(authored by RSM US LLP) SBA announces opening date for Restaurant Revitalization Fund – Registration on April 30 at 9 am EDT; applications on May 3 at 12 pm EDT.
(authored by RSM US LLP) The Relief Act made changes on how the Employee Retention Tax Credit works during the first two quarters of 2021.
(authored by RSM US LLP) PPP extension clears Senate. Program to be extended to May 31, with 30 days provided after May 31 for SBA to process pending applications.
(authored by RSM US LLP) Despite receipt of PPP loans, hospitality businesses may be eligible for retroactive 2020 and new 2021 credits.
(authored by RSM US LLP) Notice 2021-20 clarifies retroactive changes made to ERTC and PPP interaction and incorporates several previous frequently asked questions.
(authored by RSM US LLP) A recent proposed ASU addresses the accounting for revenue contracts with customers acquired in a business combination.
The IRS once again addressed the deductibility of eligible Paycheck Protection Program (PPP) loan expenses. On Wednesday November 18th, the IRS released Revenue Ruling 2020-27
Beginning in January of 2021, the IRS will require businesses to report non-employee compensation using a new Form 1099-NEC. Amounts formerly reported on Form 1099-MISC
(authored by RSM US LLP) Borrowers (and affiliates) that have PPP Loans of $2 million or greater should be prepared to provide additional information to SBA.
(authored by RSM US LLP) A recent FASB Staff Educational Paper provides an overview of the accounting guidance for common debt modifications and exchanges.