Most people are aware of the PPP loan program and the economic benefit provided through the forgiveness feature. What you may not know is that there are other economic stimulus components of the CARES Act that you could benefit from … but the timelines are short.
A number of groups have since begun to create response funds targeted toward deploying money to organizations helping New Yorkers through the health crisis.
School’s out for the summer, but it is more crucial than ever that children are provided the food they need to stay healthy, especially those who rely on the meals provided at school.
The guidance suggested that a nongovernmental entity (including not-for-profits, “NFP”) may account for the PPP loan as a financial liability in accordance with FASB ASC 470, Debt, if certain conditions are met. In addition, the guidance suggested that a nongovernmental NFP may account for the PPP loan as a conditional grant/contribution in accordance with FASB ASC 958-605, Not-for-Profit Entities: Revenue Recognition, if certain conditions are met.
One of the biggest questions that many business owners face heading into the end of 2018 is how will the Tax Cuts and Jobs Act (TCJA) impact their 2018 tax returns. The bill was passed in late 2017 and many of the changes were effective January 1, 2018; however, many...
On June 21, 2018, the US Supreme Court ruled that remote and online sellers may now be required to collect sales tax for all states which is a massive shift from prior sales tax policy. Prior to this ruling, businesses were only required to collect sales tax from...
One of the most drastic changes in the Tax Cuts and Jobs Act was a reduction in the Federal Corporate Income Tax Rate from 35% to 21%. This change, in turn, has many business taxpayers currently organized as an S Corporation or an LLC (and thereby subject to...
One of the initial goals of tax reform upon its proposal was an overall reduction of rates for individual taxpayers along with a reduction in the number of brackets. In the end, the number of brackets stayed relatively static, but there was a decrease in rates for...
Most of the changes under the Tax Cuts and Jobs Act are effective for tax years beginning after January 1, 2018. However, certain changes were made retroactive, the most common and widespread relates to 100% bonus depreciation for capitalized assets. Most taxpayers...
