Under the CARES Act, the amount of Paycheck Protection Program (PPP) loan forgiven is excluded from gross income. On May 2, 2020 the Department of the Treasury and the IRS released notice 2020-32, which clarified that no deduction is allowedREAD MORE
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News Update On June 4, 2020 the IRS released Notice 2020-39 providing relief for Qualified Opportunity Funds (QOFs) and their investors in response to the ongoing COVID-19 pandemic. This relief includes: Extending the 180-day period in which a taxpayer canREAD MORE
For businesses experiencing financial difficulty in 2020 due to the COVID-19 crisis, utilizing all methods to sustain cash flow is imperative. One option to be considered for businesses experiencing financial losses is to apply IRC Sec. 165(i) to accelerate thoseREAD MORE
On Thursday May 28, 2020 the House approved a bill which, if approved in the Senate and signed by the President, would make several favorable changes to the PPP loan forgiveness provisions. Some of the changes would include: Decreasing theREAD MORE
The Paycheck Protection Program (“PPP”) loan was intended to sustain small businesses and preserve employees’ jobs by helping cover essential operating expenses so businesses could stay afloat and retain employees during the COVID-19 shutdown. When banks started accepting applications shortlyREAD MORE
Recording Receipt of the PPP Loan Proceeds: GPW recommends that a new general ledger account be created to track the PPP loan proceeds separately from other payables, loans, and lines of credit. You could also consider creating a separate bankREAD MORE
The Paycheck Protection Program (“PPP”) loan was intended to sustain small businesses and preserve employees’ jobs by helping cover essential operating expenses so businesses could stay afloat and retain employees during the COVID-19 shutdown. When banks started accepting applications shortlyREAD MORE
Recording Receipt of the PPP Loan Proceeds: GPW recommends that a new general ledger account be created to track the PPP loan proceeds separately from other payables, loans, and lines of credit. You could also consider creating a separate bankREAD MORE
As you may know, GPW takes pride in supporting our community by providing our time and resources with at least four firm-sponsored service events annually. With restrictions on gatherings and social distancing recommendations, we are not able to contribute our timeREAD MORE
Retirement Fund Planning Opportunities: For those expecting a drop in income for tax year 2020, this could be the opportune time to consider a Roth IRA conversion. This way you are getting your money into the account when the valuesREAD MORE