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The Internal Revenue Service has issued Alert Number 2020-06, which provides guidance to a number of modifications initiated due to their response to COVID matters, including: Deferral of Employment Tax Deposits

By Jason Thompson, CPA/ABV, ASA, CFE, CFF Partner and Director of Valuation and Litigation Services jthompson@sponselcpagroup.com Who knows what is next in this pandemic? Initially what started as a national emergency

By Eric Woodruff, CPA, CCIFP Partner, Audit & Assurance Services ewoodruff@sponselcpagroup.com When the New Year’s Eve ball dropped in Times Square, business owners’ minds probably flooded with a vision for

On Friday, May 15, the SBA released the much anticipated application for PPP loan forgiveness. The application and instructions can be found here. The application will be submitted by the

Skyler McCool first joined the firm as an intern amid the busy tax season of 2018. He went on to graduate with a degree in accounting and finance from Marian

On May 13, 2020, the United States Treasury Department (the Treasury) issued an update to the PPP FAQs. The update includes Questions 46 and 47. Question 46 appears to be

Today, the Indiana Department of Revenue announced additional filing and payment extensions, which are outlined below. Most notable is the extension of the individual and corporate estimated payment dates to

Our last communication on PPP loans shared the issuance of the Internal Revenue Services’ (IRS) Notice 2020-32, which clarifies that no tax deduction is allowed for an expense if the expense paid results

Typically when a loan is forgiven, it results in taxable income; however, the CARES Act specifically states that loan forgiveness under the Paycheck Protection Program (PPP) will not be taxable.

President Trump signed the Paycheck Protection Program and Health Care Enhancement Act (“Enhancement Act”) on April 24. This legislation infuses an additional $310 billion into the Paycheck Protection Program (“PPP”).

The Payroll Protection Program (PPP) opened up on April 3, 2020 and ran out of funds on April 16, 2020. In that 13 days, approximately 1.7 million loans were approved

(Editor’s Note: All information included herein is as of April 21, 2020) As you may have heard, the PPP & EIDL loans are currently on hold pending further congressional action.

In this month’s newsletter, we explore how to lead during a crisis, tax return deadline extensions, business recovery, our COVID-19 Resource Center and more!

By Tom Sponsel, CPA/ABV, CFF Managing Partner tsponsel@sponselcpagroup.com  In the midst of this crisis, it’s all too easy to grow overwhelmed and lose sight of the long-term vision for your

By Lisa Purichia Partner, Director of Accounting & Retirement Plan Services lpurichia@sponselcpagroup.com As you cope with the continuing impact of COVID-19, you’re probably struggling with day-to-day operations rather than planning

(Editor’s Note: All Information included herein is as of April 10, 2020.) For many, the past week has been a mad dash to apply for the Small Business Administration’s (“SBA”)

The Internal Revenue Service has extended relief for the Federal Estimated Tax Payment (for Individuals and Corporations) normally due June 15, 2020 to July 15, 2020, without penalty. The IRS

As stated in our previous e-blast on Saturday, the U.S. Small Business Administration (SBA) has been authorized to offer two new loan facilities to assist business owners: 7(a) Paycheck Protection Program

By Bill Barks Director, Retirement Plan Services bbarks@sponselcpagroup.com The CARES Act was signed into law March 27, 2020. Below are the key provisions affecting retirement plans: Hardship Distributions: The CARES Act

By Lisa Purichia Partner, Director of Accounting & Retirement Plan Services lpurichia@sponselcpagroup.com Author’s Note: This is VERY IMPORTANT information for employers. Additional supporting regulations and guidelines are to be issued this