COVID-19 tax relief for businesses comes in many forms

By Christopher Davis, CPA As the last several months have shown, a lot can happen in a very short period of time. Congress has kept pace with these changes by passing several incentives designed to assist individuals and small businesses as we all continue to navigate through the COVID-19 pandemic.  These new incentives range from … Continued

Forensic accountants provide crucial help in resolving financial disputes

By Cesar Mejia, CPA, CFE What comes to mind when you hear the term forensic accountant? Most individuals who have not worked with a forensic accountant before believe they concentrate on investigating criminal activity. It is true that some of the work may involve investigating criminal activity — fraud investigations, for example. But in litigation, … Continued

Critical changes regarding Paycheck Protection Program loan forgiveness

Over the past few weeks, some critical changes have been made to the Paycheck Protection Program (PPP). The PPP Flexibility Act (the Act) and various guidelines issued by the Small Business Administration (SBA) provide relief to small businesses utilizing and preparing to seek forgiveness of their PPP loans. Here are questions and answers on some … Continued

What you need to know about the new Paycheck Protection Program Flexibility Act

On Friday, June 5, 2020, President Trump signed into law the Paycheck Protection Program Flexibility Act (the Act). The Act makes critical changes to the Paycheck Protection Program (PPP), which provides relief to small businesses utilizing PPP loans and now preparing to seek forgiveness of their loans. Here are highlights of the key changes: Covered … Continued

Maximizing Paycheck Protection Program (PPP) loan forgiveness

Around Memorial Day weekend, the Small Business Administration released the PPP Loan Forgiveness Application and Interim Final Rules, which provide clarification on obtaining PPP loan forgiveness. Here are questions and answers on some of the major issues: Do eligible costs have to be both incurred and paid during the eight-week covered period? No. Loan proceeds … Continued

SBA releases more details on Paycheck Protection Program loan forgiveness

The Paycheck Protection Program, or PPP, was great news for business owners who needed a lifeline when the COVID-19 pandemic began sweeping the United States. The key benefit of the PPP is the opportunity for federal loans to be forgiven if certain conditions are met. But the program was enacted so quickly that some details … Continued

A closer look at PPP, EIDL and other relief programs

By Jim Rice, CPA, and Christopher Davis, CPA As we all try to deal with the COVID-19 crisis, several economic relief programs have gotten a lot of attention but still call for a closer look due to their complexity. Cases in point: The Paycheck Protection Program (PPP), and the Small Business Administration’s Economic Injury Disaster … Continued

IRS provides additional relief to taxpayers

The IRS continues  to take extraordinary steps to provide tax relief in many forms to taxpayers. Below are summaries of two such measures that are relevant to many of our clients. Of course, Sol Schwartz & Associates professionals are available to discuss the details of how these IRS actions may apply to your specific situati on. … Continued