Main Street Lending Program Now Available for Eligible Nonprofits

On Friday, September 4, 2020, the Federal Reserve announced that the Main Street Lending Program is now fully operational and is accepting submissions of eligible loans to nonprofit organizations. The Program to support lending to small and medium-sized for profit businesses and nonprofit organizations that were in sound financial condition...

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Remote Work and the New Reality of Commercial Real Estate

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There’s no question the global pandemic of 2020 quickened trends of the future that were hitting the wall of the present: Employers resistant to allowing employees to work remotely suddenly had no choice as localities enacted mandatory stay-at-home measures. Businesses migrated to remote work on an unprecedented scale - a great...

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Lack of Guidance Leaves Employers Uncertain About Payroll Tax Deferral

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Written by Tax Managers Dan Chodan, CPA & Michael Carr, CPA

On August 28, 2020, the Treasury Department released guidance on President Trump’s Memorandum - Deferring Payroll Tax Obligations (the “program”). The Treasury Department’s guidance allows employees to defer having their portion of social security taxes withheld if their...

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New PPP Interim Final Rule Addresses Loan Forgiveness for Owner-Employee Compensation Rule & Self-Rents

Written by Dan Chodan, CPA

On Monday, August 24, 2020, the SBA & Treasury Department announced an interim final rule which provided additional guidance concerning the ownership percentage that triggers the applicability of the five owner compensation rule for forgiveness purposes and limitations on the eligibility of certain non-payroll costs...

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How to Accelerate Income To Lower Your Total Tax Liability

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As 2020 winds down, it’s time to consider year-end planning. It’s an unusual year, with taxpayers experiencing losses due to the economic downturn and the possibility of higher income tax rates next year. Consequently, we need to rethink the traditional year-end advice of deferring income and accelerating deductions to minimize...

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The Path To Retail Recovery

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COVID-19 has shaken nearly every aspect of the retail industry. Retailers have been grappling with never-before-seen store closures, supply chain disruptions and personnel changes. Even as the country slowly opens back up for business, we know retailers will continue to feel the pandemic’s impacts for several sales quarters to...

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IRS Delivers Temporary Midyear Relief To 401(K) & 403(B) Safe Harbor Plans

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Plan sponsors that have already or are considering reducing or suspending contributions to their safe harbor 401(k) or 403(b) plans as a result of the coronavirus pandemic now have helpful relief thanks to new guidance from the Internal Revenue Service (IRS).

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IRS Extends Relief for 2020 RMD Waivers and Rollovers

The Coronavirus Aid, Relief, and Economic Security (CARES) Act, enacted on March 27, 2020, waived required minimum distributions (RMDs) from tax-qualified defined contribution retirement plans (such as 401(k) and 403(b) plans) and individual retirement accounts (IRAs) that were otherwise due in 2020 to help Americans cope with the uncertainty...

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DOL Finalizes Rule On Electronic Disclosure of Retirement Plan Documents

The Department of Labor (DOL) recently finalized a rule that makes it easier for plan sponsors to use email and internet websites to deliver certain retirement plan disclosures or other documents to plan participants.

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Key Takeaways from the PPP Forgiveness FAQ Document

Written by Dan Chodan, CPA

On August 4, 2020, the Small Business Administration and Department of the Treasury released guidance to address borrower and lender questions concerning forgiveness of Paycheck Protection Program (PPP) loans, as provided for under section 1106 of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act).

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