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South Carolina Rules that Optional Training Services are Taxable When Sold with Taxable Software
As this South Carolina ruling illustrates, whether software is subject to sales tax often depends on the manner by which…
Federal Reserve Contemplates Main Street Lending Program Eligibility for Nonprofit Organizations
On June 15, 2020, the Federal Reserve announced expanding the Main Street Lending Program (MSLP) for nonprofit organizations that are…
PPP Loan Forgiveness Application Update: Clarifications on Application Timeline and Owner Compensation
On June 22, 2020, the U.S. Small Business Administration (SBA) released Paycheck Protection Program (PPP) – Revisions to Loan Forgiveness Interim Final Rule and SBA…
Three Ways to Rethink Your Supply Chain
The manufacturing and distribution industries have struggled to react and adapt to the disruptions in the global supply chain caused…
Tax Savings on Business Property Taxes – Should You Appeal?
In today’s business environment, everyone realizes cash is a critical component to future stability and success. One way to save…
How to Turn 2020 Losses into 2019 Deductions
Congress and the Department of Treasury’s responses to the COVID-19 pandemic have provided corporate and individual taxpayers with a myriad…
Take Action: Proposed GA Bill HB 1035 Could Eliminate or Reduce Valuable GA Tax Benefits
On June 18, 2020, the State of Georgia Senate Finance Committee passed HB 1035 titled “Tax Exemption and Credit Reform…
SBA Revises the Paycheck Protection Program Loan Forgiveness Application
On June 16, 2020, the U.S. Small Business Administration (SBA) released the updated Paycheck Protection Program (PPP) Loan Forgiveness Application…
Three Ways Medical Providers can Maximize Funding and Liquidity
As COVID-19 cases decrease in many states, the full reality of the economic impact is emerging. The unprecedented effects on…
IRS Announces New Relief for Qualified Opportunity Funds and Investors Impacted by COVID-19
As the COVID-19 pandemic and the economic downturn persist, the IRS continues to offer new forms of relief in an…
SBA Releases Revisions to First Interim Final Rule in Response to the Paycheck Protection Program Flexibility Act
On June 10, 2020, the U.S. Small Business Administration (SBA) released Paycheck Protection Program (PPP) – Revisions to First Interim Final…
Main Street Lending Program (MSLP) – Federal Reserve Provides Updates Including Changes to Certain Terms Allowing for Greater Participation
What’s New: June 8, 2020 MSLP Updates On June 8, 2020, the Federal Reserve announced the expansion of the Main Street…
Business Interruption Loss Calculations: Are All Relevant Factors Being Considered?
Lately, there has been a lot of attention on the issue of business interruption claims in the COVID-19 era. The…
Congress Passes the Paycheck Protection Program Flexibility Act of 2020
On June 3, 2020, the U.S. Senate passed the Paycheck Protection Program Flexibility Act (H. R. 7010) which was previously approved by the House of Representatives on May…
COVID-19 Puts the Squeeze on Transaction Multiples and Deal Volume
The Wall Street Journal ran a story on March 31, 2020, “Coronavirus Throws Deal Making Into Disarray” with the punch…
Paycheck Protection Program (PPP) Federal Contractor’s Guide
Updated as of June 30, 2020 The Paycheck Protection Program (PPP) is one of several programs under the Coronavirus Aid,…
New Guidance from the Federal Reserve Expands Eligibility for the Main Street Lending Program
The Federal Reserve announced new guidance on Thursday, April 30, 2020, that expanded the reach of the Main Street Lending…
Arizona and Ohio Cases Remind Responsible Parties of Personal Liability for Sales and Withholding Taxes
As businesses affected by COVID-19 assess whether to take advantage of state sales and payroll tax relief, recent cases serve…
Arkansas Ruling Addresses Sales Taxation of Digital Products
Over half of the states impose sales tax on digital products, and this Arkansas revenue legal counsel opinion explains the…
Washington Court Holds that Lending Marketplace Sources Revenue to Lender’s Location, Not Borrower’s
State apportionment rules that source service revenues to the state where the customer receives the benefit of the service are…
South Carolina: Online Peer-to-Peer Vehicle Rental Platform Business is a Marketplace Facilitator
With approximately 40 states imposing sales tax obligations on marketplace facilitators, guidance such as this private letter ruling from South…
5 Ways for Manufacturers to Preserve Capital During the COVID-19 Recession
For manufacturers trying to navigate the havoc COVID-19 has wreaked on the American economy, capital is king. Orders are slowing…
Foreign Earned Income Exclusion – Travel Time Requirement Waivers
The IRS provided time waivers for qualifying for the foreign earned exclusion for U.S. citizens and residents living abroad in…
Relaxing Substantial Presence Test for Foreign Nationals for COVID-19 Medical Emergency
Foreign nationals who might otherwise be considered residents of the U.S. under the substantial presence test may exclude up to…
COVID Income Tax Disruptions: What to Expect
The flurry of congressional legislation as well as other guidance provided by the IRS since the global COVID-19 emergency began…
Home Office Deduction During COVID-19
Historically, the home office deduction has been available to anyone who has had to work from home because their place…
SBA Releases Forgiveness Application Resulting in BIG Changes to PPP
On May 15, 2020, the Small Business Administration (SBA), in consultation with the Treasury, issued a press release announcing the release of…
Aprio’s FAQ on the Main Street Lending Program
Aprio’s FAQ on the Main Street Lending Program from the webinar Unpacking the New Main Street Lending Program Loans and…
Additional $20 Billion from HHS for Medicare Providers: Are you Eligible for Round 2?
Background The CARES Act appropriated $100 billion to the Department of Health and Human Services (HHS) to distribute to healthcare…
Opportunity for Partnerships to Increase their PPP Loan
On May 13, 2020, the SBA released an Interim Final Rule on Loan Increases relating specifically to compensation of partners…
Requirements for Good Faith Certification Concerning Necessity of PPP Loan
On May 13, 2020, the Treasury released FAQ 46 regarding the SBA’s review of borrowers’ required good-faith certification concerning the necessity of…
IRS Releases Draft Form 941 for Reporting Coronavirus-Related Employer Tax Credits
Taxpayers and tax preparers have been awaiting revised tax forms and instructions since the introduction of the new employment tax…
COVID Relief Loans: Will your Nonprofit NEED a Single Audit?
After weeks of awaiting official guidance, the SBA has provided instruction via the AICPA Government Audit Quality Center (GAQC) regarding…
Restaurants and Hotels Should Weigh the Pros and Cons of the PPP Loan Versus the Employer Retention Credit Before May 14th
As congress passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act and signed into law by the President on…
Need to Return a Stimulus Check?
In the rush to send out stimulus payments, the Internal Revenue Service (IRS) made payments to some individuals who should…
Qualified Improvement Property Changes Under the CARES Act
As businesses and individuals continue to deal with COVID-19 and look to survival and recovery, the Coronavirus Aid, Relief, and…
COVID and the Deal Market Part 2: The decline in transaction volume and deal size
In the first article of this series, we hypothesized that deal volume would drop in Q2 in comparison to similar…
Do we “NEED” the PPP loan? Demonstrating and documenting need
Under general SBA lending guidelines, a borrower of SBA funding must show that they were unable to obtain credit elsewhere….
Sales Tax Landscape for SaaS Companies
In June 2018, the U.S. Supreme Court issued its decision in the South Dakota v. Wayfair, Inc. case, paving the…
Texas Court Addresses Application of the Sale for Resale Exemption to Taxable Services
Providers of taxable services may be able to avoid sales tax by claiming the “sale for resale” exemption for certain…
Georgia Court Upholds Walmart’s Freeport Exemption for Self-Checkout Parts
Georgia’s personal property tax freeport exemption can provide significant savings to taxpayers, and the exemption can cover more than just…
Michigan Court Grants Alternative Apportionment Relief
There are situations where application of a state’s apportionment formula may result in an apportionment percentage that is out of…
Important PPP Updates from the Treasury/SBA Forgiven Loan Amounts May Result in Non-deductible Expenses
Plus Guidance on PPP Loan Audits, Forgiveness Computation, and More In a flurry of announcements and press releases this week,…
Paycheck Protection Progam Loan Accounting 101
The recent passing of the CARES Act created the Payroll Protection Program (PPP), a new forgivable loan designed to encourage…
The Impact of the Oil Crash and COVID-19 Recession
April 20, 2020, the price of an oil futures contract crashed below $0 as producers of oil paid buyers to…
SBA and PPP Loan Eligibility Update Regarding VCs, PE firms, ESOPs and Companies in Chapter 11
Since the passage of the CARES Act and the creation of the Paycheck Protection Program (PPP), the SBA has published…
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…
Nonprofit 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…