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COVID-19

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IRS Issues Guidance on Deductibility of Expenses Incurred from PPP Proceeds

There has been great speculation on how to treat the expenses paid by a business that received Paycheck Protection Program (PPP) funds since the IRS had indicated that those expenses would not be deductible for tax purposes. The issue at hand was the timing of the non-deduction. Specifically, the question is: are the expenses deductible in the year paid, or the year when the loan is forgiven?

Loan Necessity Questionnaire for PPP Loans over $2M

Starting from the date of its passage, the Small Business Administration’s (SBA) Paycheck Protection Plan (PPP) has generated a steady stream of questions for everyone involved in the process. 

Today we are again facing many unanswered questions as we share the following preliminary information regarding the next steps for the SBA.  But even as we provide these new details, we draw your attention to the fact that the proposed questionnaires discussed below have not been released by the SBA and are currently in draft form only.

Here is what we know so far:

Be Cyber Smart - at Home, at School, on Mobile Devices

 

Every October for the past 17 years, the Cybersecurity & Infrastructure Security Agency (CISA) and the National Cyber Security Alliance (NCSA) have campaigned across the nation to provide cybersecurity resources to help all Americans be safe online.  This year their theme is “Do Your Part.  #BeCyberSmart.”

Forgiveness Application for Paycheck Protection Program Loans Under $50,000

A simplified application for Paycheck Protection Program (PPP) loan applicants who received $50,000 or less is available from the U.S. Small Business Administration (SBA) as of Thursday, October 9, 2020. The new interim final rule states that PPP borrowers of $50,000 or less are exempted from any reductions in forgiveness, even if they had reductions in full-time-equivalents or employees’ salaries and wages.
 

Are Intangible Assets Being Included in Your Property Tax Assessment

As the pandemic continues to cause havoc in everyone’s day to day life, financial survival is driving many decisions at all levels of society.  This is true with individuals as well as in government. As consumer spending remains much lower than usual, government tax collections are also much lower. Among the many different types of government funding, one is the collection of property taxes. Bear in mind that different taxing authorities include different categories of assets when applying their tax rates. This means that not all types of assets are subject to tax.

Cost Approach to Value Methodology in the Era of COVID-19

 Part 1 – Calculating an Accurate Replacement Cost New

This article is the first in a two-part series.  It discusses steps that can be taken to improve the accuracy of “Replacement Cost New” (RCN) calculations when using the cost approach to value. In the second part of this series, I will discuss depreciation of assets.

Key Concepts in an Economic Damage Calculation

During 25 years of performing valuation work, I have been asked numerous times to perform an economic damages calculation or provide a rebuttal report of economic damages.  If a person is performing an economic damages calculation, it is imperative that he or she be very familiar with several key concepts of economic damages, and the criteria that must be included and met in order for a claim of economic damages.  While financial and valuation experts are not lawyers, the calculation of economic damages is not just a mathematical exercise.  Addressing key concepts such as causation, foresee

COVID-19 and its Effects on Commercial Real Estate

By now we all know that COVID-19 is an infectious disease caused by a newly discovered coronavirus.  It came to our attention in December 2019 when  clinicians in Wuhan, China notified public health authorities of a cluster of asymptomatic pneumonia cases, some with ties to a seafood market in the city.  Within weeks a novel coronavirus was identified and sequenced, with the sequence published online for use by other scientists and public health authorities globally.

Protective Claims for Refund from Potential Ruling on Affordable Care Act

The United States Supreme Court has agreed to hear the case of Texas V. United States, which could result in the determination that some or all parts of the Affordable Care Act ("ACA") is unconstitutional and may remove the entire legislation. 

When the ACA was enacted, several taxes were created. The specific ones applicable here are:

Are Your Books and Records Adding Value to Your Business?

Books and records. Bookkeeping. Accounting. Tax returns and quarterly filings. Business owners typically view these as required administrative duties and consider it an expense. Have you ever thought about your accounting systems as more than an expense, and how it may benefit you, above and beyond reporting numbers and forms?  

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