Updated Provider Relief Fund Reporting Guidance Now Available from HHS

  |  July 19, 2021

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New reporting information is now available for healthcare providers who received funding from the Provider Relief Fund (PRF). The Department of Health and Human Services (HHS) has released revised reporting requirements that include updated information about expanding the amount of time that providers can report on the use of funds, as well as an extension of some key deadlines on when the funds can be spent. Read more.
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SBA Will Withdraw Requirement for Forms 3509/3510

  |  July 1, 2021

Any Paycheck Protection Program (PPP) borrower that has already received a request for Form 3509 or Form 3510 from its lender should contact that lender for instructions on how to proceed in light of reports that the SBA will withdraw the requirement for these loan necessity questionnaires. Read more.
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Risky Business: How Well Are You Managing Business Risk?

  |  May 11, 2021

If last year taught us any lessons, it’s that the world is a risky place. And not just for individuals. Businesses faced more challenges than ever before in simply conducting their work– a pandemic, local stay-at-home orders and supply chain disruptions. As professional and personal activities began to intermix on mobile devices, and social distancing...Read more.
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PPP Loan Deduction Safe Harbor Guidance Provided by IRS

  |  May 5, 2021

New guidance from the IRS and U.S. Treasury Department provides a safe harbor in line with a provision in the Consolidated Appropriations Act, 2021, signed Dec. 27, 2020. Businesses now may deduct those expenses on their original federal tax return for the first taxable year following the 2020 taxable year, rather than filing an amended return or an administrative adjustment request. Read more.
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CARES Act Loans – Correcting Potential Errors

  |  April 28, 2021

The CARES Act included many moving parts and different deadlines related to loans. As a result, many plan sponsors—or their third-party service providers—may have made errors related to participant loans, including missing important cutoff or restart dates. Plan sponsors should work with their service providers to ensure that loans are being administered accordingly—or take advantage of federal self-correcting programs to get retirement plan loans back on track. Read more.
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M&A Earnouts? Count on Book & Tax Implications

  |  April 7, 2021

A key challenge in any deal negotiation is agreement on purchase price between the buyer and seller. To reach an appropriate purchase price that takes uncertainty into account, parties may choose to include an “earnout” in the acquisition agreement and must be aware of book and tax implications early on in the process. Read more.
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