Medicaid and CHIP Providers: Don’t Miss This Provider Relief Fund Deadline
Jul 10, 2020
When the Coronavirus, Aid, Relief and Economic Security Act (CARES Act) was signed into law in late March, it included relief funds for our country’s heroes in the crisis: health care providers. These funds, known collectively as the Provider Relief Fund, were...
IRS issues FAQs on provider relief payments made under the CARES Act
Jul 7, 2020
Authored by RSM US LLP TAX ALERT On July 6, 2020, the IRS released FAQs providing guidance to health care providers with respect to the taxability of payments received from the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) Provider Relief Fund....
UPDATE: Paycheck Protection Program Application Period Extended to August 8th
Jul 7, 2020
If you haven’t applied for a Paycheck Protection Program (PPP) loan yet, we have good news: You haven’t missed the boat. On Saturday, July 4th, President Trump signed legislation that extends the PPP application deadline to August 8th. Here are a few things business...
Paycheck Protection Program Flexibility Act Loosens Rules on Employment Tax Deferrals
Jun 24, 2020
Among the many relief provisions included in the Coronavirus Aid, Relief and Economic Security Act (CARES Act) is one that allows employers to defer the deposit and payment of employment taxes for the remainder of 2020. To provide businesses with much-needed...
Integral Updates to the Paycheck Protection Program Loan Forgiveness
Jun 18, 2020
This week, the Small Business Administration (SBA) published two new PPP Loan Forgiveness Applications and an Interim Final Rule that gives further clarity to the changes found within the Paycheck Protection Flexibility Act of 2020 that passed on June 5, 2020....
UPDATE: The Paycheck Protection Program Flexibility Act of 2020 has Officially Passed
Jun 5, 2020
UPDATE: On Friday, June 5, 2020, the President has officially signed the Paycheck Protection Program Flexibility Act of 2020. June 3, 2020 Late Wednesday night (June 3, 2020), the Senate signed the House Bill, Paycheck Protection Program Flexibility Act of...
SBA Issues Additional Loan Forgiveness Guidance – May 22, 2020
May 27, 2020
Interim Final Rule on Loan Forgiveness June 18, 2020 - Additional updates have been made to this program. Click here for additional information. May 27, 2020 On Friday, May 22, 2020, the Small Business Administration published an Interim Final Rule (IFR) relating to...
SBA Issues Loan Forgiveness Procedures for Lenders
May 27, 2020
Interim Final Rule: Loan Review Procedures and Related Borrower and Lender Responsibilities May 27, 2020 On Friday, May 22, 2020, the Small Business Administration (SBA) published an Interim Final Rule (IFR) relating to the Paycheck Protection Program (PPP). This rule...
SBA Issues Loan Forgiveness Application
May 18, 2020
May 18, 2020 June 18, 2020 - Additional updates have been made to this program. Please click here for additional information. On Friday, May 15, 2020, the Small Business Administration (SBA) published the loan forgiveness application, SBA Form 3508, to be completed...
Loan Increases Allowed for Certain PPP Loans
May 14, 2020
Interim Final Rule: Loan Increases May 14, 2020 On Wednesday May 13, 2020, the Small Business Administration (SBA) published an Interim Final Rule relating to the Paycheck Protection Program (PPP). This item summarized key loan increase provisions of the PPP and...
Denton County Businesses – Grant Program
May 13, 2020
Taking Care of Business in Denton County $2.2 million in Grants UPDATE: June 29, 2020 - Denton County is launching Phase II of the small business grant program. It began June 22, 2020 at noon and runs until July 6, 2020. It will provide $50,000 grants to Denton...
FAQ 46 Certification Rule Clarity
May 13, 2020
Subsequent to the publishing of this item, the Treasury/SBA released FAQ 47 which further extends the below discussed certification’s safe harbor to May 18, 2020 here. May 13, 2020 On Friday, April 24, 2020, the Small Business Administration (SBA) published an Interim...
FAQ 45 Considerations
May 6, 2020
New FAQ Allows Retention Credits if PPP Funds Turned back in by May 14 Subsequent to the publishing of this item, the Treasury/SBA released FAQ 47 which further extends the below discussed certification’s safe harbor to May 18, 2020 here May 7, 2020 The Treasury...
New Deadline of May 14/Borrower Certification of PPP Need: An Update
May 6, 2020
Subsequent to the publishing of this item, the Treasury/SBA released FAQs 46 and 47 which clarify the certification standard and further extend the below discussed certification’s safe harbor to May 18, 2020, respectively, here. For further details on the...
The IRS provides guidance on non-deductible expenses paid by loans under the Paycheck Protection Program (PPP)
May 1, 2020
On April 30, 2020, the IRS issued Notice 2020-32 addressing the deductibility of expenses paid by the PPP loan. This notice clarified that no deduction is allowed for an expense (payroll, rent, mortgage interest, utilities) that results in forgiveness of a...
SBA Interim Final Rules and Other Information: An Update
Apr 29, 2020
April 29, 2020 Since our last update, the Small Business Administration has published four Interim Final Rules relating to the Paycheck Protection Program (PPP). These items summarized key eligibility components relating to the Paycheck Protection Program and...
PPP Loan Funds and EIDL Grant Amounts Refilled
Apr 27, 2020
April 27, 2020 This week Congress provided further relief for businesses and healthcare institutions through additional funding for the record stimulus deal in response to the COVID-19 pandemic. The Coronavirus Aid, Relief, and Economic Security Act (CARES) provided...
Second Round of Stimulus Relief for Healthcare Providers Launched Friday, April 24, 2020
Apr 27, 2020
April 27, 2020 The Coronavirus Aid, Relief, and Economic Security Act (CARES) that was signed into law on March 27, 2020 allocated $100 billion in financial relief targeted to hospitals and other healthcare providers. On Friday, April 14, 2020, the Department of...
Stimulus Relief for Healthcare Providers to start Friday April 10th
Apr 14, 2020
On Friday, April 10, 2020, the Department of Health and Human Services (HHS) implemented relief targeted to healthcare providers and hospitals. This relief was part of the record stimulus deal that Congress passed in response to the COVID-19 pandemic, The Coronavirus...
The IRS extends additional tax deadlines to cover estimated tax payments due June 15, 2020 and other returns applicable to individuals, trusts, estates, corporations and others
Apr 14, 2020
On Thursday, April 9, 2020, the Department of Treasury and the Internal Revenue Service announced the extension of additional key tax deadlines for individuals and businesses. IRS Notice 2020-23 expanded deadline relief to generally apply to all taxpayers that have a...
Increased Cash Flow for Healthcare Providers
Apr 14, 2020
NOTICE – As of April 26, 2020, the Centers for Medicare and Medicaid Services (CMS) has announced that it will make changes to this program. More information can be found here: https://www.cms.gov/files/document/accelerated-and-advanced-payments-fact-sheet.pdf....
The Case for Roth Conversions
Apr 13, 2020
The Case for Roth IRA Conversion At KHA, we tend to look for opportunities that can be found in challenges. With the COVID-19 crisis, we ask, “What can we learn from this situation or how can we improve our current circumstances?” The values of most retirement plans...
Business and Individual Retirement Plans and the Impact of the CARES Act
Apr 7, 2020
On Friday, March 27, 2020 the United States government implemented legislation that provided comprehensive relief to America in what is otherwise known as the CARES Act. The CARES Act included loans and payroll credits to businesses, cash to individuals, and funding...
Updated Paycheck Protection Program (PPP) Guidance Provided by the Small Business Administration
Apr 3, 2020
June 18, 2020 - Additional changes have been made to this program. Please click here for additional information. Interim Final Rule: Business Loan Program Temporary Changes; Paycheck Protection Program On Thursday evening, April 2, 2020, the Small Business...
Texas Extends the Texas Franchise Tax Deadline to July 15
Apr 3, 2020
In a response to the COVID-19 pandemic, the Texas Comptroller has extended the due date for 2020 franchise tax reports and payments to July 15, 2020. This automatic extension, which requires no additional forms, applies to all franchise taxpayers. This aligns the...
Important Information for Owners of Real Estate
Apr 3, 2020
Coronavirus Economic Stabilization Act of 2020 Title IV of the CARES Act is intended to aid the severely distressed sectors of the U.S. Economy. For example, there is language written to support aviation workers and community banks. Also included in this section of...
Labor Provisions found within the CARES Act
Apr 3, 2020
The Key Labor and Other Provisions highlighted herein include key changes made to the Families First Coronavirus Response Act, federal authority extensions to the Department of Labor, hiring flexibility for certain federal agencies, and protection for renters....
Payroll Tax Provisions for Businesses in the CARES Act
Mar 30, 2020
NOTICE - As of April 1, the IRS has posted frequently asked questions that will answer some details not known at the time of this article. For additional information, please visit the IRS website, click here These payroll tax provisions are intertwined with many...
CARES Act Individual Tax Provisions
Mar 30, 2020
Individual Tax Provisions Found in the CARES Act The CARES Act provides tax relief for individuals, specifically in the form of cash rebates and generous deductibility of charitable contributions. Recovery Rebates for Individuals Amount of Assistance Subject to...
Business Tax Provisions in the CARES Act
Mar 30, 2020
Modifications for Net Operating Losses The net operating loss (NOL) rules applicable to individuals and C Corporations recently changed and will now change again. To avoid confusion, let’s review: Prior to 2018, NOLs could be carried back two years and carried forward...