The private equity industry has found itself in a unique position resulting from the aftermath of COVID-19. With limited access to federal assistance relief and unclear eligibility guidelines, PE firms and their portfolio companies have had to get creative in harnessing strategies to minimize disruptions and maintain business continuity. Now that the United States has…
The Taxpayer Certainty and Disaster Tax Relief Act of 2019 extended the Work Opportunity Tax Credit (WOTC) allowing employers who are willing to help disadvantaged individuals to benefit from a substantial federal tax credit. The WOTC is typically worth up to $2,400 for each eligible employee, but it can be worth up to $9,600 for…
Many businesses that received aid through the Paycheck Protection Program and are now worried about meeting the loan forgiveness requirements. While business owners may be anxious to apply for forgiveness, there are several important factors affecting the forgiveness application process. In this article by the American Institute of Certified Public Accountants, they explain why borrowers…
Charitable contributions are generally allowed as part of an individual’s itemized deductions on his or her income tax return, while a business expense deduction generally isn’t allowable for a contribution made to a charitable organization. However, the IRS recently issued proposed regulations saying that if a taxpayer’s trade or business makes a contribution to a…
On June 22, the U.S. Small Business Administration (SBA) released additional guidance regarding Paycheck Protection Program (PPP) loan forgiveness. A recent article from the Journal of Accountancy summarizes the information contained in the release. The new interim final rule primarily addresses changes made by the Paycheck Protection Program Flexibility Act of 2020. This is the…
The COVID-19 pandemic has threatened the health of our communities, businesses and the global economy. The stakes are too high to allow room for error when decision-making is often a matter of life or death. From a societal standpoint, both human lives and livelihoods hang in the balance. For many businesses, actions taken in the…
Jason Twomey explains two important updates on the Paycheck Protection Program (PPP).
This week, the Small Business Administration (SBA) and the U.S. Department of the Treasury released new information for recipients of loans through the Paycheck Protection Program (PPP). A recent article from the Journal of Accountancy offers helpful details on the revised loan forgiveness application, the new EZ application, and the new interim final rule on…
On Wednesday night, the Senate voted unanimously in favor of the Paycheck Protection Flexibility Act. This new legislation makes key adjustments to the timeline for spending Paycheck Protection Program (PPP) funds and revises how loan recipients are required to allocate the money. Here is a brief overview of the key provisions contained in the bill:…
Digital Transformation in the Pandemic and Post-Pandemic Era If there were any lingering doubts about the necessity of digital transformation to business longevity, the coronavirus has silenced them. In a contactless world, the vast majority of interactions with customers and employees must take place virtually. With rare exception, operating digitally is the only way to stay in…