Buy a new restaurant? Make sure POS machines registered to you
Every sale counts now more than ever, so it is imperative that McDonald’s owner/operators keep a sharp eye on their cashless accounts to detect any anomalies. We have seen a growing number of instances where an incorrect merchant ID number is logged in a cash register or self-order kiosk, resulting in cashless deposits being deposited […]
Cash gifts a good way to say ‘well done’ this school year
This school year has been like no other. Students, teachers and parents have all been tested, and graduating seniors have perhaps made the biggest sacrifice by not being able to participate in commencement ceremonies. You may want to show your extra appreciation and admiration for their hard work and congratulations on a job well-done by […]
Midyear adjustments to health plans permitted due to COVID-19
Employers can now allow employees the opportunity to make midyear adjustment to their health insurance plans and flexible spending plans for the 2020 plan year, according to a notice issued by the IRS in response to the coronavirus crisis. The IRS issued its guidance on May 12, which relaxes the rules relating to election changes […]
Taking care during coronavirus
Businesses are slowly beginning to reopen and different areas are relaxing some of the requirements to shelter in place as a result of the COVID-19 health crisis. As we move into this next phase, it is important to remember that seniors and individuals with underlying health conditions remain vulnerable to coronavirus, but also to remember […]
SBA: Any PPP loan less than $2 million deemed ‘necessary’
The Treasury Department and Small Business Administration clarified its rules today regarding small business owners’ need to certify the necessity of receiving loans through the Paycheck Protection Program One requirement to qualify for forgiveness of a PPP loan is that all borrowers must certify in good faith when submitting their applications that “current economic uncertainty makes […]
Coronavirus and Economic Impact Payments FAQs from IRS
Click below for a list of frequently asked questions regarding coronavirus-related economic impact payments and other resources from the IRS.gov website: https://www.irs.gov/coronavirus/coronavirus-and-economic-impact-payments-resources-and-guidance
Paycheck Protection Plan Program FAQs
The U.S. Treasury Department is continuing to update its frequently asked questions about the PPP program. You can find those here: https://home.treasury.gov/system/files/136/Paycheck-Protection-Program-Frequently-Asked-Questions.pdf
IRS: PPP loan expenses not deductible
The IRS issued new guidance April 30 evening clarifying how the expenses paid with the loan proceeds through the Paycheck Protection Program are to be treated for tax purposes. According to the IRS, the forgivable portion of a PPP loan will not be included as gross income and will not be subject to taxation. However, […]
IRS extends some (but not all) employee benefit plan deadlines
The IRS recently issued Notice 2020-23, expanding on previously issued guidance extending certain tax filing and payment deadlines in response to the novel coronavirus (COVID-19) crisis. This guidance applies to specified filing obligations and other “specified actions” that would otherwise be due on or after April 1, 2020, and before July 15, 2020. It extends […]
Additional relief coming soon for health care providers
Health care providers could see even more relief if the $484 billion interim coronavirus relief measure is signed by President Trump. The lion’s share of the bill passed the week of April 20 is dedicated to replenishing the Small Business Administration’s (SBA) now-exhausted Paycheck Protection Program and $60 billion for disaster loans through the Economic […]