Last week, the U.S. Treasury Department released extensive new guidance regarding loan forgiveness for businesses participating in the Paycheck Protection Program (PPP). Much of the guidance focused on the application process and instructions for completing the on-line form. In this article, we offer some important clarifications to specific points in the loan forgiveness application and…
March 23 – If your business has been impacted by the COVID-19 crisis, you may well be eligible for a disaster loan from the U.S. Small Administration. Applying for one is a relatively simple process; for a step by step guide to the process or specific instructions on how to complete an application, click on…
I was born in Mexico and moved to Palatine when I was 12. I got an accounting degree from University of Illinois at Chicago – I was the first in my family to graduate from college. I wasn’t sure what type of accounting I wanted to do. I thought audit, but when I got an…
Last week the IRS issued a reminder to businesses affected by the COVID-19 pandemic about three new credits available to them through the CARES Act. These include tax credits for employee retention, paid sick leave, and family leave, and are available to employers of any size, including tax-exempt organizations, provided they meet eligibility requirements. We…
In college, I knew I wanted to get a degree in business, but early on I really did not know exactly what specific degree was for me. Eventually, through a little soul searching and a few accounting classes, I decided accounting was for me. I played baseball, and because of my schedule I couldn’t participate…
A key section of the CARES Act is devoted to special provisions for retirement plans and IRAs, particularly regarding distribution options, rollover rules, and early withdrawal penalties. New IRS guidance about these provisions is expected shortly and will be covered here in our Coronavirus News & Information Center. In the meantime, we’ve included a link…
