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PPP Expenses Not Deductible if Reasonable Expectation of Forgiveness Exists (Regardless of Loan Forgiveness Timing)

Posted 8:15 PM by
This week, the IRS issued Revenue Ruling 2020-27, which dictates the timing of the non-deductible nature of eligible PPP loan expenses. Many had hoped that by delaying the loan forgiveness application – and, as a result, PPP loan forgiveness – until 2021, calendar-year taxpayers could shift the non-deductible event forward a year. We now have the IRS’ position on this issue: If there is a reasonable expectation of forgiveness, borrowers are out of luck. Chalk it up as another slight against PPP borrowers who have seen the benefits of this program deteriorate through a series of twists, turns, and about-faces all year.
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KSM Presents FreightWaves 2021 FreightTech 25 Award Winners at Virtual Conference

Posted 8:30 PM by
Katz, Sapper & Miller is pleased to once again participate as the independent accounting firm in managing the voting process and reporting the results for FreightWaves Research Institute’s prestigious FreightTech 100 Award. The award recognizes the most innovative and disruptive companies in freight and highlights the key organizations which have made significant technological or economic advancements to impact the transportation space.
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Sauder Receives Prestigious Foellinger Foundation Award

Posted 3:15 PM by
Zach Sauder has received the Foellinger Foundation’s 2020 David A. Bobilya Excellence in Nonprofit Leadership Award. The award recognizes the importance of individual board members in nonprofit organizations in four focus areas—governance, leadership, financial sustainability, and program impact.
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Did the Rules Change Again? SBA Issues New PPP Loan Necessity Questionnaire

Posted 4:35 PM by
As the Paycheck Protection Program has evolved, borrowers have become increasingly anxious as program parameters have seemingly changed mid-stride. With its recent introduction of the loan necessity questionnaires, the U.S. Small Business Administration continues to surprise borrowers with new requirements after loans have been issued.
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Presidential Election Impact on the National Tax Landscape

Posted 6:45 PM by
With just weeks left until the 2020 election, a slew of tax legislation nearing expiration, and economic recovery from COVID-19 taking center stage, many are wondering how the presidential election outcome will affect the country’s tax landscape.
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On-Demand Webinar: Bridging the Gap at Your Not-for-Profit

Posted 1:00 PM by
What is a gap analysis, and why is conducting one so important for not-for-profit organizations? Whether it’s to increase funding, pursue new opportunities, prioritize needs, or benchmark performance, a gap analysis can help a not-for-profit organization accomplish its goal.
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Preparing Your Business for Sale: 5 Keys to Success

Posted 6:00 PM by
If you’re thinking about selling your business right now, you’re not alone. The pandemic has added to the sense of urgency for owners who were already inclined to sell, and it probably has many others, who were previously uninterested in selling, wondering if now might be the right time.
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New Rules Simplify Forgiveness for PPP Loans of $50K or Less

Posted 7:49 PM by
Late last week, the U.S. Small Business Administration and the Department of the Treasury issued an interim final rule (IFR) that simplifies loan forgiveness for borrowers that received Paycheck Protection Program (PPP) loans of $50,000 or less. It’s important to note that the IFR did not make forgiveness automatic, but the new loan forgiveness application, Form 3508S, is significantly easier to complete than the standard loan forgiveness application, Form 3508. Here’s an overview of the new IFR and what it means for borrowers.
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Video: Doing Great Things Featuring Annie Martinez of Children’s Bureau, Inc.

Posted 7:15 PM by
“Inspiring great people to do great things” is Katz, Sapper & Miller’s mission, and we’re honored to play a small part in helping clients across a wide variety of industries think big, bring their innovative ideas to life, and serve their communities and customers.
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SBA Explains What Approvals Are Needed for Transactions Involving PPP Loans

Posted 8:30 PM by
Over the past several months, proper management of the Paycheck Protection Program (PPP) loan has become a critical issue during transactions. Sellers and buyers, eager to move their deals along, were left wondering whether the PPP loan should be repaid and what, if any, notifications or approvals were needed – either to the SBA, the lender, or both.
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