The Restaurant Revitalization Fund aid program’s application portal will be tested in a seven-day pilot ahead of the application’s launch. The SBA revealed key details for the program, including funding calculations.
COVID-19 news and information
Tips for for-profits applying NFP accounting rules for PPP funds
For-profit entities are permitted to use the not-for-profit conditional contribution accounting model to account for Paycheck Protection Program loans. The accounting requires reasoned judgment, careful evaluation of barriers and thorough documentation.
SBA aims to reopen Shuttered Venue Operators Grant portal this week
The SBA has targeted the end of this week for reopening the application portal for the $16.25 billion Shuttered Venue Operators Grant (SVOG) program. Technical problems forced the SBA to close the portal for repairs only hours after it opened on April 8.
IRS extends penalty relief for pandemic payroll credits
The IRS provided for penalty relief under Sec. 6656 for an employer’s failure to timely deposit certain employment taxes with the IRS to allow employers to immediately take advantage of various credits enacted in response to the COVID-19 pandemic.
6 proactive steps accountants can take to get promoted in 2021
Individuals who are proactive about their professional development and excel at communication and other soft skills have the best chance of promotion in a remote-working environment.
How the 2021 busy season is different
Some accounting firms prepared for the 2021 busy season by staffing up and offering more flexible work options for employees dealing with family issues during the pandemic.
How hiring practices have shifted as a result of the pandemic
Companies should consider benefits and challenges of hiring workers outside their geographic area.
AICPA recommendations on Q1 estimates and 2020 Form 709 extensions
The AICPA has released some recommendations for practitioners concerning various issues that have arisen due to the postponement of the April 15 tax deadline for individuals.
Shuttered Venue Operators Grant program closes for repairs on its opening day
The SBA opened its new application portal for the $16.25 billion Shuttered Venue Operators Grant (SVOG) program, but shut it down for repairs due to “technical difficulties” that prevented the platform from accepting applications.
IRS explains which meals qualify for temporary 100% expense deduction
The IRS issued guidance on the temporary rule that allows a 100% deduction for eligible restaurant meals in 2021 and 2022.
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