Welcome to our Blog Page
The McDonnell Richardson CPA, P.C. Blog Page provides frequently updated useful news and information to help keep you informed on tax strategy, business, and estate planning. Please do not hesitate to contact us for any questions and additional information you may have regarding these topics.
15 hours ago
COVID 19 – BRINGING EMPLOYEES BACK
A guide to bringing employees back to the office
Businesses should consider these eight questions when determining when and how to bring employees back to the office.
Full Story: Harvard Business Review online (tiered subscription model) (5/28) ...
2 days ago
COVID 19 UPDATE
PPP forgiveness changes coming as Senate passes House bill
The Senate has passed a House bill that would give small businesses and other entities that have received loans from the Paycheck Protection Program 16 additional weeks to spend the funds and qualify for full forgiveness of the loans. The legislation would also lower the percentage of PPP spending required to be on payroll to 60% from 75%.
Full Story: Journal of Accountancy online (6/4) ...
IRS doesn't pursue some high-income nonfilers, audit finds
An audit by the Treasury Inspector General for Tax Administration has found gaps in the Internal Revenue Service's efforts to pursue high-income individuals who don't file taxes. One issue is a decline in staff resources for the collection function.
Full Story: Forbes (6/2) ...
How the CARES Act has affected business valuation
Legislation designed to help businesses during the coronavirus pandemic has created issues for CPAs and other valuation specialists to consider. The AICPA has released FAQ addressing these valuation concerns.
Full Story: Journal of Accountancy online (6/2) ...
How businesses can take a stand against racism
Businesses have a responsibility to speak out against racial injustice while creating an atmosphere of psychological and physical safety. This article outlines steps for meaningful action, including giving employees a space to voice concerns.
Full Story: Harvard Business Review online (tiered subscription model) (6/1) ...
5 days ago
COVID 19 – FORGIVENESS RULES ARE NOT FINAL
HERE ARE SOME PROPOSED NOTES:
The plan outlined in the bill would also offer the following:
• Extend the window businesses have to use the funds from eight weeks to 24 weeks
• Push back a June 30 deadline to rehire workers to December 31, 2020
• Provide more leeway on loan forgiveness for business owners who show they could not rehire workers or reopen due to safety standards
• Extend the time recipients have to repay the loan
• Let companies that get loan forgiveness defer payroll taxes ...
COVID 19 - STILL UP IN THE AIR
House passes bill that would relax PPP forgiveness requirements
The US House passed a bill Thursday that would relax some of the requirements that Paycheck Protection Program fund recipients need to fulfill to qualify for forgiveness from their loans. A similar bill is under consideration in the Senate.
Full Story: Journal of Accountancy online (5/28) ...
COVID 19 UPDATE – WHAT IF YOU PAY A BONUS
You're allowed to pay employees as much bonus as you want during the eight-week forgiveness period, as long as their total pay during that time doesn't come to more than $15,384. (On an annualized basis, that's equivalent to $100,000, and salaries above $100,000 aren't eligible for forgiveness. ...
Analysis: Majority of public companies keep PPP loans
A FactSquared analysis finds more than 80% of publicly traded companies that have obtained Paycheck Protection Program loans have kept the funds. A Reuters analysis finds 76 public companies that have received PPP loans had sufficient reserves for operating expenses until at least June but have said they plan to keep the loans.
Full Story: The Hill (5/24) ...
PPP forgiveness guidance issued as Congress mulls changes
The Small Business Administration and the Treasury Department have issued a pair of interim final rules for the Paycheck Protection Program. Meanwhile, bills in Congress could revamp two of the PPP's most significant rules. Votes could come as early as this week.
Full Story: Journal of Accountancy online (5/25) ...