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Posted by: Christin Biermeier 2 months ago
Join us for a Q&A webinar on the changes to the Paycheck Protection Program resulting from the PPP Flexibility Act and revised forgiveness application.  Please submit any questions with your registration so we can address them during the webinar.  Based on the anticipated number of attendees we will not be able to address questions during the presentation. This webinar will be recorded and available ...
Posted by: Melodi Bunting 2 months ago
On June 17, 2020 the U.S. Small Business Administration (SBA), released a revised Paycheck Protection Program (PPP) loan forgiveness application implementing the PPP Flexibility Act, as well as an EZ version.  The EZ version applies to the following borrowers: Self-employed, independent contractor, or sole proprietor who had no employees at the time of the applicationThose who did not reduce annual...
Posted by: Tina Beyers 2 months ago
When you outsource your accounting, you’re forming a connection with someone who can not only handle the books, but also help your company reach its goals. The better your relationship is, the more your company will benefit. Here are 5 tips for making your outsourced accounting relationship successful: 1. Be clear about your expectations. When you outsource your accounting, make your pri...
Posted by: Jessica Nordenstrom 2 months ago
How should I adjust my internal controls while working remotely? It’s no surprise that one of the most commonly asked questions our assurance department receives from clients lately is “how should I adjust my internal controls for COVID while working remotely?” It’s a question everyone is curious about and looking for recommendations on. The answer isn’t as cookie-cutter as some may think, giv...
Posted by: Kate Serpe 2 months ago
On June 3rd, the Senate passed the Paycheck Protection Program Flexibility Act.  The bill now awaits the president’s signature.  The bill includes some much needed changes that will help businesses and organizations utilize the funds to meet their needs.  The covered period is now extended to 24 weeks, up from the original 8 week period.The covered period is now extended to December 31,...
Posted by: Kate Serpe 3 months ago
If you received a Paycheck Protection Program (PPP) loan, we want to inform you of the most recent update released from the Small Business Administration (SBA) in the PPP FAQs Sheet. In summary, the answer states that any loans received that do not exceed $2 million will be deemed to have made the required certification concerning the necessity of the loan request in good faith. The safe harbor repaym...
Posted by: Melodi Bunting 4 months ago
Recent legislation offers a number of resources for not-for-profits (NFP).  That is the good news!  The more challenging news is the fluidity and volume of information.  Two pieces of legislation that can potentially provide economic relief for NFPs are the Families First Coronavirus Response (FFCRA) Act passed on March 18, 2020 and the Coronavirus Aid, Relief, and Economic Security (CARES) ...
Posted by: Lisa Lang 6 months ago
According to the Association of Certified Fraud Examiners’ 2018 report, when looking at 2,690 cases of occupational fraud across 125 countries, there were $7 billion in total losses with a median loss of $130,000 per case. The two largest categories of fraud are asset misappropriation (i.e. theft) and financial statement fraud (i.e. lying). Asset misappropriation is the more common type, accounting for 8...
Posted by: Amanda VanNatta 6 months ago
Legislation signed December 20, 2019 retroactively repealed Internal Revenue Code Section 512(a)(7), which increased unrelated business taxable income by amounts paid or incurred for qualified transportation fringes.  The IRS released guidance this week on how to go about obtaining refunds if an organization incurred any tax related to qualified transportation fringes. Internal Revenue Code Section...
Posted by: Yigit Uctum 7 months ago
The Tax Cuts and Jobs Act of 2017 included a provision that had a significant impact on certain tax-exempt organizations that provided qualified transportation fringe benefits. It required these organizations to pay an “unrelated business income tax” (UBIT) on the cost of the transportation benefits provided after December 31, 2017. The President signed into law legislation that includes a repeal of...