If you will be preparing 2020 partnership returns, we have the course for you. By now, you have probably heard partnerships filing Form 1065 for tax year 2020 are to calculate partner capital accounts using the transactional approach for the tax basis method. Partnerships report partner contributions and share of net income or loss, withdrawals […]
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Everything You Need to Know Now About PPP Loan Forgiveness
The IRS has recently issued guidance in Revenue Ruling 2020-27 and Revenue Procedure 2020-51 regarding deductions for eligible PPP expenses. Audit ramifications are obviously of concern here. In our new webinar, PPP Loan Forgiveness Case Study: Form 3508S Analyzed and Explained (PPP8), our proven experts will explore the various Form 3508 series options available to request and […]
Our Year-End Webinar Will Not Disappoint
Are your receivables light this year? Have you been working inordinate hours during this new normal without seeing the expected profits? We understand. This course is for you. Its utility is twofold. Simply put, our panel of experts will focus on 2020 planning. The initial offering of Year-End Tax Update and Planning: Looking Back at […]
Three Considerations for June 30, 2020 Financial Reporting
As entities with June 30, 2020 year-end reporting dates prepare their financial statements for the first time post the COVID-19 pandemic, they will need to address the many potential financial reporting issues which have arisen as a result of the economic fallout of COVID-19. The financial reporting implications of actions which entities have taken in […]
AICPA Provides Guidance for Forgivable Loan’s Received from Paycheck Protection Program (PPP)
The AICPA issued a Technical Q&A (Section 3200) in coordination with the Chief Accountant of the SEC on the treatment of forgivable loans received under the Small Business Administration (SBA) Paycheck Protection Program. The treatment of Paycheck Protection Program (PPP) loans has caused confusion in both the for-profit community and nonprofit community. The FASB is […]
A Rundown of Our New Courses
It seems IRS has been issuing guidance of late at a rapid pace. The PPP loan program has attracted inordinate media attention. The goal of keeping American payrolls up and running has now been funded with two-thirds of a trillion dollars. Much has been written about viable, solvent, and even deep-pocketed entities collecting PPP dough […]
A Couple Pointers on IRAs
With the Coronavirus Aid, Relief, and Economic Security (CARES) Act enacted into law, Treasury is issuing clarifying guidance at a fast and furious pace. Many practitioners are aware that the Setting Every Community Up for Retirement Enhancement (SECURE) Act, with a few exceptions, eliminated the option for beneficiaries to stretch distributions over their life expectancies […]
The Explosion of Paycheck Protection Program Loans
Perhaps no single topic has dominated the tax news of late more than the government’s extensive efforts to provide relief to small businesses devastated by the COVID-19 pandemic. The Paycheck Protection Program (PPP) provides up to 349 billion dollars to small businesses (with up to 500 employees) to primarily pay up to eight weeks of […]
Summary of Relevant CARES Act Provisions
The Coronavirus Aid, Relief, and Economic Security Act (CARES Act, H.R. 748, hereinafter “the Act”) was enacted into law on March 27, 2020. It contains many tax provisions which will impact your practice immediately. This post highlights the major tax law changes contained in the Act. QIP Fix As you know, Qualified Improvement Property should […]
Filing & Payment Deadlines Extended Regardless of Amount Owed
Tax Day has been moved from April 15th to July 15th by Notice 2020-18 which issued on March 20, 2020. July 15th is the deadline for both filing returns and paying income tax. Contrary to a previous Notice, there is no limit on the amount that can be deferred to July 15th without interest or […]