New PPP Loan Forgiveness Applications and Guidance Released
Author: Lindsey Jackson Late yesterday the SBA finalized and released two loan forgiveness applications which can be accessed online at https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program. The first is a revised...
Paycheck Protection Program Flexibility Act Passes Senate
Author: Lindsey Jackson Congress reached an agreement yesterday evening on the Paycheck Protection Program Flexibility Act and the bill is now headed to President Trump’s desk for signature. This is great news as it provides some much-needed relief for businesses...
Interim Final Rule Summary
Author: Lindsey Jackson, CPA | Tax Manager Late Friday the SBA published an Interim Final Rule addressing several items related to PPP loan forgiveness. The IFR is rather lengthy at 26 pages, but does address many frequently asked questions we have received the past...
Updated! New Guidance for Paycheck Protection Program
Our prior announcement of May 6th provided information on additional guidance issued for the Paycheck Protection Program (PPP) regarding the repayment of funds received. Initially the guidance provided that recipients of PPP funds had until May 7th to...
Using a Walton GRAT for Estate Planning
The current market conditions created by the COVID-19 pandemic have forced businesses across the country to grapple with a number of difficult challenges. With the stock market dropping to historic lows and closely-held family businesses experiencing a downturn in...
North Carolina COVID-19 Rapid Recovery Loan Program Launched by Governor Cooper
On Monday, May 4th N.C. governor Roy Cooper signed House Bill 1043 which included $125 million to provide funding for the NC COVID-19 Rapid Recovery Loan Program. This program seeks to assist North Carolina businesses by providing additional funding to small...
Economic Injury Disaster Loans Authorized For Agricultural Enterprises
The Paycheck Protection Program and Health Care Enhancement Act that was signed into law on April 24th included two notable provisions regarding Economic Injury Disaster Loans (EIDL) and grants. The funding for EIDL is increased from $10 billion to $20...
Payroll Tax Relief, New Guidance on Depreciation and Employment Tax Deferment for PPP Loan Recipients
DEFERRAL OF EMPLOYMENT TAX DEPOSITS The IRS has issued frequently asked questions (FAQs) on the payroll tax deferral opportunity provided by the Coronavirus, Aid, Relief, and Economic Security (CARES) Act (Public Law 116-136). Under that provision, employers of all...
Main Street Business Lending Program Announced by the Federal Reserve
On April 9, the Federal Reserve announced additional actions it will take, providing up to $2.3 trillion in loans to support the U.S. economy. The Federal Reserve believes this funding will assist households and employers of all sizes, bolstering the ability...
New Guidance Issued – Extended Deadlines and Net Operating Loss
On Thursday, April 9, 2020 the IRS issued updated guidance on three (3) important pieces of the CARES Act and COVID relief legislation. The new guidance is focused around filing and payment deadlines, claiming net operating losses (NOL) and additional guidance on...
New Guidance on Highly Anticipated Paycheck Protection Program
One of the more highly anticipated pieces of the CARES Act legislation recently signed into law is the Paycheck Protection Program (PPP). This program authorizes up to $349 billion in forgivable loans to small businesses to pay their employees during the COVID-19...
Don’t Lose Real Estate Tax Deductions on Investment Property
Lindsey Jackson, Frost, PLLC After the Tax Cuts and Jobs Act became law at the end of 2017, one of its most controversial provisions included capping the state and local tax itemized deduction reported on Schedule A of your Form 1040 at a maximum of $10,000. Many...
2019 Market Facilitation Payments Application Process Under Way
On July 25, 2019, United States Secretary of Agriculture Sonny Perdue announced details on a $16 billion package aimed at supporting American agricultural producers that were impacted by retaliatory tariffs on U.S. agricultural goods. As part of the package, the...
Announcing the Addition of Two New Partners
[Little Rock, Arkansas, May 28, 2019] – Frost PLLC is pleased to announce the addition of two new partners: Robert Wolfe and Adam Jones, both located in the firm’s Little Rock office. Robert Wolfe, CPA, has over 15 years of experience in tax, audit, accounting, and...