Archive for November 2020
The Pulse – What’s happening in the Economy and the Capital Markets: 11/23/20 – 11/27/20
Executive Summary The separation between Wall Street and Main Street re-emerged this week with Wall Street reporting a very strong November following solidified election results and progress on a COVID-19 vaccine. Concurrently, the U.S. economy saw weakened consumer numbers and an improving industrial goods sector (though the improvement pace is slowing). Online shopping remains hot…
Read MoreWebinar: 2021 Evaluation Management Guideline Changes – Are You Ready?
On January 1, 2021 the biggest regulatory change in Evaluation and Management (E/M) since 1997 goes into effect. Failure to make the financial and clinical documentation changes dictated by the Centers for Medicare & Medicaid Services (CMS), can significantly impact profitability. Watch the webinar as Aprio and JTS Health Partners conduct an in-depth panel discussion…
Read MoreWebinar: Trends in Cross Border Payments
From the global pandemic to trade wars, the Cross Border Payment Industry has continued to innovate and thrive in 2020. Watch the webinar replay now as an esteemed International Panel of FinTech, Trade, and Global Payment professionals discuss the latest industry trends and developments. Global Panel of Industry Experts: Henry Yu, President Hong Kong Association…
Read MoreManufacturing & Distribution 2021 & Beyond M&A Webinar
As 2020 fades into the rear-view mirror, gain a competitive advantage in 2021 with Aprio’s webinar series: What’s Next – 2021 and Beyond. Aprio’s Private Equity Team brought together Manufacturing & Distribution industry leaders to take stock of the new normal, plan for the future, and discover the next, new normal. Topics Covered: Economic Health…
Read MoreLiquidity Assessment Clarification in New PPP Forms
In this 2 Minute Business Activity Assessment video, Tommy Lee dishes some wisdom re: the Q2 2019 v Q2 2020 criteria. I recommend getting in touch with your advisor and lender to further understand their interpretations and expectations around these forms. Aprio has the experience, know-how and relationships with lenders to keep your PPP loan…
Read More“Economic Uncertainty?” PPP Loan Forgiveness Requirements Contextualized
This 4 minute, 30-second video clip from a recent PPP webinar, features Aprio PPP experts Justin Elanjian and Tommy Lee. They share some insights and advice that they give to clients who are participating in the Paycheck Protection Program.
Read MoreWebinar: Paycheck Protection Program – SBA Assessing Necessity of PPP Loans and Other Forgiveness Concerns
For certain PPP borrowers, whether their loans were ever economically necessary will be determined by the SBA. Other borrowers seeking forgiveness may receive a determination that less is forgivable than anticipated. What should borrowers facing these issues do? Watch SGR partners John Spillman and Steve O’Day, Chris Williamson, Senior Manager and Justin Elanjian, Assurance Services…
Read MoreAICPA Pushes Back on PPP Loan Necessity Questionnaire Response backed by 80 National Organizations
We previously discussed the U.S. Small Business Administration’s (SBA) issuance of two loan necessity questionnaires, Form 3509 (used by for-profit entities) and Form 3510 (used by nonprofit entities). This issuance was the first indication from the SBA as to how they might evaluate a business who borrowed $2 million or greater, together with their affiliates, “needed” their Paycheck Protection Program (PPP) loan. Upon applying for a PPP loan, all borrowers were required to…
Read MoreIRS Clarifies Tax Implications of PPP Funds
On November 18, 2020, the Internal Revenue Service (IRS) issued Revenue Ruling 2020-27 (Ruling) which provides needed clarity on a taxpayers’ ability to deduct eligible expenses for Paycheck Protection Program (PPP) loan forgiveness. The Ruling notes that a taxpayer that received a covered loan guaranteed under the PPP and paid or incurred certain otherwise deductible expenses listed…
Read MoreNew Virtual Currency Tax Reporting and Compliance Measures Imminent
Despite explosive growth in the popularity of virtual currency, the Treasury Inspector General for Tax Administration (TIGTA) has determined that the IRS and Treasury have been slow to enforce tax compliance measures. Since 2014, the IRS has issued limited guidance on the matter, and only recently announced plans to question individual taxpayers on their virtual currency transactions…
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