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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

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

Employee Benefit Plan Audits- Do You Need One... and How Can You Prepare?

Posted by Wende Wadsworth, Audit Shareholder on Jun 17, 2020 6:31:53 PM

They are two of the most common questions that many businesses sponsoring an employee retirement plan ask: Do we need to have an annual audit performed on our plan? And if so, how can we best prepare for the audit?

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Topics: Audit & Assurance, News, Employee Benefit Plans

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

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

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

The SBA Provides Additional Guidance on the Paycheck Protection Program

Posted by Sweeney Conrad on Apr 15, 2020 6:26:08 PM

The Paycheck Protection Program (PPP) was created as part of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) to provide cash to businesses impacted by the COVID-19 pandemic. These funds can be used to pay employees, along with other expenses such as health insurance premiums, rent or mortgage payments, and utilities. Loans under the PPP will be 100% guaranteed by U.S. Small Business Administration (SBA), and the full amount of the loans and any accrued interest may qualify for loan forgiveness.

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Topics: Tax, News, COVID-19

Answers to 14 of the Most Commonly Asked Filing and Payment Deadline Questions

Posted by Sweeney Conrad, PS on Apr 7, 2020 8:04:00 PM

The IRS recently announced special Federal income tax return filing and payment relief in response to the COVID-19 pandemic. According to the IRS, these are some of the most common questions taxpayers are asking in regards to these recent changes.*

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Topics: Tax, News, COVID-19

Highlights from the Stimulus Package – CARES Act

Posted by Emily Taibl on Mar 27, 2020 8:42:36 PM

March 27, 2020

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Topics: Tax, News, COVID-19

Washington Real Estate Excise Tax Increase

Posted by Melanie Abigania, CPA on May 9, 2019 12:04:56 AM

What you need to know...

On April 27, 2019, the Washington state legislature passed bill SB 5998, increasing Washington’s Real Estate Excise Tax (REET). The final version of the bill is expected to be signed by Governor Inslee shortly, and will go into effect January 1, 2020. Below is a summary of the current law and the changes you will see in 2020:

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Topics: Tax, News

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