Sciarabba Walker Blog
The information in these blog posts is provided for general informational purposes only and is not intended to substitute for accounting, tax, or financial advice from a professional accountant. While we use reasonable efforts to furnish accurate and up-to-date information, we do not warrant that any information contained in or made available through this blog is current or error free. No part of this communication is intended to be used for the purpose of avoiding penalties under U.S. federal tax law.
Special Purpose Frameworks
Bases of accounting other than generally accepted accounting principles, or GAAP, are a popular alternative to the numerous and sometimes complex GAAP accounting requirements. These bases are referred to as special-purpose frameworks. Entities that are good candidates...
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Social Security After Marriage, Death, and Divorce
Social Security, or the Old-Age, Survivors, and Disability Insurance (OASDI) program, provides benefits to retirees, survivors, and the disabled. Social Security is funded primarily through payroll taxes (FICA and SECA) and retirement benefits received are based on...
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Additional PPP Interim Final Rule Changes Released by SBA & Treasury
On June 17, 2020, the United States Department of the Treasury and the Small Business Administration (SBA) issued additional guidance on the Paycheck Protection Program, specifically revising the Third and Sixth Interim Final Rules previously released. We have...
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N-20-8 Realigns 2020 NYS Q1 & Q2 Estimated Payment Dates
In March, New York State released N-Notice N-20-2 which moved the traditional first estimated payment due date of the year of April 15, 2020, to July 15, 2020. Considering the traditional second estimated payment due date of June 15, 2020, the timing of these two due...
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Summary of Paycheck Protection Program Flexibility Act of 2020
Extends the minimum maturity to five years from two years. for borrowers who obtain a loan on or after June 5, 2020. For loans made before June 5, 2020 could also extend the loan to 5 years if the borrower and lenders mutually agree to extend the maturity. The covered...
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June 15 Tax Deadline Postponed to July 15 for Taxpayers Who Live and Work Abroad
The Internal Revenue Service today reminded people who live and work abroad that they have until Wednesday, July 15, 2020, to file their 2019 federal income tax return and pay any tax due. The usual deadline is June 15. This extension was included in a wide range of...
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SBA Loan Review Procedures and Related Borrower and Lender Responsibilities
SBA Reviews of Individual PPP Loans The SBA may review any PPP loan, as they deem appropriate SBA may review whether a borrower is eligible for the PPP loan based on provisions of the CARES Act, the rules and guidance available at the time of the borrower’s PPP loan...
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Interim Final Rule on PPP Loan Forgiveness
These Interim Final Rules were issued on May 22, 2020 Updates were made to the rule on June 22, 2020 and we have updated this page as of June 26, 2020. This post should be used in conjunction with our May 19, 2020 (Updated June 26, 2020) blog which can be found here....
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PPP Forgiveness Application: Highlights and Helpful Tips
This blog was updated on June 18, 2020 - New Form 3508 EZ Loan Application You can apply for forgiveness of your PPP loan using the SBA Form 3508EZ if you can qualify for one of the three situations below: The Borrower is a self-employed individual, independent...
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SBA and Treasury Create Good Faith Certification Safe Harbor for PPP Loans Under $2 Million
The U.S. Department of the Treasury and the Small Business Administration have released updated Paycheck Protection Program FAQs which state that “any borrower that, together with its affiliates, received PPP loans with an original principal amount of less than $2...
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