LEA Global welcomes Anthony (Tony) Szczepaniak as Chief Executive Officer (CEO). Szczepaniak will lead the strategic direction and day-to-day operations of the international accounting association, focusing on membership best practices, cohesiveness, collaboration and growth.
As the coronavirus (COVID-19) pandemic continues to rattle financial markets and the broader global economy, it also has added even greater uncertainty around fair value measurements, a financial reporting requirement that many businesses have long found challenging.
On June 16, 2020 the Small Business Administration (SBA) released a revised PPP Loan Forgiveness Application, unveiled a new simplified version of the application that requires fewer calculations and documentation, and issued new guidance to reflect changes made by the Paycheck Protection Program Flexibility Act of 2020 (PPP Flexibility Act). The applications and guidance clarify what compensation is eligible for loan forgiveness and ease concerns for businesses trying to use PPP loans and have them fully forgiven.
On June 3, 2020, the Senate unanimously passed the Paycheck Protection Program Flexibility Act of 2020 (the “PPP Flexibility Act”), which was enacted on June 5, 2020. In a nearly unanimous vote, the House approved the bill on May 28 with only one representative casting a dissenting vote. The bi-partisan legislation makes extensive changes to the Small Business Administration’s Paycheck Protection Program (PPP) by providing employers with more flexibility and time to use PPP funds and still qualify for loan forgiveness.
Businesses across industries continue to struggle during the coronavirus pandemic to ensure they can maintain adequate cash flow, meet financial obligations and keep their operations afloat. Fortunately, the federal research and development tax credit may provide refund opportunities and provide some relief during uncertain times.
When thinking about tax obligations, companies and individuals often focus their attention on federal and state income taxes. However, it is important that companies not overlook their payroll tax obligations, as these can often be a trap for the unwary.
Business Insider recently spoke with Torie Barry, a partner in Bennett Thrasher’s Tax practice, about ways companies can benefit from providing their employees with childcare options during the coronavirus pandemic. She explained how offering this service is not only a great retention tool as it shows a company is willing to invest in its employees, but it also comes with tax benefits.
As businesses are struggling to navigate the SBA Paycheck Protection Program (PPP), Mission Local sought out Stephen Klein, Managing Director of Bennett Thrasher’s Bankruptcy & Restructuring practice, for his insight on the program. While PPP loans are intended to be used to pay employees and other overhead costs during the coronavirus pandemic, business owners are weary about the forgiveness process and how they should navigate repayment versus forgiveness.
The Millennial Whisperer, the practical, profit-focused playbook for working with and motivating the world’s largest generation, dives into what it takes to create a workplace environment that attracts, rewards, promotes and maintains millennial employees. Chris Tuff, the Atlanta-based author of the book, highlights Bennett Thrasher’s commitment to this generation and shares how the firm engages all employees.
Bennett Thrasher is proud to support the local community during the coronavirus pandemic and has donated 30 laptops to members of the Boys & Girls Club of Metro Atlanta. The Club is collecting computers for its teen members to complete their online schooling and stay connected virtually.
On May 15, 2020 the Small Business Administration (SBA) posted the long-awaited Paycheck Protection Program Loan Forgiveness Application, with step-by-step instructions on how to perform the calculations required by the CARES Act to determine the eligible amount of loan forgiveness. According to a Treasury statement, the application and instructions provide guidance that is meant to reduce compliance burdens and facilitate the process for borrowers. They answer several questions that were troubling borrowers and their advisors and are mostly favorable to businesses.
Prior to the coronavirus pandemic, most companies would associate business continuity with a set of processes/procedures to provide access to critical IT systems in the event of an extended power and/or internet outage at their main office. What those companies aren’t considering is all of the other components that go into running day-to-day operations (e.g. cutting checks, paying vendors, running payroll, taking phone calls, etc.).