download the presentations slides to view the full presentation. The recording resumes on page 4 of the pdf. — Few people thought there would be a 2020 football season. Millions of people are tuning in to cheer on their

IRS Issues Revenue Ruling on Deductions Related to PPP Loan Forgiveness

The IRS has issued Revenue Ruling 2020-27, which sets forth the IRS’s position on the timing of the disallowance of deductions related to Paycheck Protection Program (PPP) loan forgiveness. The Revenue Ruling addresses the question of whether or not a taxpayer that received a PPP loan and paid or incurred certain otherwise deductible expenses specified

Surety Teams: David Jean Contributes to Construction Executive

Some say it takes a village, while Construction Executive suggests a lead singer relies on the support of the band behind them. Whichever metaphor you prefer, one thing is certain. Businesses need to surround themselves with the right team to be successful in uncertain times. Taking the comparison a step further, they suggest that much

PPP Loans, Forgiven Expenses, & 2020 Deductions

As tax planners, we are familiar with the uncertain world of predicting future events and their related tax consequences. In working with businesses who obtained PPP loans, namely for those who have, or intend to have, some or all of these loans forgiven, however, the topic of 2020 deductions brings about uncertainty. With the current

PPP & EIDL Borrower Information to be Released by SBA

Throughout the ongoing legal battle with national-news organizations, the SBA has pushed for withholding certain PPP loan borrower information. The SBA claimed the information withheld was because of clauses under the Freedom of Information Act (FOIA), which designated that information as private, and that its release would violate borrowers’ personal privacy.  The Court, however, has

Payroll Tax Deferral: What’s New Since Trump’s Executive Order?

Update as of November 4, 2020: The IRS has provided reporting instructions for employers who have begun deferring the employee portion of Social Security tax and/or the equivalent of Tier 1 Railroad Retirement Tax Act (RRTA) tax, following Trump’s Memorandum and under Notice 2020-65, the notice issued by the IRS and Treasury in late-August. Social

Federal Reserve Updates Guidelines For The Main Street Lending Program

Update as of November 4, 2020: As of October 30th, the Main Street Lending Program (MSLP) has provided close to $4 billion by way of nearly 400 loans, according to the Federal Reserve Board (the Board). The Board also released updated program terms, which increase program access for both for-profit businesses and nonprofit organizations.  Notable

SBA Issues PPP Loan Necessity Questionnaires to Borrowers of $2M or More

The Small Business Administration (SBA) has developed two questionnaires, one for nonprofit borrowers and one for for-profit business borrowers, that will go to Paycheck Protection Program (PPP) borrowers with loans, together with their affiliates, totaling $2 million or more. These questionnaires are part of the SBA’s review of the program, including review of good-faith certifications

SBA Issues Procedural Notice Addressing Changes of Entity Ownership for Paycheck Protection Program Loan Recipients

On October 2nd, the SBA issued a procedural notice addressing the banking procedures involved in changes of entity ownership for Paycheck Protection Program (PPP) loan recipients. While the notice specifically addresses lender responsibilities, insight on the associated responsibilities of business owners undergoing a change in ownership who are also PPP recipients may also be gleaned