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George Batalis Joins KSM as Managing Director of Healthcare Consulting

Posted 12:45 PM by
Katz, Sapper & Miller, a leading consulting, tax, and audit firm, is pleased to announce that George Batalis has joined the firm as managing director of healthcare consulting in its Healthcare Resources Group.
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President Trump Signs Executive Action Deferring Social Security Tax

Posted 7:15 PM by
On Saturday, Aug. 8, President Trump signed four executive actions meant to provide economic relief in the midst of COVID-19. In one such action, the president directed the Secretary of the Treasury to defer collection of the employee portion of the Social Security tax (6.2%). The deferral will only be available to employees that generally make less than $4,000 during any bi-weekly pay period (approximately $104,000 per year) and applies to wages paid during the period of Sept. 1, 2020, through Dec. 31, 2020.
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FASB Provides Lease Concessions Guidance Due to COVID-19

Posted 12:45 PM by
As companies adjust to their new normal under COVID-19 and most put revenue recognition accounting implementation in their rearview mirror, lease accounting arises once again as a hot topic. Businesses have either already implemented the largest overhaul in lease accounting in decades, Accounting Standards Codification (ASC) Topic 842, or they have taken advantage of effective date delays and continue to operate under ASC Topic 840 until calendar year 2022. Regardless of which side businesses are on, a new challenge has presented itself – how do we account for lease concessions offered by landlords providing COVID-19 relief? As a result, the Financial Accounting Standards Board (FASB) recently issued a Q&A document to guide stakeholders through the application of lease accounting related to concessions.
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Additional COVID-19 Relief for the Real Estate Industry

Posted 7:15 PM by
The Coronavirus Aid, Relief, and Economic Security (CARES) Act, signed into law earlier this year, provided multiple forms of economic relief for the real estate industry in the midst of the COVID-19 pandemic. The IRS has recently announced updates to this legislation, as well as updates to real estate-friendly legislation included in 2017’s Tax Cuts and Jobs Act (TCJA). These updates bode well for developers, owners, and managers alike and should be considered when looking for ways to maximize tax benefits.
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Additional COVID-19 Relief for Retirement Plan Participants

Posted 8:25 PM by
The Coronavirus Aid, Relief, and Economic Security (CARES) Act, signed into law March 27, 2020, provided multiple forms of relief for owners of retirement accounts. The IRS has recently issued additional guidance on these provisions via Notice 2020-50 and Notice 2020-51, providing even further relief for retirement plan owners.
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Video: Doing Great Things Featuring Chris Brown and Dr. Peter Plantes of hc1

Posted 1:45 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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Virtual Currency Update – Some Answers With Many More Questions

Posted 8:00 PM by
The income tax treatment of virtual currency (also known as cryptocurrency) transactions continues to evolve. There remains a great deal of uncertainty in the treatment, computations, and reporting of virtual currency transactions, despite the recent activity and guidance from the IRS.
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How Can Outsourced Accounting Support Help You Cope With COVID-19?

Posted 1:00 PM by
The financial downturn caused by COVID-19 marks an abrupt end to one of the longest periods of consistent economic growth in U.S. history. In the span of just a few months, every decision has taken on much greater significance, and the margin for error has dwindled down to the thinnest of cushions. This environment is causing many businesses to take a close look at their accounting functions.
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How BHPH Dealers Can Account for PPP Loans and Lease Concessions

Posted 2:10 PM by
The COVID-19 crisis has presented economic and operational challenges to many businesses, including buy-here pay-here (BHPH) dealerships. BHPH dealers have commonly sought relief through the Paycheck Protection Program (PPP) and through lease concessions from their landlords. While each has provided cash relief, they present unique accounting considerations. For example, how do operators record them in their financial statements?
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Not-for-Profit Organizations Receive Reporting Guidance and Relief Amidst COVID-19

Posted 6:45 PM by
In the wake of the COVID-19 crisis, the Office of Management and Budget (OMB), Small Business Administration (SBA), and Department of Housing and Urban Development (HUD) have all provided guidance or relief to address reporting challenges and questions. The following provides a summary of recent updates for not-for-profit organizations.
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