Ohio Valley ABC Ask the Experts: CARES Act, PPP Forgiveness for Contractors
In May, Ohio Valley Associated Builders and Contractors (ABC) and Barnes Dennig partnered on an Ask the Experts panel discussion on PPP loans and other aspects of the CARES Act and the FFCRA. This summary outlines the questions and answers from that session. The on-demand recording is also available for
Making the Most of the CARES Act: NOL Carrybacks
Finding the Silver Lining in a Net Operating Loss The CARES Act is designed to minimize the economic impact for individuals and organizations; softening the blow of Net Operating Losses (NOLs) is a significant part of that relief. The CARES Act restores a taxpayer’s ability to file an NOL carryback
PPP Loan Forgiveness: Change, Change, and More Change!
The first Paycheck Protection Program (PPP) loans were disbursed after April 3, 2020, so thousands of US small businesses are approaching the end of their 8-week covered period for the purpose of PPP loan forgiveness. An extension of time allowing small businesses to spread their PPP loan proceeds beyond 8
Making the Most of the CARES Act: Amending vs. Superseding Returns
The CARES Act contains robust tax provisions effective for years 2018, 2019, and 2020, including those that allow taxpayers to take advantage of specific expensing rules for the affected years. How can you maximize those provisions for your business? There are many options to consider, and you may be wondering
The COVID-19 Pandemic & Y2K: Search for Silver Linings
The first few weeks of the COVID-19 pandemic in the United States brought back memories of the 9-11 attacks for many: Sports and flights cancelled. Society in a state of shock. Calls to band together and be resilient. For me as an IT professional, it also brought back memories of
One Year Deferral for Revenue Recognition Implementation Standard Approved
In a surprise move, on May 20, 2020, the Financial Accounting Standards Board (FASB) approved a one-year deferral to the effective date of the revenue standard (FASB ASC Topic 606, Revenue from Contracts with Customers) for all nonpublic and not-for-profit entities that have not issued their financial statements.