COVID-19

IRS

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

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,…

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Loan Forgiveness

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

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,…

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PPP

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

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…

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IRS

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

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…

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Healthcare

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

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,…

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Healthcare

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

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…

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New SBA Guidance

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

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…

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Required Minimum Distribution

Rollover Deadline for 2020 Required Minimum Distributions Extended to August 31, 2020.
Rollover Deadline for 2020 Required Minimum Distributions Extended to August 31, 2020. 400 400 SAX - Advisory, Audit and Accounting

The Coronavirus Aid, Relief, and Economic Security (CARES) Act waives required minimum distributions (RMDs) from defined contribution tax-qualified retirement plans and IRAs (including inherited IRAs) for 2020.  This includes 2019…

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President Executive Order

Unable to Strike Deal, President Trump Issues Executive Orders for Economic Assistance
Unable to Strike Deal, President Trump Issues Executive Orders for Economic Assistance 400 400 SAX - Advisory, Audit and Accounting

On August 8, 2020, President Trump signed four executive orders to provide economic assistance as the self-imposed deadline for Congress to reach a coronavirus relief package passed.  These four executive…

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PPP

SMALL BUSINESS ADMINISTRATION ISSUES FREQUENTLY ASKED QUESTIONS ON PPP LOAN FORGIVENESS
SMALL BUSINESS ADMINISTRATION ISSUES FREQUENTLY ASKED QUESTIONS ON PPP LOAN FORGIVENESS 600 600 SAX - Advisory, Audit and Accounting

In a much-anticipated move, the Small Business Administration (SBA), in conjunction with the U.S. Department of Treasury, issued the latest round of frequently asked questions (FAQs) on August 4, 2020. …

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