The IRS yesterday released Revenue Ruling 2020-27 to clarify the timing on the deductibility of expenses paid with PPP loan funds. The ruling asks the question, “may a taxpayer that received a loan guaranteed under the Paycheck Protection Program (PPP), and paid or incurred certain otherwise deductible expenses listed in section 1106(b) of the Coronavirus […]
On October 8th, the Treasury and U.S. Small Business Administration (SBA) released a new, scaled-down forgiveness application for borrowers with a PPP loan of $50,000 or less, other than any borrower that together with its affiliates received loans totaling $2 million or greater. The new interim final rule (linked here) pertaining to this streamlined process […]
We are pleased to announce the recent promotion of 10 professionals throughout our seven offices. On behalf of our firm, we would like to wish all those who were promoted the best of luck in their new roles. Manager: Jenna Andres, CPA; Lisa Bohnenstiehl, CPA; Heather Clugston, CPA; and Julie Graham, CPA Supervisor: Garrett Hay, […]
On Tuesday, September 22nd, the IRS released Announcement 2020-12, stating that lenders who make Paycheck Protection Program (PPP) loans are not required to file an information return or furnish a payee statement if all or a portion of the loan is later forgiven based on the borrower satisfying requirements of section 1106. Under section 1106 […]
We are pleased to introduce our two newest employees to our amazing team, Kristine Schaeffer, CPA and Zeke Cassidy. Kristine has stepped into a Manager role in our Highland office after spending more than 30 years in public accounting, and Zeke completed our FOCUS Internship Program this past Spring and joins us as our newest […]
The Internal Revenue Service is one of many agencies still feeling the effects of office closures due to COVID-19. Like many businesses, the IRS shut its doors this Spring due to the pandemic. As a result of the closure, a large backlog of unopened mail for the agency has accumulated. Even though many IRS employees […]
Madison County will open an application process on Monday, August 17, 2020 to grant $1.75 million in CARES Act relief funds to businesses and public service agencies located in the County that were impacted by COVID-19. Funds will be distributed through the Community Development Block Grant (CDBG) as a result of the CARES Act, with […]
On August 8th, President Trump signed a total of four Executive Orders to provide further Coronavirus relief. The orders provided enhanced unemployment payments, student loan payment relief, eviction suspensions, and, most notably, a deferral of payroll taxes. Payroll tax, or more frequently known as employment tax, is comprised of 6.2% Social Security tax and 1.45% […]
We are excited to announce that we have added six new staff accountants to our team. Our new employees include graduates of Saint Louis University, McKendree University, Lindenwood University, and Southern Illinois University Edwardsville. We are excited to have you all!
The Small Business Administration (SBA) has set a date of August 10th for lenders to begin submitting forgiveness applications for Paycheck Protection Program (PPP) loans. On July 23rd, the SBA issued a procedural notice (linked here) to lenders outlining the process of applying for forgiveness for their borrowers. The SBA has created a forgiveness platform […]
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Webinar Replay Now Available: Paycheck Protection Program & Employee Retention CreditsJanuary 28, 2021 - 9:05 am
Free Webinar: Paycheck Protection Program & Employee Retention CreditsJanuary 20, 2021 - 3:17 pm
President Trump Signs Coronavirus Relief and Government Funding BillDecember 28, 2020 - 12:29 pm