K·Coe Insights: Posts from category

Tax & Accounting

Giving Back: IRS Eases Ability to Set Up Employer Leave Donation Programs for COVID-19 Victims

By K·Coe Editorial | June 25, 2020
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Reading Time: < 1 minute In response to the need to provide relief to victims of the COVID-19 pandemic, many employers are considering leave-based donation programs. Under these programs, employees may elect to forgo vacation, sick, or personal leave in exchange for employer contributions to charitable organizations. The icing on the cake?  The IRS has …

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More PPP Forgiveness and Loan Review Procedures Released: Top Takeaways

By K·Coe Editorial | May 26, 2020
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Reading Time: 3 minutes The latest Interim Final Rule (IFR) on Paycheck Protection Program (PPP) Loan Forgiveness issued by the Small Business Administration (SBA) was released just before the holiday weekend.  Here, K·Coe advisors break down the high-level takeaways that offer some important clarifications for borrowers and lenders. Clarifications and Additions for Loan Forgiveness …

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SBA Issues First Guidance for PPP Loan Forgiveness Application

By K·Coe Editorial | May 19, 2020
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Reading Time: 5 minutes On May 15, the Small Business Administration (SBA) released the long-awaited Paycheck Protection Program (PPP) Forgiveness application and instructions. While there is not yet clear guidance on the details of loan forgiveness (the SBA plans to release regulations and guidance soon to assist borrowers as they complete their loan forgiveness …

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Fed Provides Clarity on Main Street Lending Program for Small and Medium-size Businesses

By K·Coe Editorial | May 1, 2020
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Reading Time: 3 minutes Following its release of the Main Street Lending (MSL) program three weeks ago, the Federal Reserve has issued more detail on guidance, answered Frequently Asked Questions (FAQs), and made some adjustments to the original scope of the program. “After listening to the press conference delivered by Fed Chair Powell, and …

Read moreFed Provides Clarity on Main Street Lending Program for Small and Medium-size Businesses

PPP Certification Criteria: 3 Questions for Every Business

By K·Coe Editorial | May 1, 2020
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Reading Time: 3 minutes Recently, we learned that Shake Shack, the LA Lakers organization, and many other businesses have returned Paycheck Protection Program (PPP) funds due to concerns over alleged misuse of the program’s loan criteria.  In response to these highly publicized events, U.S. Treasury Secretary Steven T. Mnuchin and SBA Administrator Jovita Carranza …

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PPP Update: Good News for Businesses with H-2A Workers

By K·Coe Editorial | April 28, 2020
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Reading Time: 2 minutes Earlier in April, the Small Business Administration (SBA) and Department of Treasury addressed whether businesses should include any non-U.S. laborers in their employee count applicable to the Paycheck Protection Program (PPP) by simply excluding any compensation of an employee whose principal place of residence is outside of the United States.  …

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CARES Act: Employee Retention Tax Credit is Available

By K·Coe Editorial | April 9, 2020
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Reading Time: 2 minutes With all of the coverage and focus on the Paycheck Protection Program (PPP) loans, many businesses are unaware of the Employee Retention Tax Credit (ERTC) that is available under the CARES Act.  The ERTC was set up to help businesses retain employees.  There is a small catch, however:  a business …

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CARES Act Update: IRS Allows Amendments for Eligible Partnerships

By K·Coe Editorial | April 8, 2020
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Reading Time: 2 minutes On April 8, 2020, the IRS issued welcomed guidance in Revenue Procedure 2020-23, allowing “eligible partnerships” to file amended returns for taxable years beginning in 2018 and 2019.  Without this guidance, eligible partnerships must utilize the Administrative Adjustment Requests (AARs) procedures.  Generally, utilizing the AAR procedures would delay partners from …

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