If you need money due to COVID-19, you may be able to take a tax-free “coronavirus-related distribution” from a retirement plan. The IRS has released guidance explaining who qualifies for one of these distributions.
Category: COVID-19
BeachFleischman’s operations in relation to the COVID-19 outbreak as well as related tax updates
SBA Issues Update First PPP Interim Final Rule Following PPP Flexibility Act
On June 10, 2020, the Small Business Administration (SBA) issued an updated interim final rule for the Paycheck Protection Program (PPP) in response to the PPP Flexibility Act passed on June 5, 2020. The updated guidance accounts for revisions made to the covered period, usage of funds changes, extended safe harbors, and more. Here is[ … ]
Paycheck Protection Program Flexibility Act Signed by President
On June 5, 2020, the President signed into law the Paycheck Protection Program Flexibility Act after it passed the Senate with a unanimous vote. The bill drafted by the House extends certain provisions of the Paycheck Protection Program (PPP) to provide small businesses with relief in the timeframe and use of their PPP loan funds.[ … ]
Paycheck Protection Program (PPP) Loan Forgiveness Assistance Now Available
If your business has received an SBA Paycheck Protection Program (PPP) loan, now is the time to begin planning how you will allocate and document your spending over the relevant covered period to ensure you receive the maximum loan forgiveness. Work with our PPP Loan Task Force We have designed flat-fee consulting packages to help[ … ]
Best Practices for Organizing the PPP Loan Accounting Process
I received my Paycheck Protection Program Loan. Now what do I do? Many of our clients have received their Paycheck Protection Program (PPP) Loan and are asking us for procedures on accounting for the loan, maintaining the documentation, and navigating all the related twists and turns involved with the program’s requirements and ultimate loan forgiveness.[ … ]
SBA issues new guidance on PPP loan necessity certification
There have been many questions regarding Paycheck Protection Program (PPP) loans and the borrowers’ required good-faith certification concerning loan necessity. Concerns over the possible ramifications of applying for the loan and then having the Small Business Association (SBA) evaluate the certification after the fact have been front and center in the national dialogue. Today, the[ … ]
Distressed Businesses: Overcoming Obstacles in the Road to Recovery
The Arizona economy and our local businesses are suffering significant distress in these uncertain times. A business’ going concern premise is compromised as growth and cashflows decline and risk increases. Financial distress is a condition in which a company or individual cannot generate revenue or income resulting in challenges in paying its financial obligations. This[ … ]
