To assist with the U.S. response to the 2019 novel coronavirus (COVID-19), the IRS has released two notices providing greater flexibility for employers who maintain Internal Revenue Code Section 125 cafeteria plans for their eligible employees. Notice 2020-29 relaxes the rules regarding mid-year election changes during calendar year 2020 for employer-sponsored health plan coverage, health Flexible Spending […]
If you did not receive a Paycheck Protection Program loan, you may want to consider the CARES Act Employee Retention Credit. The Employee Retention Credit (ERC) may offer a tax credit up to $5,000 per employee for wages paid from March 13 to December 31, 2020. It’s one of the relief programs within the Coronavirus […]
On Wednesday, June 3rd, the Senate passed the Paycheck Protection Program Flexibility Act of 2020. The bill was passed in the House last week with large bipartisan support and eases the strict guidelines currently in place to qualify for forgiveness of PPP loan funds. It will now move to President Trump for his signature. As […]
We’d like to wish a big CONGRATULATIONS to Alex Hoffmann from our Alton office for officially passing all parts of the CPA Exam! We are so proud of all you’ve accomplished and can’t wait to see where you go from here.
On Thursday, May 28th, the House passed a bill with large bipartisan support to make it easier for recipients of Paycheck Protection Program (PPP) loans to qualify for forgiveness of the funds. The Paycheck Protection Program Flexibility Act (H.R. 7010) will effectively eliminate many of the hurdles that recipients of PPP loans face. A few […]
On May 15th, the SBA released the PPP Loan Forgiveness Application and Instructions. This new guidance clears up a few of the unknown items with PPP loan forgiveness for borrowers and lenders. Alternative Payroll Covered Period for Payroll Costs The original Covered Period for loans is defined as an 8-week period from the PPP loan […]
The Coronavirus Aid, Relief, and Economic Security (CARES) Act, and similar measures taken by countries around the world, will have significant impacts on companies’ financial reporting. There are many accounting areas that entities will need to evaluate to determine if adjustments to the financial statements are required or whether additional disclosures are necessary. This is […]
We are proud to partner with the Association General Contractors of Illinois (AGCI) for a free and informative webinar for the construction industry. Join us as our team shares their expertise on the various relief programs offered in response to the COVID-19 pandemic. Topics of discussion include PPP loans and forgiveness, tax updates due to […]
We are proud to partner with the St. Louis Agribusiness Club for a free and informative webinar. Join us as our team shares their expertise on the various relief programs offered in response to the COVID-19 pandemic. Topics of discussion include PPP loans and forgiveness, Schedule F and tax updates, SBA loan programs, and much […]
We are proud to partner with Southern Illinois Builders Association for a free and informative webinar for the construction industry. Join us as our team shares their expertise on the various relief programs offered in response to the COVID-19 pandemic. Topics of discussion include PPP loans and forgiveness, tax updates due to the CARES Act, […]
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