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COVID-19 Recovery: How the Employee Retention Credit Could Improve Cash Flow

Posted by Sweeney Conrad, PS on Jul 30, 2020 3:16:49 PM

As post-COVID recovery efforts gain momentum, many businesses are taking a fresh look at some federal stimulus and tax relief programs they had not previously considered. One such program, the employee retention credit contained in the Coronavirus Aid, Relief, and Economic Security (CARES) Act, could be especially useful in helping companies bring back furloughed or laid-off employees.

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Topics: Tax, News, COVID-19

Interview: LifeWire's Mission to Put a Stop to Domestic Violence

Posted by Sweeney Conrad, PS on Jul 23, 2020 6:12:26 PM

Domestic violence is often a silent issue. With the rise of COVID-19, survivors are struggling at an even greater rate. This week we caught up with Kelly Becker, Development Director of LifeWire, to learn more about their mission to end domestic violence, how COVID-19 has affected their efforts, and how the community can help.

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Topics: Nonprofit Organizations & Private Foundations, Sweeney Conrad Passion, COVID-19

Retroactive Tax Relief for COVID-19 Losses

Posted by Sweeney Conrad, PS on Jul 9, 2020 7:27:32 PM

While stimulus checks and forgivable loans have received a lot of attention during the COVID-19 shutdown, businesses should not overlook other available relief provisions that could help them reduce taxes and improve cash flow. Several of these measures could enable a business to file amended federal tax returns to recover taxes paid in previous years and request a refund.

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Topics: COVID-19

More Investors Qualify For Relief Under CARES Act Expansion

Posted by Sweeney Conrad, PS on Jul 1, 2020 11:05:04 PM

The IRS recently announced expanded required minimum distribution (RMD) relief under the CARES (Coronavirus Aid, Relief, and Economic Security) Act.  Here is what has changed for investors:

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Topics: Tax, COVID-19

Accounting for Paycheck Protection Program Loans and Forgiveness

Posted by Stacey Monson on Jun 30, 2020 1:53:11 PM

The American Institute for Certified Public Accountants (AICPA) recently issued a Technical Question and Answer (TQ&A) that provides guidance on accounting for loans issued under the Paycheck Protection Program (PPP).

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Topics: Audit & Assurance, News, COVID-19

Accounting for Lease Concessions Amidst COVID-19

Posted by Stacey Monson on Jun 16, 2020 6:36:47 PM

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The COVID-19 pandemic has forced the temporary closure, or a reduction of operating hours, of office buildings, shopping centers, restaurants, and other businesses. As a result, many lessors have, or will be, providing lease concessions to tenants who have faced economic disruption due to the COVID-19 pandemic. Lease concessions may vary in form, but payment forgiveness and deferral of payments are expected to be the most common types of concessions granted. As a result of lease agreements not containing provisions for rent concessions specific to COVID-19, in early April, the Financial Accounting Standards Board (FASB) issued a question-and-answer document (Q&A) addressing questions on the impact of the COVID-19 pandemic on lease concessions.

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Topics: Audit & Assurance, News, COVID-19

The Paycheck Protection Program Flexibility Act: What You Need to Know

Posted by Sweeney Conrad, PS on Jun 4, 2020 8:15:43 PM

President Trump is expected to sign the Paycheck Protection Program Flexibility Act which has been approved by congress. The Act will provide relief to business owners by allowing for more flexibility and extended deadlines for Paycheck Protection Program (PPP) loan money.

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Topics: Sweeney Conrad News, Tax, COVID-19

Economic Uncertainty Safe Harbor Announced For PPP Loans Under $2 Million

Posted by Sweeney Conrad, PS on May 13, 2020 6:50:47 PM

Today, May 13th, the Treasury released FAQ #46, which provides that any borrower where they, together with affiliates, received Paycheck Protection Program (PPP) loans of less than $2 million are deemed to have met the economic uncertainty test. This decision comes on the heels of extensive discussion regarding how businesses that received PPP loans could verify that, due to economic uncertainty, they needed the funds to support their ongoing operations.

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Topics: Tax, News, COVID-19

COVID-19 and Retirement Plans: How the CARES Act Affects Your Retirement Plan

Posted by Sweeney Conrad on May 5, 2020 3:50:20 PM

The Coronavirus Aid, Relief, and Economic Security (CARES) Act that was signed into law in late March is a massive piece of legislation that’s more than 880 pages long and carries a price tag of at least $2 trillion.

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Topics: Audit & Assurance, COVID-19

The Paycheck Protection Program and Health Care Enhancement Act

Posted by Sweeney Conrad on Apr 24, 2020 5:37:49 PM

On April 24, the President signed the Paycheck Protection Program and Health Care Enhancement Act, providing $310 billion in additional funding for the Paycheck Protection Program (PPP), $10 billion for the Economic Injury Disaster Loan program (EIDL), as well as funding for other critical healthcare needs.

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Topics: Tax, News, COVID-19

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