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Release of SBA Paycheck Protection Program Loan Forgiveness Application

Monday, May 18, 2020 By Kathy Davis, CPA | COVID-19 Response Team On May 15th, the SBA released the application that borrowers must use to determine the amount of the loan that may be “forgiven” by their lender.  There are still unknown items, for which we expect additional guidance, but we will highlight a few …

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BREAKING: SBA and Treasury Release Paycheck Protection Program Loan Forgiveness Application

Friday, May 15, 2020 By COVID-19 Response Team The following was released earlier this evening. We are still analyzing, but here are critical components of the summary of costs eligible for forgiveness: Incurred and paid     Payroll Paid = considered paid on date payroll checks are distributed Incurred = Day the employee’s pay is earned Payroll costs …

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Apple Growth Partners’ Principal Named ystark! Twenty Under 40

CANTON, Ohio – (May 15, 2020) – Apple Growth Partners (AGP), award-winning accounting and business advisory firm, proudly announces tax principal Mark Lapikas, CPA, CGMA, MTax, MBA, as one of ystark!’s Twenty Under 40 recipients for 2020. Lapikas will be recognized during the 13th annual Twenty Under 40 awards event hosted later this year. In …

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IRS Allows Midyear Changes to Health Coverage, Flexible Spending Accounts, and Dependent Care

Thursday, May 14, 2020 By COVID-19 Response Team On May 12, 2020, IRS released Notice 2020-29 announcing that it is permitting increased flexibility for Section 125 cafeteria plan midyear elections for employer-sponsored health coverage, flexible spending accounts (FSAs), and dependent care, along with clarifying that high deductible health plans (HDHP) can provide coverage for telehealth …

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COVID-19 Allows Tax-Favored Distributions from IRA

Thursday, May 14, 2020 By A’Shira Nelson, CPA | COVID-19 Response Team Individuals affected by the COVID-19 pandemic are now eligible to take tax-favored distributions from their IRA(s). Normally, distributions would be included in the taxpayer’s taxable income, and it may be subject to a 10% additional tax if the taxpayer is under age 59 …

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BREAKING: SBA Releases Clarification Regarding Certification

BREAKING: SBA Releases Clarification Regarding the Certification  Wednesday, May 13, 2020 SBA just released FAQ #46, which is the expected guidance regarding the certification. Any borrower, including affiliates, that received PPP loans of less than $2 million will be deemed to have made the required certification in good faith. Borrowers with loans greater than $2 …

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SBA Additional Guidance to be Issued Prior to May 14

SBA Additional Guidance on Certification to be Issued Prior to May 14, 2020 Wednesday, May 13, 2020 COVID-19 Response Team With May 14th rapidly approaching, we expected SBA to release the additional guidance earlier this week. As of this morning, here is the posting in today’s Federal Register. “Editorial Note: An agency letter requesting withdraw …

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