COVID-19 Tax Help

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

Bailey Scarano Blog, Tax & Money Tips / By

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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PPP Forgiveness Application Released But Expect More Changes Soon

Bailey Scarano Blog / By

Over the weekend, the Small Business Administration (SBA) released the Paycheck Protection Program (PPP) Loan Forgiveness Application. If you have received a PPP Loan, this document provides detailed directions on how to complete the form that you will eventually have to give your lender to be considered for full or partial forgiveness.  While this form doesn’t …

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