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    • Cassady Schiller CPAs & Advisors
      Jul 29, 2020 | Cassady Schiller CPAs & Advisors

      Are scholarships tax-free or taxable?

      COVID-19 is changing the landscape for many schools this fall. But many children and young adults are going back, even if it’s just for online learning, and some parents will be facing tuition bills. If your child has been awarded a scholarship, that’s cause for celebration! But be aware that th…

    • Cassady Schiller CPAs & Advisors
      Jul 24, 2020 | Cassady Schiller CPAs & Advisors

      PPP Forgiveness Update

      Over the past several weeks, we have been recommending to clients who received a PPP loan to sit tight on filing their PPP forgiveness application. This advice stems from the expectation that the SBA will release their next round of FAQs, which should provide answers to several outstanding questions…

    • Cassady Schiller CPAs & Advisors
      Jun 19, 2020 | Cassady Schiller CPAs & Advisors

      Changes RE: PPP Forgiveness Application & NEW...

      As promised earlier this week in our announcement regarding the Department of the Treasury and Small Business Administration’s (SBA) revisions to the PPP Forgiveness Application processes, we have provided you a summary of changes below:

      EZ PPP Forgiveness Application (Form 3508EZ)

      To qual…

    • Cassady Schiller CPAs & Advisors
      Jun 18, 2020 | Cassady Schiller CPAs & Advisors

      Revised PPP Forgiveness Application & NEW EZ...

      The Department of the Treasury and Small Business Administration have released a revised version of the PPP Forgiveness Application (Form 3508), as well as, an EZ version of the PPP Forgiveness Application (Form 3508EZ).

      We have included both the form and accompanying instructions for each these…

    • Cassady Schiller CPAs & Advisors
      Jun 04, 2020 | Cassady Schiller CPAs & Advisors

      Paycheck Protection Flexibility Act

      Late last night (June 3rd), the Senate passed the Paycheck Protection Flexibility Act that the House of Representatives passed the week prior, without modification.  As such, the following changes will be available to PPP borrowers following Presidential signature:

      For those borrowers who alre…

    • Cassady Schiller CPAs & Advisors
      May 29, 2020 | Cassady Schiller CPAs & Advisors

      House Passes Bill Providing More Flexibility to PP...

      As anticipated, the House of Representatives passed legislation on Thursday, May 28, that ease some of the restrictions regarding how PPP loans may be spent.   The bill (H.R. 7010), which was passed with overwhelming bipartisan support (417-1), will still need to be passed by the Senate and signed…

    • Cassady Schiller CPAs & Advisors
      May 27, 2020 | Cassady Schiller CPAs & Advisors

      SBA Releases New Guidance for PPP Forgiveness Appl...

      On Friday, May 22, the Small Business Administration (SBA) issued new guidance related to the Paycheck Protection Program (PPP) loan forgiveness application form (attached here).  In addition, the SBA issued further guidance related to the loan review procedures and the related borrower and lender…

    • Cassady Schiller CPAs & Advisors
      May 18, 2020 | Cassady Schiller CPAs & Advisors

      SBA Releases PPP Forgiveness Application

      On Friday, May 15, the SBA released its Loan Forgiveness Application (attached here), which provides much needed guidance that borrowers and lenders have been seeking.  Below are some of the highlights:

      Step-by-Step Calculation

      The application includes step-by-step instructions on how to perf…

    • Cassady Schiller CPAs & Advisors
      May 13, 2020 | Cassady Schiller CPAs & Advisors

      PPP Modification: “Good-Faith” Certifi...

      Today, the SBA and Department of the Treasury updated its FAQ, announced a modification on its stance concerning “good-faith” certifications in obtaining a PPP loan, and its retention beyond the May 14 safe-harbor payback date, that most borrowers will find to be favorable.  Released as FAQ #46…

    • Cassady Schiller CPAs & Advisors
      May 11, 2020 | Cassady Schiller CPAs & Advisors

      Local Forgivable Loans and PPP Update

      This past Friday, May 8th, Hamilton County Commissioner Denise Driehaus announced a new program within Hamilton County, Ohio to aid small businesses impacted by COVID-19 that were unable to obtain funding from the federal government.  The county received an allocation of $142 million from the CARES…

    • Cassady Schiller CPAs & Advisors
      May 06, 2020 | Cassady Schiller CPAs & Advisors

      SBA Extends the PPP Repayment Date for the Safe Ha...

      On Tuesday, May 5, the Department of Treasury updated its FAQ announcing the extension of the safe harbor related to the repayment of PPP loans to May 14.  In addition, it provided further guidance related to the affiliation rules.  Below is the additional guidance added to the FAQ:

      43. Questio…

    • Cassady Schiller CPAs & Advisors
      May 04, 2020 | Cassady Schiller CPAs & Advisors

      Reexamining the basis of your businesses’s c...

      Dear Clients and Friends,

      At this point, many of you have either received your PPP loan proceeds or expect to receive the loan proceeds very soon and are now turning your attention to utilizing the loan and maximizing forgiveness.  However, in light of some recent guidance from the Treasury, all…

    • Cassady Schiller CPAs & Advisors
      May 01, 2020 | Cassady Schiller CPAs & Advisors

      Additional Guidance on Paycheck Protection Program

      Yesterday the IRS issued its guidance (N-2020-32) regarding the deductibility for Federal income tax purposes of certain otherwise deductible expenses incurred by a business when the taxpayer received a covered loan pursuant to the Paycheck Protection Program. Specifically, this notice clarifies tha…

    • Cassady Schiller CPAs & Advisors
      Apr 24, 2020 | Cassady Schiller CPAs & Advisors

      President Signs Additional Funding for SBA Program...

      Yesterday, the House of Representatives passed H. Res. 266, the Paycheck Protection Program and Health Care Enhancement Act, which was signed by President Trump this afternoon.  As many have probably followed within the news media, this resolution has appropriated additional funding to the highly s…

    • Cassady Schiller CPAs & Advisors
      Apr 22, 2020 | Cassady Schiller CPAs & Advisors

      New COVID-19 law makes favorable changes to “...

      The law providing relief due to the coronavirus (COVID-19) pandemic contains a beneficial change in the tax rules for many improvements to interior parts of nonresidential buildings. This is referred to as qualified improvement property (QIP). You may recall that under the Tax Cuts and Jobs Act (TCJ…

    • Cassady Schiller CPAs & Advisors
      Apr 22, 2020 | Cassady Schiller CPAs & Advisors

      Answers to questions you may have about Economic I...

      Millions of eligible Americans have already received their Economic Impact Payments (EIPs) via direct deposit or paper checks, according to the IRS. Others are still waiting. The payments are part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act. Here are some answers to questions y…

    • Cassady Schiller CPAs & Advisors
      Apr 20, 2020 | Cassady Schiller CPAs & Advisors

      AICPA Resource: SBA Paycheck Protection Program (P...

      “This series of frequently asked questions (FAQs) provides answers to questions we are hearing from our members about the Paycheck Protection Program (PPP).

      Check back often as we will update these FAQs as more guidance is released.”

      WEBSITE RESOURCE:  https://www.aicpa.org/interestareas/pri…

    • Cassady Schiller CPAs & Advisors
      Apr 20, 2020 | Cassady Schiller CPAs & Advisors

      PPP Forgiveness FAQs

      Dear Clients and Friends:

      Now that lenders have begun to disburse loan funds under the PPP loan program, an increasing number of questions have been raised related to the usage of the loan funds and mechanics of the calculation of the loan forgiveness.  Below is a summary of some of the frequent…

    • Cassady Schiller CPAs & Advisors
      Apr 17, 2020 | Cassady Schiller CPAs & Advisors

      What are the key distinctions between layoffs and...

      As businesses across the country grapple with the economic fallout from the novel coronavirus (COVID-19) pandemic, many must decide whether to downsize their workforces to lower payroll costs and stabilize cash flow. If your company is contemplating such a move, you’ll likely want to consider the…

    • Cassady Schiller CPAs & Advisors
      Apr 14, 2020 | Cassady Schiller CPAs & Advisors

      Cassady Schiller’s CARES Act Task Force Q�...

      Dear Clients and Friends:

      As we continue to navigate the current environment, Cassady Schiller’s CARES Act Task Force has the following updates and comments based on questions we have received. It is important to disclaim that the following interpretations are based on information available to…