SBA publishes loan necessity questionnaire for PPP borrowers (authored by RSM US LLP)
Borrowers (and affiliates) that have PPP Loans of $2 million or greater should be prepared to provide additional information to SBA.
Research Results
IRS acknowledges auto-revocation errors (authored by RSM US LLP)
Some exempt organizations that timely filed Form 990 series returns or notices are receiving erroneous auto-revocation notices.
Impact of COVID-19: Goodwill impairment considerations (authored by RSM US LLP)
Our white paper discusses many relevant matters related to, and the impact of COVID-19 on, goodwill impairment testing.
Borrower and lender accounting for Main Street Lending Program loans (authored by RSM US LLP)
We have updated our white paper to discuss how MSLP loans should be accounted for by both borrowers and lenders.
IRS issues final regulations on meals and entertainment deductions (authored by RSM US LLP)
The final regulations issued by the IRS provide guidance for meal and entertainment deductions under section 274.
Lender accounting for PPP loans prior to loan repayment or forgiveness (authored by RSM US LLP)
Our white paper discusses pandemic-related financial reporting issues, including a lender’s accounting for PPP loans.
Donor-Advised Funds: Giving with a Tax Advantage
If you donate to charitable organizations, you might want to consider establishing a donor-advised fund. A donor-advised fund is a charitable tax-saving tool that enables you to maintain a certain level of control over how funds are distributed while receiving immediate tax benefits.
SBA issues additional PPP loan forgiveness guidance (authored by RSM US LLP)
Guidance addresses owner-employee ownership thresholds, related party rents and costs for tenants or sub-tenants or home-based businesses.
OMB issues 2020 Compliance Supplement (authored by RSM US LLP)
The OMB recently released the 2020 Compliance Supplement, which is effective for audits of years beginning after June 30, 2019.
Benefits of a Fractional CFO
As your company grows, the need for greater experience and more sophistication in accounting and finance will also grow. If your company is facing the question of whether or not to hire a full-time CFO, you might want to consider a fractional CFO instead. In this video, we explore the benefits of having a fractional CFO.
Scenario Planning
What if your organization was already prepared to respond to the challenges brought about by COVID-19? Scenario planning is a savvy management tool that helps organizations deal with the uncertain world in which we live.
SBA further clarifies loan forgiveness process (Authored by RSM US LLP)
SBA / Treasury release additional changes to Interim Final Rules that further clarify loan forgiveness process.
Succession Planning for Business Owners
Succession planning is essential for business owners to ensure that their business will survive, if not thrive, through a transition of leadership. In this video, we'll cover why you need a plan and key components of a plan.
Paycheck Protection Program Flexibility Act of 2020
On June 5th, the president signed the Paycheck Protection Program Flexibility Act of 2020 into law, which among other things, helps borrowers maximize their potential for loan forgiveness. Here's a great video that covers the major provisions of the new law.
PPP Loan Forgiveness
The SBA recently released the PPP loan forgiveness application which provides guidelines on what expenses are eligible for forgiveness. Here's a great video overview of the new guidelines.