News & Insights
SBA Revises Guidance on PPP Loan Forgiveness, Updated Application Released
On June 11th, the Small Business Administration (SBA) released a revised Interim Final Rule covering the PPP Loan forgiveness process based on the new legislation included in the PPP Flexibility Act. This…
Continue ReadingPaycheck Protection Program Changes on the Horizon
Last night, the Senate passed new PPP legislation called the Paycheck Protection Program Flexibility Act, which was passed by the House last week. It now heads to the President’s desk where he is expected…
Continue ReadingLoan Forgiveness Application Released for Paycheck Protection Program
On May 15th, the Small Business Administration (SBA) along with the U.S. Department of the Treasury released the long awaited Paycheck Protection Program Loan Forgiveness Application along with detailed…
Continue ReadingSBA Provides Guidance on How it Will Review Borrowers’ Economic Necessity Certifications
On May 13, 2020, the SBA updated its Frequently Asked Questions, adding Question 46 which provides some guidance on how the SBA will review borrowers’ economic necessity certifications. There is good…
Continue ReadingIRS Disallows Deduction on Expenses Paid with PPP Forgiveness Money
One of the most important aspects of the CARES Act was the Paycheck Protection Program (“PPP”). Obtaining a PPP loan has been the priority for most small and mid-size businesses. It was so popular…
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Paycheck Protection Program & Health Care Enhancement Act Details
The latest coronavirus funding bill, officially known as H.R. 266 “Paycheck Protection Program and Health Care Enhancement Act,” was signed by President Trump on Friday, April 24, 2020, after being passed…
Continue ReadingBrines Named Director of Strategic Relationships at Haefele Flanagan
MAPLE SHADE, NJ, April 24, 2020 – Haefele, Flanagan & Co., PC, a full service business advisory, accounting, auditing, and tax services firm, proudly announces the addition of Julia Brines as Director…
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Is it Time to Convert to a Roth IRA?
Roth IRAs are tax-favored accounts to which qualified taxpayers can make after-tax contributions. Contributions to the account can grow tax-free, and neither the contributions nor the earnings on them…
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April 15th Filing Deadline Extended to July 15th
Treasury Secretary Steve Mnuchin announced today that the deadline for filing tax returns has been extended from April 15, 2020 to July 15, 2020. The Treasury had previously extended the tax return payment…
Continue ReadingThe Benefits of Outsourced Accounting
Outsourced accounting strikes some as risky – the financial equivalent of letting the valet park your car or someone else watch your kids. They don’t care the way I do. They’re too removed to spot…
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