Press Releases

No tax deduction for payments that result in PPP loan forgiveness

By |2020-05-04T13:55:46+00:00May 4th, 2020|Corporate & Partnership Tax, News & Events, Press Releases|

The recent IRS Notice 2020-32 clarifies that no tax deduction is allowed for payments for eligible PPP loan expenses to the extent these expenses result in PPP loan forgiveness because the PPP loan forgiveness will not be taxable income. This means that the PPP loan forgiveness will result in a net-zero tax effect for the [...]

Angela Hamiter nominated to serve three year term to the Alabama Society of Certified Public of Accountants

By |2020-04-20T13:38:38+00:00April 20th, 2020|News & Events, Press Releases|

Angela Hamiter has been nominated to serve a three-year term on the board of the Alabama Society of Certified Public Accountants (ASCPA). The ASCPA Nominations Committee met in Montgomery, and each nominee has already agreed to begin serving June 1, 2020 if elected. The ASCPA is the statewide, professional membership organization representing over 6,000 Alabama [...]

What’s Next for the Paycheck Protection Program Loan Recipients?

By |2020-05-12T16:43:19+00:00April 15th, 2020|Corporate & Partnership Tax, News & Events, Payroll & Bookkeeping, Press Releases|

Now that many of you have either already or are waiting on your Paycheck Protection Program (PPP) loan disbursements, we though that it would be helpful to provide you with guidance on the how and how much of that loan can be forgiven. EDITOR's NOTE from May 12, 2020: Several updates and information can [...]

Paycheck Protection Program FAQs

By |2020-04-07T14:42:38+00:00April 7th, 2020|Corporate & Partnership Tax, News & Events, Payroll & Bookkeeping, Press Releases|

The SBA and the US Treasury issued a Frequently Asked Questions document yesterday. Paycheck Protection Program Frequently Asked Questions April 6 2020  This is helpful as many companies and business owners are having trouble filling out the application.  There is also some disagreement among the banks as to what is allowed or not allowed. [...]

COVID-19 Legislative Updates for Plan Administrators

By |2020-04-04T21:38:45+00:00April 4th, 2020|News & Events, Pension Admin & Consulting, Press Releases|

With a new COVID-19 tax law seemingly coming out every couple of days and with guidance on those new laws seemingly being released every few hours, we wanted to keep plan administrators informed of all changes as they stand today.  First though, we want to note that while taxes due April 15, 2020 have been [...]

CARES Act – New Guidance on Paycheck Protection Program

By |2020-04-08T15:28:40+00:00April 1st, 2020|Corporate & Partnership Tax, News & Events, Press Releases|

Yesterday afternoon, the US Treasury released official guidance and assistance for implementation of the Paycheck Protection Program as well as the loan application.  UPDATE: SBA PPP Loan Application released April 2, 10 PM. Small businesses and sole proprietorships affected by the coronavirus pandemic can apply for loans beginning this Friday, April 3. Independent contractors [...]

CARES ACT – Retirement Plan Changes

By |2020-04-08T15:27:48+00:00March 31st, 2020|Corporate & Partnership Tax, News & Events, Pension Admin & Consulting, Press Releases|

The new stimulus bill that was signed on Friday, March 27, 2020, known as the CARES Act is a massive and far ranging $2+ TRILLION bill, so it is probably best for us to break it down by sections or likely impacted group.  This Act may be cited as the “Coronavirus Aid, Relief, and Economic Security [...]

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