Professional Accounting Blog

    Accounting For Your Prosperity

    Jonathan Ciccotelli

    Jonathan Ciccotelli is the Partner-In-Charge of Meaden & Moore’s Tax Services Group. For over 29 years, Jonathan has worked closely with private and public companies in manufacturing, transportation, distribution, construction, and retail under a variety of business structures, including S-corporations, C-corporations, consolidated groups, and limited liability companies. He enjoys running, cycling, and cheering on his kids at sporting events.

    Recent Posts

    House Approve PPP Application Extension Bill; Next Stop Trump’s Desk

    Posted by Jonathan Ciccotelli on Jul 2, 2020 11:04:20 AM

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

    A Paycheck Protection Program (PPP) application extension bill is on its way to President Trump’s desk where his signature is expected. The measure, S. 4116, was "surprisingly," according to several senators, introduced and approved by unanimous consent in the Senate late on June 30. It cleared the House the evening of July 1.

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    Trump Signs into Law Paycheck Protection Program Flexibility Act as We Look Towards Future Corrections

    Posted by Jonathan Ciccotelli on Jun 5, 2020 3:33:57 PM

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

    President Donald Trump signed into law the bipartisan Paycheck Protection Program Flexibility Act of 2020 (HR 7010). The legislation aims to expand usability of the Coronavirus Aid, Relief, and Economic Security (CARES) Act’s (P.L. 116-136) headliner small business loan program. 

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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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    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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    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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    SBA Extends the PPP Repayment Deadline for Self-Certification

    Posted by Jonathan Ciccotelli on May 6, 2020 9:59:54 PM

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

    The Small Business Administration (SBA) has extended the repayment deadline for Payroll Protection Program (PPP) borrowers that wish to take advantage of the “good faith” self-certification of eligibility option. The deadline is now automatically extended from May 7, 2020, to May 14, 2020.

    Companies that repay their loans by that date preempt the possibility of criminal liability if they’re subsequently found ineligible for PPP loans. The loans are intended to help small businesses with fewer than 500 employees weather the novel coronavirus (COVID-19) pandemic, but some large companies have applied for and received funds.

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    Congress Expands Small Business COVID-19 Relief

    Posted by Jonathan Ciccotelli on Apr 24, 2020 5:09:52 PM

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

    Congress and the Trump administration have struck a deal on another piece of legislation, the latest in a series of federal measures intended to provide relief in response to the novel coronavirus (COVID-19) pandemic. The $484 billion legislation, which is being referred to as the Interim Stimulus Plan, amends the Coronavirus Aid, Relief and Economic Security (CARES) Act enacted in late March. Among other things, it provides additional funding to two loan programs designed to help small businesses slammed by the economic shutdown.

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    The IRS Announces New COVID-19-Related Assistance for Taxpayers

    Posted by Jonathan Ciccotelli on Apr 13, 2020 1:52:48 PM

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

    The IRS and the U.S. Department of Treasury have announced new relief for federal taxpayers affected by the coronavirus (COVID-19) pandemic. The IRS had already extended certain deadlines to file and pay federal income taxes and estimated tax payments due April 15, 2020, without incurring late filing penalties, late payment penalties or interest. The additional relief, outlined in Notice 2020-23, applies to a wider variety of tax filers. The IRS also has announced new tools for taxpayers expecting Economic Impact Payments (also known as “recovery rebates”).

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    COVID-19 stimulus package offers relief to affected individual taxpayers

    Posted by Jonathan Ciccotelli on Apr 1, 2020 3:22:56 PM

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

    To help mitigate the financial and health crises related to the coronavirus (COVID-19), on Friday, March 27, 2020, President Trump signed into law the largest economic relief package in modern U.S. history. The $2 trillion Coronavirus Aid, Relief, and Economic Security Act (CARES Act) is intended to shore up the country on multiple fronts and includes several components aimed at individuals.

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    IRS Provides Deposit Penalty Relief for Employers Eligible for New Refundable Credits Due to COVID-19

    Posted by Jonathan Ciccotelli on Apr 1, 2020 2:45:21 PM

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

    The IRS has provided penalty relief for failure to deposit employment taxes under Code Sec. 6656 to employers entitled to the new refundable tax credits provided under the Families First Coronavirus Response Act (Families First Act) (P.L. 116-127), and the Coronavirus Aid, Relief, and Economic Security (CARES) Act (P.L. 116-136). The relief is provided to the extent that the amounts not deposited are equal to or less than the amount of refundable tax credits to which the employer is entitled under the Families First Act and the CARES Act.

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