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PPP loans of $50,000 or less get simplified rules from the SBA

The Small Business Administration (SBA) and Treasury announced on October 8 that a simplified application (Form 3508S) for Paycheck Protection Program (PPP) loan forgiveness is now available for borrowers whose loans fall in the $50,000 or less threshold. As more and more businesses begin filing for PPP loan forgiveness, this change outlined in a new interim final rule greatly simplifies the process for borrowers with smaller loans. However, it is important to note that this simplified form is not equal to automatic forgiveness.   

Latest update to PPP provides guidance on owner-employee compensation, non-payroll costs

On Aug. 24, the Small Business Administration (SBA) and Treasury issued the latest interim final rule update to the Paycheck Protection Program (PPP) that seeks to clarify guidance related to owner-employee compensation and non-payroll costs. This guidance has been long-awaited and clears up several questions borrowers have had about forgiveness. Here are the main points: 

Walter & Shuffain Awarded Three Professional Accolades

Walter & Shuffain, P.C. (Walter & Shuffain) has been named to three professional accolade lists including the Top Accounting Firms to Work For from Accounting Today, and the Best of the Best Firms and Top 300 Firms from INSIDE Public Accounting (IPA).  

COVID-19 FAQs

Will I receive cash from the government? If so, when?

Single individuals with 2019 (2018, if your 2019 return hasn’t been filed yet) Adjusted Gross Income (AGI) up to $75,000 ($112,500 if you file as “head of household”) will generally receive a $1,200 rebate from the IRS. Joint filers with AGI up to $150,000 will receive a rebate of $2,400. An additional $500 rebate is available for each qualifying child under age 17. If your income is too high, the rebate will be reduced by $5 for each $100 your AGI exceeds the threshold. So, for a typical family of four, the amount is completely phased out once AGI exceeds $218,000.

Russell, Brier & Co. LLP merges with Walter & Shuffain, P.C.

Walter & Shuffain, P.C. (Walter & Shuffain) announces the acquisition of Russell, Brier & Co. LLP (Russell Brier) effective Sept. 1, 2020. The merger makes Walter & Shuffain a Top 20 firm in Massachusetts. The combination of the two firms offers the Boston metro area greater access to robust knowledge, expertise and skills, in addition to greater value through the firms’ complementary strengths, resources and experience.  

Latest PPP FAQ Document- An overview of some of the most notable clarified guidance

The Small Business Administration (SBA) and Treasury released an updated Paycheck Protection Program (PPP) FAQ on Aug. 4 in an effort to address PPP loan forgiveness issues that have arisen as borrowers begin to complete their applications. The 23 FAQs address various aspects of PPP forgiveness including general loan forgiveness, payroll costs, non-payroll costs, and loan forgiveness reductions.

House, Senate Approve 5-week PPP Extension

The U.S. Senate and House of Representatives have both unanimously agreed to extend the Paycheck Protection Program (PPP) by five weeks.

PPP Extension Bill Approved by Senate, Signed by President

On June 4, 2020, the president signed into law the Paycheck Protection Program Flexibility Act after it passed the Senate with a unanimous vote.

House passes bill to extend, expand provisions of PPP

On May 28, 2020, in a nearly unanimous vote, the U.S. House of Representatives voted to extend certain provisions of the Paycheck Protection Program (PPP) to provide small businesses with relief in the timeframe and use of their PPP loan funds.

SBA guidance on PPP Loan Forgiveness issued

On May 15, the Small Business Administration (SBA) issued the Loan Forgiveness application and on May 22, the interim final rule guidance on the PPP loan forgiveness was issued. 

Employer Retention Credit- an alternative to PPP

The “CARES Act” provides a tax credit for eligible employers to encourage them to continue paying employees.

PPP Loan Forgiveness- Next Steps

We are going to attempt to at least provide some best practices in the short term until clear guidance is available.  Remember, this is for the 8 week period after the loan is issued. 

What is the Economic Injury Disaster Loan Program (EIDL)?

The EIDL (Economic Injury Disaster Loan) program is a program available to certain small businesses located in areas subject to a presidential disaster declaration that have suffered a substantial economic injury as a result.

What is the Paycheck Protection Program (PPP)?

The PPP provides short-term cash flow assistance to small businesses to help these businesses and their employees deal with the immediate economic impact of the COVID-19 pandemic.

Families First Coronavirus Response Act (FFCRA)

On March 18, 2020, the Families First Coronavirus Response Act (FFCRA) was signed into law, marking the second major legislative initiative to address COVID-19.

CARES Act introduces Paycheck Protection Program, Disaster Assistance from SBA and Other Options

Changes to the existing SBA 7(a) loan programs and also provides information on SBA Disaster Loans and the Facebook Small Business Grant. 

The CARES Act for Individuals and Businesses

Phase 3 of the COVID-19 response plan, The Coronavirus Aid, Relief and Economic Security (CARES) Act

Tax Filing Deadline Extended To July 15

“Moving tax day from April 15 to July 15.  All taxpayers and businesses will have this additional time to file and make payments without interest and penalties”

Tax Payment Deferral

On Tuesday, March 17th, Treasury Secretary Mnuchin announced a 90-day grace period on the payment of individual and corporate taxes normally due April 15th.

A message to our friends and clients regarding the COVID-19 (coronavirus) outbreak

Our top priority has always been to deliver superior service to our clients. To do that in the current environment, we're taking every precaution possible.    Fortunately, we have the technological capability for everyone on our team to work remotely. 

Congratulations to W&S Supervisor Danielle Donovan named one of the MSCPA’s 2019 Women to Watch

Congratulations to Danielle Donovan! Danielle is a recipient of one of the MSCPA’s 2019 Women to Watch Awards, selected as an Emerging Leader! The Women to Watch Awards recognize outstanding women in the accounting profession.

W&S Named one of Accounting Today’s 2019 Best Accounting Firms To Work For

Walter & Shuffain, PC, was recently named as one of the 2019 Accounting Today’s Best Accounting Firms to Work for.  "We're truly honored to have been named to Accounting Today’s 2019 Best Accounting Firms To Work For," said Jonathan Yorks, Managing Shareholder. "We employ a team approach to achieving clients’ business goals, and strive to create a fulfilling, energized, and supportive work environment for each and every member of our team."

Sales Tax Nexus – What it Means in Massachusetts

Consumers who were once limited to their local storefronts to browse for goods are now able to shop and make purchases globally. Consumers aren’t the only ones benefitting from these digital shopping cart advancements. Businesses are now able to target a market well beyond their physical location, but these tempting multi-state customers come with challenges. 

The New U.S. Tax Law and its Impact on Real Estate

W&S Shareholder Angela Parziale shares her insights on the new US tax law and its impact on Real Estate in this CREW Network update

New Lease Accounting Standards Could Affect Your Financial Statements

New lease accounting standards could impact balance sheets and financial reporting.

Meals and Entertainment Deductions See BIG Changes in 2018

The Tax Cuts and Jobs Act (TCJA) offers many taxpayers a break through corporate and individual tax rate reductions. However, the new legislation comes with a few thorns. One of the biggest surprises to business owners is the elimination of the entertainment deduction.

W&S Shareholder to Speak at Women’s Council of the RI Society of CPAs Event

W&S Shareholder Angela Parziale will be a discussion leader and head up a break-out session on the value of women's initiatives and being a mindful leader in the workplace.

Walter & Shuffain Featured in Journal of Accountancy

Two of our shareholders, Angela Parziale and William Cooper, are featured in an article titled "Customizing Talent Development" on the Journal of Accountancy website.

Congress Approves Sweeping Tax Reform

On December 20, 2017, Congress approved sweeping tax reform. The President is expected to sign the bill next week in its current form. 

What is a 1031 Exchange and Who Can Benefit from One?

The opportunity to defer tax is music to the ears of many. In this article, we’ll discuss the different types of 1031 exchanges and the potential benefits for each.

New Revenue Recognition – 5 Steps You’ll Need to Know

Not familiar with revenue recognition? An often-misunderstood principle, revenue recognition determines the conditions under which revenue is received. The new standards emphasize that revenue should be recorded when goods and services are transferred, or a customer takes control.  Control is identified as the ability to direct the use of and reap the benefits of the goods or services performed under the contract. The guidance provides five steps to implementing the new standards.

Understanding How the R&D Tax Credit Can Offset Payroll Taxes

Start-ups and small businesses customarily incur expenditures that may qualify for Research & Development (R&D) tax credits, but generally, these businesses don’t have the taxable profit needed to take advantage of the credit. The IRS issued guidance earlier this year that explains how qualifying small businesses can now apply all or a portion of the credit against their payroll tax liability, including social security taxes. Below we’ve answered some of the key R&D questions and whether your business is eligible for offsetting payroll tax.

W&S Named one of Accounting Today’s 2017 Best Accounting Firms To Work For

Walter & Shuffain, P.C. was recently named one of Accounting Today’s 2017 Best Accounting Firms To Work For. Accounting Today partnered with Best Companies Group to identify the top 100 companies that excel in creating quality workplaces for employees.

Walter & Shuffain Selected to IPA’s Annual Best of the Best Accounting Firms

We are proud to announce that W&S has been selected as a Best of the Best Firm by INSIDE Public Accounting (IPA).