Our very own Canita Gunter Peterson, CPA and Andrea Medley, CPA had the opportunity to speak on the accounting changes that have been made in response to COVID-19. Check out the full webinar here. […]
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The CARES Act’s Impact on Retirement Plans
Congress passed the Coronavirus Aid, Relief, and Economic (CARES) Act on March 27, 2020. The CARES Act includes provisions that impact retirement plans of all types. Continue reading to learn more about the key CARES Act provisions passed. Coronavirus-Related Distribution This is a new distribution category that may be added to existing plans. Plans may […]
FEMA Reimbursement for COVID-19 Expenses for Private Non-Profits Webinar
In case you missed the webinar today on FEMA Reimbursement for COVID-19 Expenses, we have included information below that was discussed. In the webinar, we also spoke about the CARES Act and the Employee Retention Credit. You can access the FEMA Reimbursement for COVID-19 Expenses for Private Non-Profits presentation at the link below. FEMA Reimbursement […]
THF Congratulates Andrea Medley on Being Accepted into Leadership Tallahassee Class 38
THF congratulates Andrea Medley on being accepted into Leadership Tallahassee Class 38. Leadership Tallahassee, a division of the Greater Tallahassee Chamber of Commerce, is a year-long program that educates and encourages participants to actively seek positive and constructive changes in the community through leadership roles. The selection process is competitive and qualified applicants must have […]
How Does the Paycheck Protection Program Flexibility Act (PPPFA) Impact My Paycheck Protection Program (PPP) Loan?
Recently, the Paycheck Protection Program Flexibility Act (PPPFA), was signed into law. This gives borrowers additional time and flexibility to use Paycheck Protection Program (PPP) loan proceeds. The PPPFA is intended to serve as an additional boost for small businesses trying to muscle through this pandemic-induced economic crisis. Continue reading to see how your business […]
FEMA Updates on Preparedness for Hurricane Season During COVID-19
We are officially in hurricane season, and we already have had three named storms. Organizations who don’t quickly adapt their emergency preparedness plans could face catastrophic losses during this season. But, what steps should you take and what could you do to adapt when there is a national emergency because of COVID-19? FEMA has released […]
Effective Dates Delayed for Some Accounting Standards Updates
In response to uncertainties surrounding COVID-19, the Financial Accounting Standards Board (FASB) voted on Wednesday, May 20, 2020, to extend the effective date for certain Accounting Standards Updates (ASU). Following is a summary of the FASB’s actions from that meeting. Revenue Recognition ASU The effective date of the FASB revenue recognition ASU has been extended […]
What Costs May Be Reimbursable By FEMA for COVID-19?
What Costs May Be Reimbursable By FEMA for COVID-19? All major disasters can lead to some form of political, social, and economic consequence. Normally these events are confined to a region of the country and regions within the respective states impacted. COVID-19 is not normal and has impacted all sectors of the economy including governments […]
CARES Act Relief for Not-For-Profit Organizations – Employee Retention Credit
If your organization was not able to receive money through the Paycheck Protection Program, you may be able to claim an Employee Retention Tax Credit! The CARES Act supports certain employers that operate a business during 2020 and retain their employees with an employee retention tax credit, despite experiencing economic hardship related to COVID-19. Like other eligible employers, […]
What Costs Are Eligible for Loan Forgiveness Through the Payroll Protection Program (PPP)?
Borrowers can be eligible for loan forgiveness for eligible payroll costs and eligible nonpayroll costs through the Payroll Protection Program (PPP). Borrowers are generally eligible for forgiveness for the payroll costs paid and payroll costs incurred during the eight week (56-day) covered period. Payroll costs are considered paid on the day that paychecks are distributed, […]
Paycheck Protection Program (PPP) – Payroll Costs Q&A
Additional answers have been posted by the SBA pertaining to the Payroll Protection Program (PPP) payroll costs. Here is a sample of questions and answers that have been posted. Do PPP loans cover paid sick leave under payroll costs? What period of time should borrowers use to determine their number of employees and payroll costs […]
Senator Marco Rubio Discusses PPP Loan Forgiveness with CPAs
Today, United States Senator Marco Rubio (R-FL) held a town hall on the Paycheck Protection Program (PPP) loan forgiveness process. The town hall was held with the Florida Institute of Certified Public Accounts’ (FICPA) leadership and board. During the town hall, the Senator discussed specific federal responses to the ongoing COVID-19 pandemic. The topic included details […]
Private Nonprofits Eligible for FEMA Reimbursement
Are you wondering if your private nonprofit is eligible for FEMA reimbursement? This chart will help you determine if seeking reimbursement from FEMA may be an option for your organization. Additional information can be found in our COVID-19 Resources Center. For questions, please email our emergency management team leader Steve Stevens at sstevens@thf-cpa.com. […]
Private Nonprofit Work Eligible for FEMA Reimbursement
Under the Stafford Act, eligible emergency protective measures taken by private nonprofits to respond to the COVID-19 emergency may be eligible for FEMA reimbursement. In this situation, reimbursement would fall under category B of FEMA’s Public Assistance program. Please remember that this is at the direction or guidance of public health officials. How does FEMA […]
Do Private Nonprofit Organizations Qualify for FEMA Reimbursement?
During this pandemic, many nonprofit organizations are trying to understand if they qualify to receive reimbursement from FEMA. Here are a few things to consider if you work for a nonprofit or sit on a board of a nonprofit. What is the criteria to be an eligible private nonprofit for FEMA reimbursement? To be an […]
Payroll Protection Program (PPP) – Deductible Expenses – Loan Forgiveness
Business owners are wondering if their Paycheck Protection Program (PPP) loan will affect their deductions when they file their tax returns and what portions of the loan will be deductible. Here is an update from our COVID-19 team leaders on this issue. Late yesterday evening, the IRS released guidance regarding the deductibility of certain expenses businesses […]
How Does Gross Income Affect Expenses Forgiven Under the PPP?
How does gross income affect expenses that can be forgiven under the Payroll Protection Program (PPP)? Under the Cares Act, a recipient of a covered loan can receive forgiveness on the loan (covered loan forgiveness) in an amount equal to the sum of payments made for the following expenses during the 8-week “covered period” beginning […]
What is the Status of My Stimulus Check from the IRS?
Are you trying to check the status of your stimulus check from the IRS? Here is a way that you can check on the status of your Economic Impact Payment. This link will give you information about: Your payment status Your payment type Whether the IRS needs more information from you, including bank account information […]
CARES Act – Employers Can Claim an Employee Retention Tax Credit
Were you able to receive relief from the small business loans offered through the CARES Act? If the answer is no, you may be able to claim an Employee Retention Tax Credit! The CARES Act supports certain employers that operate a business during 2020 and retain their employees with an employee retention tax credit, despite […]
Will my business be audited if I take the Paycheck Protection Program (PPP) loan?
Will there be an audit of my business if I take the Paycheck Protection Program (PPP) loan? Business owners are wondering if their companies will be audited if they take the Paycheck Protection Program (PPP) loan. The Treasury Secretary, Steven Mnuchin, said that the government will perform a full audit on any company taking out […]
