BLS Insights

In an effort to provide guidance to companies and nonprofits that received a Payroll Protection Program (PPP) Loan, the Small Business Administration published Frequently Asked Questions related to PPP Loan … Continued

In light of the pandemic, many individuals could see a dramatic shift in various sources of income, such as wages, self-employment income, interest, dividends, capital gains, retirement plan distributions and … Continued

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