Archive for April 2020
What Your Medical Practice Needs to Know about the Medicare Relief Fund Payments
As part of the CARES Act, $100 billion was appropriated to the Department of Health and Human Services (HHS) to reimburse healthcare providers for expenses and lost revenue due to the COVID-19 pandemic because many providers have suspended elective procedures and/or incurred additional costs related to the treatment and diagnosis of COVID-19 patients. Of the…
Read MoreNonprofit Organizations: Accounting for Interest-Free Loans
This blog and referenced guidance is not applicable to loans obtained under the Payroll Protection Program (PPP). Nonprofit organizations often receive loans that are interest free. Because these are not normally obtainable through traditional financing options, the American Institute of Certified Public Accountants (AICPA) believes a restricted contribution element should be recognized to reflect the…
Read MoreExpressly Unallowable Cost Matrix
“It doesn’t hurt to ask; the worst they can say is ‘no.’” Most of us have been told that or said that many times. While that philosophy works in some circumstances, it is quite risky in the context of government contracting. This is because when a contractor claims an “expressly unallowable cost,” the government can…
Read MoreCOVID-19: State and Local Tax Implications – Parts 2 and 3: Nexus/Withholding and CARES Act Guidance
It has been almost a month since our original article on the SALT implications of COVID-19 was published on our Aprio’s COVID-19 Advisor site. That article addressed several high-level SALT considerations and how they may be impacted by the effects of COVID-19 on businesses and their operations. Those topics included state tax filing and payment…
Read MoreCOVID-19: State and Local Tax Implications – Part 3: CARES Act Guidance
By Jeff Glickman, SALT Partner On March 25, 2020, President Trump signed the Coronavirus Aid, Relief, and Economic Security (CARES) Act into law. For a summary of that bill, please see Aprio’s article on the COVID-19 Advisor website. While there are many tax and non-tax provisions, from a state income tax perspective it is important to…
Read MoreMontgomery County, Maryland PHEG Program: $20 Million Fund for Local Businesses, Nonprofits, Retail, and Restaurants
On March 31, 2020, Montgomery County, Maryland passed the Public Health Emergency Grant Program. The program entails the following: Public Health Emergency Grant Program: UPDATE: “On April 21st 2020, Montgomery County Council approved $5 Million in additional financial assistance to local restaurants and small retail shops. This is in addition to the $5 Million allocated…
Read MoreCOVID-19: State and Local Tax Implications – Part 2: Nexus and Income Tax Withholding Guidance
By Jeff Glickman, SALT Partner A month ago, one of the big unknowns in the SALT world was the potential state tax impact to companies that started having employees working from locations where the company was not otherwise doing business due to mandated “shelter-in-place” or similar governmental orders. For example, if a resident of New Jersey,…
Read MoreNew Stimulus Package Further Funds Small Businesses – Contact Your Bank Today
On Thursday, April 23, 2020, the House passed the Paycheck Protection Program and Health Care Enhancement Act, a fourth coronavirus-related relief bill. The bill is awaiting approval by the President. Banks are already indicating that these new Paycheck Protection Program (PPP) funds will be allocated within the next couple of days. If you have applied…
Read MoreEffective Cash Management For Construction Contractors In Good & Challenging Times
Cash management is one of the most important aspects of effective financial control for construction contractors, yet it is often one of the most neglected. Given the heightened importance of cash flow during uncertain economic times brought about by the current health pandemic, construction industry contractors should develop or modify their cash management plans as…
Read MoreWebinar: Restaurateurs: Coronavirus Actions You Should be Taking Now
The Coronavirus is now officially a global pandemic and effecting the economy, travel and commerce like nothing else in recent history. Join us Monday, March 16 from 11:00 a.m. to 12:00 p.m. for a webinar discussion with veteran restaurateurs on what actions they are taking and tips on what you can do to secure your…
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