MRPR Blog

IRS Issues PPP Loan Taxability Guidance

Posted by Louis DiSarno, CPA on Nov 20, 2020 2:33:43 PM

There has been considerable confusion regarding how expenses are to be treated for our clients who have received Paycheck Protection Program (PPP) loans, which are eligible for forgiveness under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act).

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Topics: Accounting Hot Topics, COVID-19 Updates

Back to School: FFCRA Q&A

Posted by Amy Rohlman on Sep 25, 2020 10:00:00 AM

The DOL has released additional Q&As, while updating others, in order to provide further guidance and clarification under the FFCRA as it relates to 1) schools back in session, and 2) New York court decisions regarding the Act. Being armed with the latest information will help make planning more productive and conversations more supportive within your organization.

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Topics: Accounting Hot Topics, COVID-19 Updates

PPP Forgiveness Update

Posted by Lyndi Smith on Sep 15, 2020 12:00:00 PM

The SBA released an Interim Final Rule for the Paycheck Protection Program (PPP) on August 24th, 2020. The rule creates forgiveness limitations and/or clarification on limitations in three areas. The full IFR goes into full detail of the treatment of owners and forgiveness of certain non-payroll costs.

Here are the key highlights to help you stay updated.

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Topics: Accounting Hot Topics, COVID-19 Updates

Passing The Mic To Our Interns: Inside MRPR

Posted by MRPR on Sep 8, 2020 10:30:00 AM

Internships offer young professionals an opportunity to see what business is like outside of the classroom. Today's interns expect inclusion and real-world exposure to daily activities. They're there to do more than just take meeting notes and fetch coffee --they're there to learn. That's why we designed our internship program to closely mimic an entry-level accountant position with our firm, including exposure to all aspects of accounting and client services.

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Topics: Insider

New Proposed Regulations On Gifts and Estate Transfers

Posted by Louis DiSarno, CPA on Aug 31, 2020 8:00:00 AM

The Tax Cuts and Jobs Act (TCJA) of 2017 added many new provisions to the tax code. Taxpayers with larger estates initially saw a benefit from the change to the lifetime exclusion for gift and estate taxes. It increased the amount for each taxpayer from $5 million to $11 million, adjusted for inflation. (For 2019, the indexed amount is $11.4 million.) However, tax practitioners saw a catch: after 2025, the provision will sunset and the lifetime exclusion per taxpayer will revert back to $5 million. Worse yet, it was unclear what would happen to taxpayers who gave gifts that make up this extra $5 million provided by the TCJA. Thankfully, the IRS has finalized Regulation 106706-18, which provides more clarity around gifts and estate transfers. Let's take a look at what you should know if you're worried about being taxed for your generosity.

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Topics: Tax Topics, Accounting Hot Topics

Are Your Employees’ Retirements SECURE? (Part 3 of 3)

Posted by Louis DiSarno, CPA on Aug 25, 2020 6:30:00 AM

 

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Topics: Business Planning & Operations, Accounting Hot Topics

CARES Act Update: Retirement Plan Distribution Relief

Posted by Angela Mastroionni CPA on Aug 5, 2020 7:45:00 AM

The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) was enacted on March 27, 2020. Since then, the IRS has issued several Notices with additional information and guidance related to the CARES Act including the tax rules applicable to employer-sponsored qualified retirement plans and individual retirement accounts (IRAs). Individuals and plan sponsors should be aware of these key provisions. Here are the highlights...

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Topics: Accounting Hot Topics, COVID-19 Updates

Michigan Safety and Restart Grant Opportunities Expiring

Posted by Lyndi Smith on Aug 3, 2020 6:45:00 AM

With supplemented unemployment benefits expiring this past week and the ongoing economic impact of COVID-19, the State of Michigan is leveraging federal funding through the CARES Act to continue to support the economic recovery of small businesses in the state. Two grant programs were recently announced, with funding up to $20,000 for qualified applicants. The application periods on both grants close next week, on the 5th and 7th of August. Below is a quick summary of each grant opportunity with links for additional information and access to the applications.

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Topics: Accounting Hot Topics

New Tax From 941 due July 31, 2020

Posted by Becky Amo on Jul 30, 2020 2:15:00 PM

The IRS has revised Form 941 beginning with the filing of the 2nd Quarter of 2020, in conjunction with reporting the various Covid-19 tax credits and deductions. Please use this as a reference to assist in reviewing the information that has been filed on Form 941 by your company or your payroll provider.

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Topics: Accounting Hot Topics, COVID-19 Updates

How The SECURE Act Impacts Parents and Grandparents (Pt. 2)

Posted by Louis DiSarno, CPA on Jul 29, 2020 12:00:00 PM

In Part 1 of our blog series on the SECURE Act, we discussed changes to individual retirement plans. In this article, we will explore how the SECURE Act offers improved flexibility for college savings plans and provides financial relief options for new parents.

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Topics: Accounting Hot Topics