Professional Accounting Blog

    Accounting For Your Prosperity

    David M. Knuff, CMI

    David has over 25 years of multistate tax experience and most recently worked for a Big 4 Firm as a Senior Manager specializing in state and local tax with a concentration in sales and use tax.

    Recent Posts

    Senate Passes - Paycheck Protection Program Flexibility Act … the forgiveness rules are changing again

    Posted by David M. Knuff, CMI on Jun 4, 2020 4:04:41 PM

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

    As an update to our June 2, 2020 blog entitled “SHOULD YOU APPLY FOR PPP LOAN FORGIVENESS NOW?” the U.S. Senate passed the House version of Paycheck Protection Program Flexibility Act legislation by voice vote with unanimous consent on Wednesday night (June 3, 2020). The bill now heads to President Donald Trump, who is expected to sign it.

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    Should You Apply for PPP Loan Forgiveness Now?

    Posted by David M. Knuff, CMI on Jun 2, 2020 3:53:06 PM

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

    Hold on…. the U.S. House Passed H.R. 7010 to Provide Greater Flexibility for PPP Borrowers; Senate to Act Next

    As Paycheck Protection Program (PPP) loan recipients try to understand all of the nuances of the loan forgiveness process, the rules are likely about to change. On Thursday, May 28, 2020, the U.S. House of Representatives passed  H.R. 7010, a bill that would provide Paycheck Protection Program (PPP) loan recipients more flexibility in how they spend proceeds while still allowing for loan forgiveness. The bill passed with a nearly unanimous, bipartisan vote of 471-1.  The bill changes several of the restrictions in the existing PPP.  A similar measure to amend the PPP has been introduced in the Senate, which is likely to take up the issue this week.

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    Ohio House Passes Tax Amnesty Legislation

    Posted by David M. Knuff, CMI on Jun 1, 2020 2:05:32 PM

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

    On May 20, 2020 the Ohio House of Representatives unanimously passed legislation granting a three-month amnesty to Ohioans who are delinquent in paying state taxes. House Bill 609 establishes a temporary tax amnesty program to forgive interest and penalties on delinquent taxes.

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    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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