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CARES Act Paycheck Protection Program
Additional Guidance Provided for the Paycheck Protection Program 400 400 SAX - Advisory, Audit and Accounting

Additional Guidance Provided for the Paycheck Protection Program

The Small Business Administration (SBA) released additional information on the Paycheck Protection Program (PPP).  Below summarizes the key changes: Independent Contractors/1099 Recipients– These costs may not be included in “payroll cost” calculations. Interest Rate – Interest rate will be 1.00%. Forgiveness Requirements – Applicants must spend a minimum of 75% of loan proceeds on payroll…

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COVID-19 Business Relief
CARES ACT to Provide COVID-19 Relief for Businesses 400 400 SAX - Advisory, Audit and Accounting

CARES ACT to Provide COVID-19 Relief for Businesses

On March 27, 2020, President Trump signed the “Coronavirus Aid Relief, and Economic Security Act” (CARES Act), allocating $2.2 trillion in spending and tax breaks to increase liquidity in the economy, provide relief for individuals and businesses, as well as specific industries most seriously harmed by this pandemic.

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COVID-19 Sax Webinar
WEBINAR: New Small Business Administration (SBA) Loan Incentive Programs Available to Businesses Through CARES Act 400 400 SAX - Advisory, Audit and Accounting

WEBINAR: New Small Business Administration (SBA) Loan Incentive Programs Available to Businesses Through CARES Act

Join us on Wednesday, April 1 at 10:00 AM as we review the new Coronavirus Aid, Relief, and Economic Security Act (CARES Act) – the most significant benefits package to date for COVID-19 relief.  The new law will deliver over $2 trillion in economic stimulus aimed at providing relief for individuals and businesses most seriously…

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Filing Deadline Extended
The IRS Extended the Tax Filing Deadline from April 15 to July 15 400 400 SAX - Advisory, Audit and Accounting

The IRS Extended the Tax Filing Deadline from April 15 to July 15

As an update on the tax filing deadline, Treasury Secretary Mnuchin announced on Friday, March 20 that the IRS will be extending the tax filing deadline from April 15 to July 15. Refunds are being issued.  Payment for the balance due for 2019 and 2020 1st quarter estimates can be deferred until July 15, 2020. …

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FASB Issues Exposure Draft Regarding Contributed Non-Financial Assets for Not-for-Profits 150 150 SAX - Advisory, Audit and Accounting

FASB Issues Exposure Draft Regarding Contributed Non-Financial Assets for Not-for-Profits

In February 2020, the FASB proposed an update to improve generally accepted accounting principles (GAAP) by increasing the transparency of contributed non-financial assets for not-for-profit (NFP) entities through enhancements to presentation and disclosure. Comments to the draft are requested by April 10, 2020. The term non-financial asset (or in-kind donation) includes fixed assets, use of fixed…

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Calculator
Key Changes to Construction Contractors’ Financial Statements Due to New Revenue Recognition Accounting Standard 400 400 SAX - Advisory, Audit and Accounting

Key Changes to Construction Contractors’ Financial Statements Due to New Revenue Recognition Accounting Standard

It’s hard to believe we are three months into the new year and as year-end accounting procedures are wrapping up, CPA issued financial statements are rolling out.  You will notice that these financial statements have a different look from past years courtesy of the new revenue recognition accounting standard (ASU 606) effective for all non-public…

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Business Reinstatement and Dissolution Program Starting March 1 150 150 SAX - Advisory, Audit and Accounting

Business Reinstatement and Dissolution Program Starting March 1

The Department of the Treasury has recently announced a program designed to help businesses that have been revoked for failing to comply with State administrative reporting requirements.  The program enables businesses to forego the current extensive filing requirements and administrative fees. Instead businesses may fully reinstate to do business or dissolve through a single online…

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Focus On Time-of-Service Collections for Steady Cash Flow This Year 150 150 SAX - Advisory, Audit and Accounting

Focus On Time-of-Service Collections for Steady Cash Flow This Year

Congratulations, your practice survived the month of January!  While survival hopefully was never in doubt for your practice, January is typically the worst cash-receipt month of the year for many practices.  Considering annual patient deductibles that reset January 1, coverage changes for patients and winter weather, it is no wonder that January is a challenging…

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