IRS Extends Tax Deadline to May 17th, 2021 for individuals
The IRS announced on March 17, 2021 an extension of the INDIVIDUAL tax filing deadline from April...
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Category: Edward McWilliams
Press Release: Cerini & Associates, LLP Partner Promotions 2021
FOR IMMEDIATE RELEASE Contact:Kelli-Anne Cerini Marketing Coordinator Cerini & Associates, LLP...
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IRS Issues Crucial New Guidance on Deduction of PPP Expenses
Following up on Notice 2020-32 issued in May 2020, the IRS has released Revenue Ruling 2020-27 & Revenue Procedure 2050-51 to provide guidance to taxpayers in relation to deductions for expenses covered by the Paycheck Protection Program (PPP) loans.
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SBA Necessity Questionnaire Released for Borrowers with PPP Loans Over $2,000,000
In what is likely the first step in the audit process for borrowers that received Paycheck...
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HHS Announced Phase 3 of General Distribution Funding
As part of the ongoing efforts to assist healthcare providers, the Department of Health and Human...
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Partial Plan Terminations: What Employers and Plan Sponsors Should Know
The COVID-19 pandemic has brought so many different concerns to the forefront for employers,...
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Payroll Tax Deferral Guidance
On Friday evening, August 28th, 2020, the IRS and Department of the Treasury released Notice...
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Executive Order Issued Deferring Payroll Taxes for Employees and Poses Huge Questions for Employers
After failing to find a compromise on a new stimulus package by the self-imposed deadline of August 7th, 2020, President Trump issued a new executive order on Saturday August 8th that would defer the withholding of employee payroll taxes. The executive order presents many immediate questions and challenges for employers and it is also likely to face several political challenges over the next few weeks.
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“New” SBA FAQ on Loan Forgiveness Released
For weeks, since the last update in June 2020, there have been rumors and reports in professional circles regarding the SBA releasing a new or updated FAQ with around 30 questions that would assist borrowers in their forgiveness calculations. The SBA posted a new update on August 4, 2020 that is believed to be this massive promised update.
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PPP, HHS and other COVID Stimulus Quick Updates
After the initial passing of the CARES Act and subsequent extensions there were daily and...
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Main Street Lending Launches Nonprofit Organization Loan Programs
On Friday, July 17th the Federal Reserve updated the Main Street Lending program to provide information related to nonprofit organizations ability to participate in the program as mandated by the CARES Act. The facility now includes 2 separate but similar facilities targeted at Nonprofit Organizations – the Nonprofit Organization New Loan Facility (NONLF) and the Nonprofit Organization Expanded Loan Facility (NOELF).
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“Zero Based” Budgeting for Healthcare Organizations
For many organizations, the budgeting process typically relies on a baseline assumption of a dollar amount, often based on the prior years operating results, a standard increase, and then finally increases based on current year growth expectations. This process very often can be very much on “autopilot” without much critical analysis from department heads, the finance team and executive oversight.
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