by Jeff Wolstoncroft, CPA A new Paycheck Protection Program (PPP) Alternative Loan Forgiveness Application Form 3508S was released on Thursday, October 8, 2020, along with guidance granting a simplified application for loans of $50K and under. This new application represents a change in the calculation of forgiveness in the PPP program. The new application will … Read more
by Jeff Wolstoncroft, CPA On October 7, 2020, the Treasury and SBA issued a new Frequently Asked Question (FAQ) to clarify a commonly asked question regarding repayment and interest on PPP loans. The FAQ #52 outlines that under the Paycheck Protection Program Flexibility Act of 2020 (Flexibility Act), the deferral period on interest and repayment … Read more
H2R CPA Partners Kieran O’Dea, CPA and Lucas Rihely, CPA provide insight regarding the process for PPP loan forgiveness and the impact on year-end tax planning. View the video here.
With the presidential election only weeks away, many people are beginning to pay closer attention to each candidate’s positions on such issues as the COVID-19 pandemic, health care, the environment and taxes. Among their many differences, President Donald Trump and former Vice President Joe Biden have widely divergent tax proposals. Their stances could have a … Read more
by Phil Zlokas, CPA The IRS recently held a payroll industry conference call which was predictably dominated by questions regarding the new deferral of the employee’s share of the Social Security tax, put in place on August 8, 2020, via executive order of the President. As an update to the article entitled “Treasury Issues Guidance … Read more
by Joseph M. Dickert, CPA Background on the Tax Deferral Per IRS Notice 2020-65, the notice provides the employer with the option to defer the withholding, deposit, and payment of the employee portion of the Social Security Tax of 6.2% on wages/compensation paid between September 1, 2020-December 31, 2020 (Applicable Wages). However, the deferred withholding … Read more
by Jeff Wolstoncroft, CPA With the Small Business Administration (SBA) opening the portal for banks to apply for forgiveness, we wanted to take a moment to let you know the documents you may need in regard to PPP forgiveness. Please note, we continue to promote patience when it comes to applying for PPP forgiveness. While … Read more
Steve Dotterer, JD / MBA, CVA, Senior Manager at H2R CPA, identifies some of the key issues associated with valuing a business for equitable distribution during the divorce process. View the video here.
by Gail A. Davis, CPA / CSEP If you submitted a 2019 Form 1041 tax payment to the IRS, you may end up receiving an IRS CP161 Notice indicating that you have unpaid taxes due. This is an erroneous computer-generated notice that several H2R CPA clients have received. We understand from multiple conversations with the … Read more
by Christopher L. Chonko Recent guidance provides multiple models for businesses and nonprofits (nongovernmental entities) to use when planning to account for a forgivable loan received under the Small Business Administration Paycheck Protection Program (PPP). A summary of the available options is provided below. Business Accounting Options FASB ASC 470 debt model Generally speaking, the … Read more