Bailey Scarano Blog

New PPP Rule Changes Forgiveness Application Process

One of the lingering questions about the Paycheck Protection Program (PPP) has been what will be required during the forgiveness application process. On October 8, 2020, the SBA released the Interim Final Rule on Additional Revisions to Loan Forgiveness and Loan Review Procedures Interim Final Rules (that’s a mouthful!), which answers some of these questions.  The stated

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Which College Savings Avenue is Best? 529s vs. Roth IRAs

While a 529 plan is considered the ideal college savings tool, there are other vehicles can help parents save for college expenses, too, including the Roth IRA. Which one (or both) makes the most sense for you and your family depends on several factors, including how much you intend to contribute and how you’ll use

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How to Report the Impacts of a Disaster on Your Financial Statements

Business owners have learned a lot during this year of the COVID-19 pandemic. One unexpected lesson is how to report the impact of a disaster on your company’s financial statements. Under U.S. Generally Accepted Accounting Principles (GAAP), the impact of events such as year’s crisis are referred to as “subsequent events,” and there are two types:

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Traditional IRA Distributions

Hopefully you have worked hard to accumulate a nest egg in your traditional IRA. Understanding the distribution rules is critical, however, as some of these rules have temporarily changed under the Coronavirus Aid, Relief and Economic Security (CARES) Act.  Early distributions The coronavirus pandemic has impacted many people who are taking, or considering taking, early

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SBA Provides Clarification in PPP Interim Final Rule

Whether this is actually a “final” rule will have to be seen, but here’s what you need to know from the Interim Final Rule on Treatment of Owners and Forgiveness of Certain Nonpayroll Costs.  Non-payroll loan forgiveness impacted by leasing to a tenant. If you are requesting forgiveness for rent expenses, and have tenants to whom you

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You May Want to Consider Business Property Upgrades

While many businesses are tight on funds right now, those that can, and need to, might want to consider upgrading their business properties in 2020. When the Tax Cuts and Jobs Act was passed in 2017, Congress made an inadvertent drafting error making any qualified improvement property (QIP) placed in service after December 31, 2017,

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Giving to Your Favorite Charities in a Time of Crisis

The COVID-19 pandemic has created a great deal of emotional and financial stress. It has also generated a far higher demand for charitable action. If you can continue donating during this difficult period, the CARES Act offers some encouragement and relief to donors, whether you can give thousands or just a few bucks. Tax benefits

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