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Revenue Recognition and Leases Standards Expected to be Delayed by FASB 150 150 SAX - Advisory, Audit and Accounting

Revenue Recognition and Leases Standards Expected to be Delayed by FASB

The Financial Accounting Standards Board (FASB) voted on Wednesday, May 20th, to delay the effective date of the revenue recognition and leases standards for certain entities.  An Accounting Standards Update is being drafted and will be approved at a later date. Here are the main updates to the standards’ effective dates: The revenue recognition standard…

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May CFO Focus: Post Pandemic: What to Expect When You’re Expecting to Re-open 400 400 SAX - Advisory, Audit and Accounting

May CFO Focus: Post Pandemic: What to Expect When You’re Expecting to Re-open

Our day-to-day business models have been drastically disrupted from COVID-19, and as a result, our workplaces may not look the same for quite some time.  As businesses begin to plan to re-enter their workplaces, there are many important factors to consider from a safety and legal standpoint. We invite you to join us for our…

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Tax Alerts
Tax Alert: Business Aid and Tax Provisions in Pending HEROES Act 400 400 SAX - Advisory, Audit and Accounting

Tax Alert: Business Aid and Tax Provisions in Pending HEROES Act

On May 15, the House passed H.R. 6800, the Health and Economic Recovery Omnibus Emergency Solutions (HEROES) Act providing over $3 trillion to federal agencies, state and local governments, small businesses, and individuals. It does not appear that the bill will pass in the Senate and the President has said he will veto it. Key…

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New SBA Guidance
New SBA PPP Guidance: Employee Headcount Rules Relaxed for Certain Loan Applicants 400 400 SAX - Advisory, Audit and Accounting

New SBA PPP Guidance: Employee Headcount Rules Relaxed for Certain Loan Applicants

On May 18, 2020, the Small Business Administration (SBA) issued an additional Interim Final Rule surrounding certain circumstances in which aggregated affiliated borrower employee headcount exceeds 500. Provided the PPP funding was applied for prior to May 5, 2020, borrower eligibility will not be impacted if the headcount calculation only included U.S. based affiliated employees…

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New SBA Guidance
PPP Loan Forgiveness Update: SBA Releases Loan Forgiveness Application Form 400 400 SAX - Advisory, Audit and Accounting

PPP Loan Forgiveness Update: SBA Releases Loan Forgiveness Application Form

On May 15, 2020, the Small Business Administration (SBA), in consultation with the Treasury Department, released the Paycheck Protection Program (PPP) Loan Forgiveness Application Form.  A complete copy of the application form can be found here. The release of the application form answers a number of questions impacting the PPP borrowing community.  While the government…

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New SBA Guidance
New SBA PPP Guidance: Partnerships May Be Eligible to Increase Existing PPP Loans 400 400 SAX - Advisory, Audit and Accounting

New SBA PPP Guidance: Partnerships May Be Eligible to Increase Existing PPP Loans

The SBA issued an additional Interim Final Rule on May 14, 2020.  This latest Interim Final Rule includes a provision that allows qualifying partnerships to increase the amount of their existing PPP loans for the self-employment income of partners that was excluded from the initial loan application. Due to the initial confusion regarding whether the…

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Real Estate
WATCH THE REAL ESTATE WEBINAR: ACCELERATING CASH FLOW THROUGH COVID-19 TAX PROVISIONS FOR OWNERS & OPERATORS 400 400 SAX - Advisory, Audit and Accounting

WATCH THE REAL ESTATE WEBINAR: ACCELERATING CASH FLOW THROUGH COVID-19 TAX PROVISIONS FOR OWNERS & OPERATORS

We invite you to watch our informative Real Estate webinar as we review the specific tax provisions and incentives in the CARES Act that benefit owners and operators.

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PPP
PPP Certification Requirements Update: Deadline to Return Funds Extended to May 18, 2020 600 600 SAX - Advisory, Audit and Accounting

PPP Certification Requirements Update: Deadline to Return Funds Extended to May 18, 2020

The Paycheck Protection Program (PPP) certification requirements have been front and center in the minds of potential borrowers. To recap, SBA FAQ #31 augments the existing borrower good faith certification that is required as part of the application process.  While borrowers still must certify that “current economic conditions make necessary the loan request to support the…

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