MRPR Blog

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

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

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

SBA Releases New PPP Loan Forgiveness Forms and Instructions

Posted by MRPR on Jun 25, 2020 11:54:15 AM

This past week, new PPP forgiveness applications were released by the SBA to simplify the process and mirror the language of the PPP Flexibility Act that was signed into law earlier this month. We're here to clarify some of the changes to the application and shed light on a newly updated interim final rule.

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Topics: COVID-19 Updates

PPP Loan Flexibility Act Signed into Law

Posted by MRPR on Jun 5, 2020 12:44:57 PM

We watched this week as another chapter unfolds in the PPP saga.

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Topics: COVID-19 Updates

PPP Loan Forgiveness Application Explained

Posted by MRPR on May 22, 2020 12:07:30 PM

The Small Business Administration (SBA) has released a Loan Forgiveness Application for the Paycheck Protection Program (PPP), which was created by the Coronavirus Aid, Relief, and Economic Security (CARES) Act. The application and its instructions provide step-by-step guidance on calculating a borrower's PPP loan forgiveness amount. The application is much anticipated and helps clarify some of the questions we referred to in our previously published Top Ten Questions About the PPP blog -- but not all. The SBA and the U.S. Treasury have indicated they will continue to release guidance on the forgiveness calculation.

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Topics: Tax Topics, COVID-19 Updates

COVID-19 Preparedness & Response Plan Template

Posted by MRPR on May 22, 2020 10:28:03 AM

On May 21, 2020, Governor Whitmer announced Executive Order 2020-97 (amending Executive Order 2020-91) which indicates that all businesses or operations that are permitted to require their employees to leave the homes or residences for work under Executive Order 2020-92 (since amended to Executive Order 2020-96 and extended through June 12, 2020 under EO 2020-100) and any order that follows it, must, at a minimum:

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Topics: Tax Topics, COVID-19 Updates

CARES Act Offers Much-Needed Cashflow Relief

Posted by MRPR on May 15, 2020 11:53:16 AM

The COVID-19 pandemic has had far-reaching consequences across the entire business world and one of the most hard-hitting effects has been the reduction of cash flow throughout nearly all business lines. Invoices are not getting paid on time, monthly bills are accumulating, and for some businesses, (like restaurants and theaters) activity and cash inflow may be completely stopped. To provide some relief to businesses affected by the coronavirus, Congress recently passed the CARES Act which offers the possibility of a one-time infusion of cash in the form of tax refunds.

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Topics: Tax Topics, COVID-19 Updates

COVID-19 Updates, Guidance & Reminders [UPDATE]

Posted by MRPR on May 8, 2020 11:30:00 AM

We have gathered the notable updates, guidance, and reminders from the Department of Labor (DOL) and Internal Revenue Service (IRS) regarding the Families First Coronavirus Response Act (FFCRA) and Unemployment Insurance Agency (UIA).  

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Topics: Tax Topics, COVID-19 Updates