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Category: PPP-related

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PPP Loans & Change of Ownership Transactions

At Blue & Co. LLC, we continue to monitor and disseminate impactful information to our clients in connection with their PPP loans advanced through the SBA in connection with the CARES Act. Some clients that have received PPP funds have raised concerns about entering into transactions (on either the sell or buy side) with parties […]

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Executive Orders

On Saturday, August 8th, President Donald Trump signed four executive actions relating to COVID-19 relief. The orders provide for a payroll tax deferment, an extension of the deferment of student loan payments and interest accrual, as well as a potential $400 per week in Federal Pandemic Unemployment Compensation. The last order instructs the Director of […]

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PAYCHECK PROTECTION PROGRAM (PPP) FAQs on PPP Loan Forgiveness issued August 11th

The Small Business Administration (SBA), in consultation with the Department of the Treasury, issued additional guidance (in the form of FAQs released on August 11th) regarding PPP Loan Forgiveness for funds advanced as part of section 1106 of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), as amended by the Paycheck Protection Program […]

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Most Required Minimum Distributions Waived for 2020

Did you know that as of March 27, 2020, most Required Minimum Distributions (RMDs) were waived for the 2020 calendar year? That means that if you normally take an RMD from your IRA or business retirement plan, except for pension plans, you are not required to take that distribution for 2020. In most cases, if […]

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PAYCHECK PROTECTION PROGRAM (PPP) FAQs on PPP Loan Forgiveness issued August 4th

The Small Business Administration (SBA), in consultation with the Department of the Treasury, issued additional guidance regarding PPP Loan Forgiveness for funds advanced as part of section 1106 of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), as amended by the Paycheck Protection Program Flexibility Act (Flexibility Act). We compiled key takeaways from […]

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Nonprofits: How should you be accounting for PPP Loan Forgiveness?

Now that many not-for-profit (NFP) entities have received a loan under the Small Business Administration’s Paycheck Protection Program (PPP), they are now trying to determine how and when to account for the forgiveness of the loan. Although the legal form of the PPP loan is debt, some believe that the loan is a government grant. […]

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Paycheck Protection Program Extension Bill Signed into Law & Other PPP Updates

This article was originally published on April 22nd and was most recently updated on July 8th. It is being updated as new information becomes available. On July 4th, President Trump signed a bill into law extending the Paycheck Protection Program through August 8, 2020. Banks and the SBA had stopped approving loan applications on June […]

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Revised PPP Forgiveness Applications & EZ Application Released

This article was originally published on May 18th and was most recently updated on June 18th. It is being updated as new information becomes available. The U.S. Department of Treasury released revised PPP loan forgiveness applications on June 17th in response to changes enacted by the Paycheck Protection Program Flexibility Act of 2020. In doing […]

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Employee Retention Credit Overview & Update

May 13th Update: The IRS had issued previous guidance stating that companies which were not paying wages but were paying health benefits for unpaid, furloughed workers were not entitled to the benefits under the Employee Retention Credit. The tax credit is worth up to $5,000 calculated as 50% of wages and health benefits up to […]

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2023 E/M Coding Changes You Need to Know from the Physician Fee Schedule Final Ruling

New rules for reporting evaluation and management (E/M) services in most places of service took effect January 1, 2023. The coding and documentation revisions, adopted by the American Medical Association’s CPT Editorial Panel and approved by the Centers for Medicare and Medicaid Services (CMS), substantially simplify code selection and documentation. Effective January 1st, E/M services […]

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Consolidated Appropriations Act of 2023 Changes Impacting Rural Health Clinics

The Consolidated Appropriations Act of 2023, also known as the “Omnibus” package, was signed into law by President Biden on December 29, 2022. Rural Health Clinics (RHCs) need to be aware of some of the changes that will impact them including new grant opportunities and behavioral health provisions. Opportunities for Rural Health Clinics from the […]

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someone handing car keys to another person personal use of auto

The Importance of Personal vs. Business Use of Auto

By Pam Swartout, Manager and Jacoby Shade, Staff Accountant at Blue & Co. Many business owners provide a company vehicle to their employees as part of their employment. This is a company benefit that has tax implications and is extremely important for both the employer and employee to understand these implications. Employers can deduct only […]

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