Updated as of June 4, 2020 The U.S. Senate passed the House bill, called the Paycheck Protection Flexibility Act of 2020, Wednesday night, tripling the time for small businesses and other PPP loan recipients to spend the funds and still qualify for forgiveness of the loans. Some highlights, which loan borrowers would be most interested [...]
The U.S. Small Business Administration (SBA) released an application form Friday for Paycheck Protection Program (PPP) loan forgiveness along with instructions for completing the form. The form and instructions offer borrowers details on how to apply for forgiveness of their PPP loans, consistent with the Coronavirus Aid, Relief, and Economic Security (CARES) Act, P.L. 116-136 [...]
As previously discussed in A&C’s article on COVID-19 and Business Interruption Insurance: Frequently Asked Questions, COVID-19, or Coronavirus, has impacted businesses worldwide. As a company analyzes and documents a business income loss claim, a critical aspect involves an examination of the insurance policy. The policy defines areas of coverage that will indemnify the loss, however [...]
COVID-19, or Coronavirus, has impacted most if not all of the businesses worldwide. Some have been impacted since the beginning of 2020 while others may be just starting to feel the impact over the past few weeks. Many have been questioning whether the losses of income are covered under business interruption insurance. What is Business [...]
Paid leave for workers and tax credits for small and midsize businesses to recover the cost of providing Coronavirus-related leave Relief to employees and small and midsize businesses is provided under the Families First Coronavirus Response Act (Act), signed by President Trump on March 18, 2020. The U.S. Treasury Department, the Internal Revenue Service (IRS), [...]
On March 21, 2020, Internal Revenue Service announced that the federal income tax filing due date is extended from April 15, 2020, to July 15, 2020. This is an automatic extension and there is no requirement to file any l forms or to call the IRS. Individual taxpayers who need additional time to file beyond [...]
Unless the de minimis exception applies, a business that involves the performance of services in one of the 12 fields listed below or whose principal asset is the reputation or skill of its owner(s) or employee(s) is usually a Specified Service Trade or Business (SSTB). Here are the 12 fields: Health This is providing medical services directly [...]
A net operating loss (NOL) is the result when a company's allowable deductions exceed its taxable income within a tax period. The IRS has recently passed the Tax Cuts & Jobs Act (TCJA) which also sheds some light on the tax rules for Net Operating Loss (NOL). Prior to the TCJA, Net Operating Losses (NOLs) [...]
Employees with a tax home in a foreign country who meet either the bona fide residence test or physical presence test can choose to exclude from income a limited amount of foreign earned income. Employees can exclude the smaller of up to $103,900 (for 2018) or the excess of their foreign earned income for the [...]
A&C performs valuation of all levels of business interests, intellectual property, personal property, and complex securities. An independent appraiser considers the three approaches to determine the value of the underlying interest: the income approach, the market approach, and the asset approach. In a perfect world, income approach makes perfect sense. The present value of the [...]
