Topic
MA Tax Implications of a Remote Employee Due to COVID-19
AAFCPAs would like to make clients aware that the Massachusetts Department of Revenue (DOR) issued a Technical Information Release (TIR) describing the Massachusetts personal income and withholding tax implications of an employee working remotely in a state other than the state where the employee previously worked, solely due to the Coronavirus pandemic. The TIR explains […]
Watch Now: AAFCPAs’ Guidance on SBA Loan Forgiveness Application
On Friday, May 15, 2020, the Small Business Administration (SBA) released its long-awaited Paycheck Protection Program (PPP) Loan Forgiveness Application & Instructions. When the PPP loan program was announced back in March, it left business owners and their advisors with more questions than answers. The application and instructions are not without issues, but they do […]
AAFCPAs Guidance on SBA Loan Forgiveness Application
UPDATE: On June 5th, the president signed into law the PPP flexibility act. You may read about those changes here: PPP Flexibility Act Extends Covered Period of Loan. As of June 16th, the SBA has yet to update their forgiveness application and therefore this blog will be updated once a new version of the application […]
Accounting Considerations When Establishing an Emergency Relief Fund
Charter Schools across the country have stepped up to assist families during this unprecedented time. In addition to successfully adapting to entirely remote learning and providing tools such as laptops and other technology, many Charter Schools provide curbside pickup meals to their students. As this worldwide pandemic continues, many Charter Schools have established Emergency Relief […]
PPP Safe Harbor Extended to May 18
AAFCPAs would like to make clients aware that in their most recent Paycheck Protection Program (PPP) Loan Frequently Asked Questions (FAQs), the Treasury and the Small Business Administration (SBA) announced an additional extension of the “safe harbor” deadline for recipients of PPP loans. PPP loan borrowers are now allowed to return the money to the […]
SBA FAQ Indicates Good Faith Assumed for PPP Loans Under $2M
In a dramatic turn of events the Small Business Administration (SBA) released Paycheck Protection Program (PPP) Loans FAQ #46 today, May 13th regarding how the organization will review borrowers’ required good-fair certification concerning the necessity of their loan request. Loans Under $2 Million The FAQ reads “Any borrower that, together with its affiliates, received PPP […]
SBA, Treasury Extend Safe Harbor to Return PPP Funds, and New Guidelines for International Businesses
Updated May 14, 2020 AAFCPAs would like to make clients aware that in their recent Frequently Asked Questions for Lenders and Borrowers, the Treasury and the Small Business Administration announced an additional extension of the “safe harbor” deadline for recipients of Paycheck Protection Provision (PPP) loans. PPP loan borrowers are now allowed to return the […]
Questions Businesses Need to Address to Support PPP Loan Certifications
AAFCPAs has provided the following sample questions borrowers should address in a written “living document” supporting that PPP loan certifications were made in good faith. We recommend outlining responses contemporaneously in a journal format that can be appended over time as further guidance becomes available and relevant facts and circumstances evolve. Impact on Business Operations […]
IRS Issues Guidance on Deductibility of Expenses Covered by PPP Loan
AAFCPAs would like to make clients aware that on Thursday, April 30th, the IRS issued Notice 2020-32 providing tax compliance clarity related to Paycheck Protection Program (PPP) funds. Under Notice 2020-32 the IRS concludes that no deduction is allowed for an expense that results in forgiveness under section 1106(b) of the Coronavirus Aid, Relief, and […]