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IRS
Guidance Released on Social Security Withholding Deferral 400 400 SAX - Advisory, Audit and Accounting

Guidance Released on Social Security Withholding Deferral

On August 8, 2020, the President issued a Presidential Memorandum directing the Secretary of the Treasury to defer the withholding, deposits and payment of certain payroll tax obligations.  On Friday, August 28, 2020, the IRS released Notice 2020-65 as further guidance. The guidance sets forth the deferral rules, deposit obligations, applicable wages, repayment obligations, and…

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Loan Forgiveness
PPP Loan Forgiveness Application Timing: To Forgive or Not to Forgive, Is That The Question? 400 400 SAX - Advisory, Audit and Accounting

PPP Loan Forgiveness Application Timing: To Forgive or Not to Forgive, Is That The Question?

While Hamlet may have hypothesized over the famous query “To Be or Not to Be?”, Paycheck Protection Program (PPP) borrowers have an undisputed desire to maximize loan forgiveness.  As such, while “To Forgive or Not to Forgive?” is not the question at the front and center of borrowers’ minds, the timing to apply for forgiveness…

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PPP
Presenting the Paycheck Protection Program Loan in Your Year-End Financials 600 600 SAX - Advisory, Audit and Accounting

Presenting the Paycheck Protection Program Loan in Your Year-End Financials

At the start of 2020, no one could have expected what lie ahead. The effects of the global pandemic have touched everyone, including significantly impacting our businesses. In order to best navigate through all the uncertainty, many business owners applied for assistance under the Paycheck Protection Program (PPP) and received funds with the hope and…

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IRS
Tax Alert: Update Regarding Issue With IRS Balance Due Notices 400 400 SAX - Advisory, Audit and Accounting

Tax Alert: Update Regarding Issue With IRS Balance Due Notices

Many taxpayers have been receiving balance due notices for filed tax returns where the payments were indeed mailed in. The IRS is aware of this issue and is advising the following: Do not cancel the outstanding check and attempt to resend payment or make an electronic payment. Once the IRS processes the payment previously submitted,…

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Healthcare
August 28 Deadline for Phase 2 Funding Under CARES Act’s Provider Relief Fund 400 400 SAX - Advisory, Audit and Accounting

August 28 Deadline for Phase 2 Funding Under CARES Act’s Provider Relief Fund

On July 31, 2020, the U.S. Department of Health and Human Services (HHS) granted another opportunity for healthcare providers to apply for the Provider Relief Fund (PRF) under Phase 2, aimed at reimbursing eligible healthcare-related expenses and lost revenues attributable to COVID-19. Healthcare providers who have already received a payment under Phase 1 of the…

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Healthcare
HHS Provides Details on Reporting Requirements for the Provider Relief Fund 400 400 SAX - Advisory, Audit and Accounting

HHS Provides Details on Reporting Requirements for the Provider Relief Fund

On August 14, 2020, the U.S. Department of Health and Human Services (HHS) provided details on the Provider Relief Fund reporting requirements.  The Provider Relief Fund (PRF) was allocated $175 billion under the CARES Act to reimburse eligible healthcare providers for healthcare-related expenses and lost revenues attributable to COVID-19. Here is a recap of the…

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New SBA Guidance
Small Business Administration Offers Reduced Interest Rates For Its 504 Loan Program 400 400 SAX - Advisory, Audit and Accounting

Small Business Administration Offers Reduced Interest Rates For Its 504 Loan Program

As small businesses continue to seek credit and financing opportunities to stem the tide of the COVID-19 pandemic, the Small Business Administration (SBA) has taken further action to boost the economy.  On August 18, 2020, the SBA reduced interest rates for its 504 Loan Program to 2.214% for 20-year loans and 2.269% for 25-year loans.…

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We Want To Hear From You: What Are The Questions & Challenges We Can Help Address? 150 150 SAX - Advisory, Audit and Accounting

We Want To Hear From You: What Are The Questions & Challenges We Can Help Address?

Since the onset of the pandemic, Sax’s Recovery Task Force has hosted over 15 recovery updates aimed at disseminating the on-going information released at the federal and state level to businesses for COVID-19 relief.  These webinars have included breakdowns of the various loan program opportunities, guidance on obtaining loan forgiveness, and an overview of the…

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