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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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 […]
How Do I Fill Out the Paycheck Protection Program (PPP) Forgiveness Calculation Form?
We know that some of these forms may seem daunting. Follow the instructions below for more clarity on how to complete the PPP Forgiveness Calculation Form. Business Legal Name (“Borrower”)/DBA or Tradename (if applicable)/Business TIN (EIN, SSN) • Enter the same information as on your Borrower Application Form. Business Address/Business Phone/Primary Contact/E-mail Address • Enter […]
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 […]
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. […]
What Should Veterans Do To Get Their Stimulus Money?
What should veterans do to get their stimulus money from the IRS? How do they get their money for their dependents? The Internal Revenue Service (IRS) issued a special alert for Supplemental Security Income and Department of Veterans Affairs beneficiaries. If they didn’t file a tax return in 2018 or 2019 and have dependents, they […]
Senate Votes to Push Additional Money to Paycheck Protection Program (PPP)
On Tuesday afternoon, the Senate agreed on a $484 billion Coronavirus relief package for small businesses, hospitals, and testing. The House could approve the bill as early as Thursday. What does this deal include? $310 billion total for the Paycheck Protection Program (PPP), with $250 billion unrestricted and $60 billion set aside for smaller institutions. […]
Senator Rick Scott Meets with CPAs to Focus on PPP Loans
United States Senator Rick Scott (R-FL) participated in a virtual town hall with the Florida Institute of Certified Public Accountants’ (FICPA) leadership and board members, including THF Shareholder and current FICPA Board member, Julian Dozier, on April 21, 2020. Also participating in the call was THF Director, Steve Stevens, former President of the FICPA’s Board. Topics included: […]
Will there be additional funding for the Paycheck Protection Program (PPP)?
Will there be additional funding for the Paycheck Protection Program (PPP)? Members of the Senate began nearing a deal on Sunday that would bring an additional $370 billion into loan programs for small businesses. Talks were sparked after the initial $349 billion ran out of money on Thursday. Of this amount, $310 billion will be […]
Paycheck Protection Program (PPP), Can the Loan Be Forgiven?
Can my Paycheck Protection Program (PPP) loan be forgiven in whole or in part? Can my Paycheck Protection Program (PPP) loan be forgiven? Yes. The amount of the Paycheck Protection Program (PPP) loan forgiveness can be up to the full principal amount of the loan and any accrued interest. That is, the borrower will not […]
How do I apply for the Paycheck Protection Program (PPP) Loan?
You’ve done your research on the Paycheck Protection Program (PPP) Loan, and you think your business is eligible. How do you apply for it? In order to apply for the Paycheck Protection Program (PPP) Loan, you must submit SBA Form 2483 Paycheck Protection Program Application Form and your payroll documentation. The lender must submit SBA Form […]
7 Key Steps for a Continuity of Operations Plan (COOP)
A Continuity of Operations Plan (COOP) is an effort within governmental departments and agencies to ensure that the Primary Mission Essential Functions (PMEFs) continue to be performed during a wide-range of emergencies, including localized acts of nature, accidents, pandemics, and technological or attack-related emergencies. The Coronavirus (COVID-19) is now a serious global threat. An increasing […]
COVID-19 Updates with THF Shareholders – As of 4/2/2020
(Audio Only) Updates on COVID-19 relief as of April 2, 2020, with Allison Harrell, Michael Kalifeh, and Canita Gunter Peterson. […]
No More Parking Taxes for Not-For-Profits!
The Tax Cuts and Jobs Act enacted in 2017 imposed a parking tax under I.R.C. Section 512(a)(7). This parking tax has been retroactively repealed under the Taxpayer Certainty and Disaster Tax Relief Act signed into law on December 20, 2019. This Act retroactively repeals for tax-exempt organizations the unrelated business income tax on disallowed fringe […]
3 Tips on Using Cryptocurrency in Business
In today’s day and age, it is important to understand what cryptocurrency is. Cryptocurrency or virtual currency, is a digital medium of exchange that can be used for purchasing, selling, and storing value, but it is not backed by a sovereign government. The U.S. Treasury currently classifies cryptocurrency as intangible property. Despite the name, it […]
THF’s Tampa Team Named Winner of United Way Suncoast Award
THF’s Tampa Team has been named the winner of the United Way Spirit of Suncoast Award in the category of “less than 100 employees” for the 2018 campaign year. United Way’s Spirit of Suncoast Award honors local companies for their exceptional commitment and investment by their organization and their employees. The award is presented […]
THF Congratulates Brandon Mott on Being Selected as an FICPA Horizon Award Recipient
THF congratulates Brandon Mott on being selected as a Florida Institute of Certified Professional Accountants (FICPA) Horizon Award recipient. The FICPA’s Horizon Awards recognize the brightest young CPAs who are advancing the CPA profession and working to better their communities through service. Honorees are considered to be accelerating the accounting field through professional experience, leadership, […]
