Professional Accounting Blog

    Accounting For Your Prosperity

    PPP Loan Forgiveness Documentation Checklist

    Posted by David M. Knuff, CMI on May 27, 2020 12:02:38 PM

    Topics: Tax Planning & Strategies, Small Business, Accounting and Tax Resource, COVID-19

    The SBA has provided detailed guidelines on documentation in its recently released PPP Loan Forgiveness Application instructions on “PPP Schedule A”. We suggest taxpayers review these in detail and implement appropriate internal procedures to meet the various disclosure requirements.

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    Cash flow considerations related to defined contribution retirement plans under COVID-19

    Posted by Michelle Buckley on May 27, 2020 9:49:48 AM

    Topics: Accounting & Auditing, Benefit Plan Advising & Auditing, retirement plan review, COVID-19

    In the last three months, many employers have had significant decreases in their top line revenue and have attempted to cut costs to offset that revenue decrease.  The IRS has provided relief to retirement plans through the CARES’s act to assist plan participants manage through these difficult times.  Today, we wanted to share some strategies for managing cash flows as it relates defined contribution retirement plans from an employer perspective.   

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    Considerations on Accounting and Reporting for PPP Loan Forgiveness

    Posted by Kelli Bernstein on May 22, 2020 8:36:32 PM

    Topics: Small Business, Accounting & Auditing, Accounting and Tax Resource, COVID-19

    Here we are at the end of May, and there is still no guidance that has come out under U.S. GAAP, which specifically addresses the accounting for loan forgiveness from the government under the Paycheck Protection Program (PPP).  Due to the lack of such guidance at the current time, borrowers have two different ways they could account for PPP loans, as follows:

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    House Vote Expected Next Week on Bipartisan PPP Bill

    Posted by Jonathan Ciccotelli on May 21, 2020 10:49:04 AM

    Topics: Tax Planning & Strategies, Small Business, Accounting & Auditing, Accounting and Tax Resource, COVID-19

    The House is expected to vote next week on a stand-alone, bipartisan Paycheck Protection Program (PPP) bill. The measure, HR 6886, introduced by Reps. Chip Roy, R-Tex., and Dean Phillips, D-Min., would make a number of changes to the Coronavirus Aid, Relief, and Economic Security (CARES) Act’s small business loan program.

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    What You Need to Consider as You Seek Loan Forgiveness – Q&A Highlights

    Posted by Carlin Culbertson on May 20, 2020 10:09:45 PM

    Topics: Tax Planning & Strategies, Small Business, Accounting & Auditing, Accounting and Tax Resource, COVID-19, Featured

    On May 13th, Meaden & Moore held a webinar titled “What You Need to Consider as You Seek Loan Forgiveness” to provide information concerning the Paycheck Protection Program through that date with a focus on loan forgiveness items.  Since this is a topic that is on everyone’s mind, there were a significant number of attendees and in turn a lot of questions.  We answered as many as we could during the webinar, and answered the rest via a follow up email to the participants with the questions we didn’t get to during the webinar.

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    PPP Loan Forgiveness Application Form Released

    Posted by Keith Hughes on May 16, 2020 12:14:39 PM

    Topics: Tax Planning & Strategies, Small Business, Accounting & Auditing, Accounting and Tax Resource, COVID-19

    Alas, the SBA released on May 15, 2020 the Paycheck Protection Program (PPP) Loan Forgiveness Application along with detailed instructions.  The application and its instructions address some of the questions that have to this point remained unanswered.  Notably, the instructions include the following which seem to provide some clarification and flexibility in calculating the forgiveness amount:

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    SBA Extends Repayment Deadline Until May 18, 2020

    Posted by Jonathan Ciccotelli on May 14, 2020 2:27:28 PM

    Topics: Tax Planning & Strategies, Small Business, Accounting & Auditing, Accounting and Tax Resource, COVID-19

    Earlier today, the SBA and Treasury updated their FAQ’s to extend the due date for repayment of funds to give borrowers an opportunity to review and consider yesterday’s updated FAQ’s. 

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    WEBINAR: How Your Organization Can Adjust to the New Normal

    Posted by Meaden & Moore on May 13, 2020 8:00:00 AM

    Topics: COVID-19

    In only a few months, the COVID-19 pandemic has turned the world upside down. This paradigm shift is forcing all of us to re-evaluate how we shop, travel, and even work.

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    Working Capital Adjustments – Why and How?

    Posted by John Nicklas on May 11, 2020 1:22:51 PM

    Topics: Accounting & Auditing, Accounting and Tax Resource

    In the accounting world, working capital is defined as current assets minus current liabilities. Businesses need a minimum amount of working capital to be able to pay employees, buy inventory and maintain their normal day-to-day operations.

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    The IRS Clarifies the Deductibility of PPP-Funded Expenses

    Posted by Jonathan Ciccotelli on May 8, 2020 8:46:06 PM

    Topics: Tax Planning & Strategies, Small Business, Accounting & Auditing, Accounting and Tax Resource, COVID-19

    The IRS has issued new guidance addressing a question that has lingered since the launch of the Paycheck Protection Program (PPP) — whether expenses paid for with forgiven, tax-free PPP loan proceeds are deductible business expenses under Section 162 of the Internal Revenue Code (IRC). The guidance in IRS Notice 2020-32 doesn’t provide the answer borrowers hoped for, but that may yet come.

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