CARES ACT/COVID-19
SBA and Treasury Simplify PPP Forgiveness for Loans of $50,000 or Less
The SBA in consultation with the Treasury Department released a simpler loan forgiveness application, Form 3508S, for Paycheck Protection Program (PPP) loans of $50,000 or less. The new form requires fewer calculations and less documentation for eligible borrowers. A borrower eligible to use the simplified application is exempt from any reductions in forgiveness due to…
Read MoreOptions for Nonprofits to Reduce Costs with COVID-19
Nonprofits of all kinds once again face a nationwide economic crisis, this time caused by the COVID-19 pandemic. The challenges are daunting, but previous recessions may provide a road map for helping organizations navigate the far-reaching effects of the virus. The path forward starts with strategic cost-cutting that contains expenses but allows you to continue…
Read MoreHealthcare Practices and Lessoning the Financial Impact of the Pandemic
The COVID-19 pandemic has had, and will continue to have, a large economic impact, with high unemployment levels and many closed businesses resulting from this time of uncertainty. The effects are rippling throughout the economy — and being felt by medical practices and hospitals. Many physician practices have experienced a reduction in patient volume as…
Read MoreQuestions and Answers About Deferral of the Social Security Payroll Tax
On August 8, 2020 President Trump issued a Presidential Memorandum directing the U.S. Treasury to allow withholding of the employee’s 6.2% portion of the Social Security payroll tax to be deferred between September 1, 2020 and December 31, 2020. The deferral is restricted to “any employee the amount of whose wages or compensation, as applicable,…
Read MoreUpcoming Tax Opportunities Deadlines
An IRA or certain other retirement plan owner or beneficiary who has already received a distribution of an amount that would have been an RMD in 2020 but for the 2020 RMD waiver rule or the SECURE Act, which increased the age at which RMDs must begin from 70½ to 72 after 2019, the recipient…
Read MoreHHS Announces Reporting Requirements for Provider Relief Fund
All providers receiving the U.S. Department of Health and Human Services (HHS) Provider Relief Fund (PRF) payments will be required to comply with reporting requirements described in the Terms and Conditions and specified in future directions issued by the Secretary. Below is a summary of the timeliness of these reporting requirements: The reporting system will…
Read MoreDentists Now Eligible to Receive Funding
Dentists are now eligible to apply to receive funding from the U. S. Department of Health and Human Services (HHS) Provider Relief Fund. Dentists can receive a reimbursement of 2% of their annual reported patient revenue based on their last filed tax return. However, please note that the last day to apply for funding is Monday,…
Read MoreDeadline for PPP Loan Applications Extended
The House and Senate unanimously passed S. 4116, which the President signed into law in early July. The sole purpose of this short but important piece of legislation is to extend the deadline for eligible businesses to apply for a Paycheck Protection Program (PPP) loan. Despite the initially high demand for PPP loans, which prompted…
Read MoreIRS Announced Rollover Relief for Required Minimum Distributions
On June 23, 2020, the Internal Revenue Service announced that anyone who already took a required minimum distribution (RMD) in 2020 from certain retirement accounts now has the opportunity to roll those funds back into a retirement account following the CARES Act RMD waiver for 2020. The 60-day rollover period for any RMDs already taken…
Read MorePaycheck Protection Program Update
On Wednesday, June 17, 2020, The U.S. Small Business Administration (SBA) released a revised loan forgiveness application for the Paycheck Protection Program (PPP) as well as unveiled a new EZ application for forgiveness of PPP loans. The applications reflect changes to the PPP made by the Paycheck Protection Flexibility Act of 2020, which became law…
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