Professional Accounting Blog

    Accounting For Your Prosperity

    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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    Can I use Data Analytics in my Business?

    Posted by Carlin Culbertson on Jun 30, 2020 10:37:09 AM

    Topics: Small Business, Accounting & Auditing, Accounting and Tax Resource, Strategic Leadership

    Data analytics can mean different things to different people, so it ends up being a relatively broad term used to describe anything from cross-referencing Excel spreadsheets to predicting sales trends using data from a variety of sources. 

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    Updates and Revisions to PPP Loan Forgiveness – File Early, Reduced Business Safe Harbor

    Posted by Carlin Culbertson on Jun 24, 2020 3:02:02 PM

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

    They say change is life's only constant, and Treasury, the SBA, and Congress have driven that point home over the past couple months.  Late on June 22, 2020, Treasury and the SBA posted an updated interim final rule concerning forgiveness, making updates and adding explanations for changes made by the PPP Flexibility Act Congress recently passed, and adding some further explanations for the updated loan forgiveness applications that were posted on June 16, 2020.  Here are the application and instructions and the new EZ application and instructions.

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    Managing People During the COVID-19 Crisis

    Posted by Lisa Foley on Jun 23, 2020 10:24:30 AM

    Topics: Small Business, Accounting and Tax Resource, Strategic Leadership, COVID-19

    What we are hearing from business leaders about managing people during this changing and challenging time:

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    WEBINAR: Where Do We Go From Here?

    Posted by Meaden & Moore on Jun 17, 2020 5:37:11 PM

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

    The COVID-19 pandemic continues to turn the world upside down. Operating an organization in this environment can be challenging. 

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    Guidance Issued by the AICPA on Accounting and Reporting for PPP Loan Forgiveness

    Posted by Kelli Bernstein on Jun 12, 2020 9:43:36 AM

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

    We have all been waiting for guidance to be issued related to accounting for forgiveness of Paycheck Protection Program (PPP) Loans. On June 10, 2020, the AICPA issued such guidance in the form of a Technical Question and Answer (TQA)  3200.18 Borrower Accounting for a Forgivable Loan Received Under the Small Business Administration Paycheck Protection Program. The TQA specifically addresses nongovernmental entities.

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    Should I use 8-weeks or 24-weeks for my PPP Loan Covered Period?

    Posted by Carlin Culbertson on Jun 10, 2020 11:58:02 AM

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

    As I’m sure you’ve heard, there’s a new PPP Loan law that created some significant changes.  The details of which we discussed here and here.  With new rules come new questions, and the one that keeps coming up from clients is should I still use the 8-weeks or use the 24-weeks?  Or can I use any time period in between?

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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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    Expectations of Value and Garages

    Posted by Lloyd Bell on Jun 5, 2020 12:06:11 PM

    Topics: Small Business, Accounting & Auditing, Corporate Finance, COVID-19

    During the last week of February 2020, public equity markets began their largest decline since the financial crisis of 2007-2008. By the time it had bottomed out nearly 30 days later, the S&P 500 lost about a third of its value. The question I often get asked these days is “how has this impacted my private company value?” I also get asked if I’m ever going to paint the garage. That one’s easier to answer: Maybe.

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    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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