On March 11, Congress instituted the latest Coronavirus (COVID-19) relief fund, the American Rescue Plan Act of 2021. This plan includes a total of $6 trillion in economic relief. Many plan provisions provide aid if...
Navigating the Updated Employee Retention Credit for Taxes
Blog, COVID-19 Resources, Tax Services
The Consolidated Appropriations (CCA) Act of 2021, signed into law on December 27, 2020, changes the employee retention credit. Some of the changes retroactively modify the Coronavirus Aid, Relief, and Economic Security (CARES) Act, while others are prospective...
Coronavirus Small Business Relief Update
Second Draw Payroll Protection Program Loans and First Draw Forgiveness Businesses continue to face unprecedented economic hardship due to the Coronavirus (COVID-19) outbreak. To assist, the Coronavirus Aid, Relief and Economic Security (CARES) Act has provided...
IRS Rulings on Paycheck Protection Program and Its Tax Impacts
The recent IRS rulings of Revenue Procedure 2020-21 and Revenue Ruling 2020-27 may impact businesses' ability to deduct the funds given under the Paycheck Protection Program (PPP), provided to create relief during the pandemic.On November 18, the IRS remarked the...
COVID-19 Relief: FASB Approves Delays in Certain Accounting Updates
Assurance, COVID-19 Resources, News
The Financial Accounting Standards Board (“FASB”) is providing some relief to private companies affected by COVID-19 by approving a delay in the implementation of certain accounting standards. The FASB acknowledges that many non-public business entities rely heavily...
Are You Ready to Apply for PPP Loan Forgiveness?
Are You Ready to Apply for PPP Loan Forgiveness?Ever since the CARES Act was signed into law on March 26, 2020, followed by the enhancements provided by the Paycheck Protection Flexibility Act signed into law on June 5, 2020, there have been a flood of FAQs and...
COVID-19 Payroll Tax Deferral Update
On August 8, 2020, President Trump issued an executive order to defer the withholding, deposit, and payment of the tax employees pay towards Social Security starting September 1 through December 31, 2020. The order affects employees whose biweekly pay is below $4,000...
Pandemic Effects on Accounting for AR and Inventory
The COVID-19 pandemic has had significant impact on businesses and the economy. While the full extent and duration remains unclear, how the pandemic affects the accounting of accounts receivable and inventory needs to be considered. Collectability of Accounts...
Accounting for Forgivable Loans
Assurance, COVID-19 Resources, News
Congress established the Paycheck Protection Program (PPP) to provide relief for small businesses as part of the Coronavirus Aid, Relief, and Economic Security Act (CARES), and there have been a lot of questions and uncertainty around the program. The AICPA has...
PPP Flexibility Act Signed Into Law
The Paycheck Protection Program Flexibility Act was signed into law on June 5, 2020. The Act amends the Paycheck Protection Program (PPP) to give businesses an extended period to spend the loan proceeds in addition to other more lenient conditions to qualify for...
PPP Loan Forgiveness Application Update
May 19,2020 The Small Business Administration (SBA) has released the Paycheck Protection Program Loan Forgiveness Application and Instructions. The documents released on May 15, 2020 will help small businesses seek forgiveness at the conclusion of the eight week...
Safe Harbor Deadline for Repayment of PPP Loans Extended to May 14
On May 5, 2020, the U.S. Treasury Department extended the deadline to repay PPP loans from May 7 to May 14 with the addition of FAQ #43. As advised in our previous communication, please consider your options if you are not confident that you can complete the...
Important Information Regarding PPP Loan Certification
May 4, 2020 To our clients and community, Recent news regarding the Paycheck Protection Program (PPP) related to the Small Business Administration’s (SBA) scrutiny of businesses applying for a loan has raised serious concerns for many companies. We want to keep...
Paycheck Protection Program (PPP) Update: IRS Notice 2020-32
COVID-19 Resources, News, Tax Services
The IRS issued Notice 2020-32 on the evening of April 30, 2020 to clarify the tax deductibility of expenses paid with loan proceeds from the Paycheck Protection Program (PPP) as part of the Coronavirus Aid, Relief, and Economy Security Act (CARES Act). Businesses...
CARES Act: Employer Payroll Tax Deferrals
You may have filed an application for a Paycheck Protection Program (PPP) loan, but there is another option in the Coronavirus Aid, Relief, and Economic Security (CARES) Act that you can start taking advantage of right now. It is the deferral of the employer’s portion...
Paycheck Protection Program (PPP) Revived
Pandemic relief efforts have been revived today, as the U.S. government passed a rescue package totaling $484 billion to help small businesses and hospitals, and expand COVID-19 testing. The package includes an additional $310 billion for the Paycheck Protection...
Paycheck Protection Program (PPP) Initial Funding Depleted
The U.S. Small Business Administration (SBA) announced on Thursday morning the Paycheck Protection Program (PPP) funds of $349 billion have been depleted. More than 1.6 million applications had been approved in just under 2 weeks. Thousands of business owners must now...
Coronavirus Update: Answers to the 5 Most Common HR Related Questions
COVID-19 Resources, Human Resources, News
Small business community members are more alike than different when it comes to our desire to take care of each other during this time of uncertainty. As leaders of small businesses try to navigate their way through Governors’ Executive Orders, sweeping stimulus...
Coronavirus Update – Upcoming Office Closures
March 20, 2020 To our clients and community, I want to provide an update on our evolving response to the coronavirus outbreak. Please be assured that CDH is taking all necessary precautions to ensure the use of best practices for minimizing the risks for our team,...
Coronavirus Tax Relief
March 18, 2020 To our clients and community, In response to the COVID-19 pandemic affecting our nation in unprecedented ways, the U.S. Treasury Department announced the IRS is postponing the April 15 income tax payment deadline by 90 days. Individual taxpayers may...
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