BLS Insights

With the basic exclusion amount over $11.5 million and growing, along with the availability to port a married decedent’s unused exclusion, most individuals will not have a federal or state … Continued

The IRS recently issued Notice 2020-50 which provides further guidance and rules for taxpayers who take coronavirus-related distributions (CRDs) from their IRA or employer retirement plans. Here is what you … Continued

Originally Posted 6.24.2020 – Updated 6.29.2020 On June 23, the IRS issued Notice 2020-51 which provides additional guidance for those who otherwise needed to take required minimum distributions (RMDs) from … Continued

Accounting for PPP Loans: When does a Nonprofit’s PPP Loan Convert from a Liability to Revenue? With the introduction of the CARES Act, our firm created a library of resources, … Continued

Late last night, the Treasury released an interim final rule with additional guidance regarding H.R. 7010 (Paycheck Protection Program Flexibility Act of 2020). Updated application forms for borrowers and lenders … Continued

In light of the COVID-19 pandemic, Congress passed the CARES Act which provides qualified individuals the ability to take hardship distributions from their IRA or employer plan during 2020 and … Continued

Yesterday, the Senate approved H.R. 7010 (Paycheck Protection Program Flexibility Act of 2020), a bill that amends several provisions of the Paycheck Protection Program (PPP). The bill, which passed the … Continued

Late on Friday, the SBA released the PPP Loan Forgiveness Application. Along with the Application came instructions and answers to some questions related to the calculation. Although some questions still remain … Continued

One of the steps for slowing the spread of the COVID-19 outbreak was the closure of many public places, including colleges and universities. This action led to classroom instruction being … Continued

On May 5, 2020, the Governmental Audit Quality Center (GAQC) issued GAQC Alert No. 404 which provides important governmental auditing updates related to COVID-19. GAQC Alert No. 404 included the … Continued