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Featured Article From Our Experts |
Accounting for Paycheck Protection Program Loans: What Are Your Options?
Individuals are often surprised to learn that the Coronavirus Aid, Relief, and Economic Security (CARES) Act provides multiple accounting options for Paycheck Protection Program (PPP) loans. Your approach will depend on whether loan forgiveness is expected, the type of entity receiving the loan and whether financial statements are filed with the SEC. As a past-president and current member of CICPAC, I am pleased to share a whitepaper created by the CICPAC Thought Leadership Committee that provides an overview of your options, along with examples of financial statement presentation, disclosures to be included and sample wording for the management representation letter.
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The American Rescue Plan Act Provides Sweeping Relief Measures for Eligible Families and Businesses |
On March 11, 2021, the American Rescue Plan Act (ARPA) was signed into law. This $1.9 trillion law is aimed to provide economic relief from the ongoing COVID-19 pandemic. In addition to funding for testing, contact tracing, vaccinations, education, and state and local governments, the ARPA includes a number of key provisions for individuals, businesses and state and local governments. This article explores the details of many of the provisions that could impact your finances.
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Home’s Where A Tax Break Might Be |
The interest that homeowners pay on their home mortgages may provide a tax break in the form of the mortgage interest deduction. However, a taxpayer must itemize deductions on his or her tax return and follow a few other rules. In this article, we will review the details on this deduction to help you benefit.
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Have a Foreign Account? File an FBAR |
In an increasingly global society, many taxpayers hold foreign accounts. If you do, you must file a Report of Foreign Bank and Financial Accounts (FBAR) if the aggregate value of the foreign financial accounts exceeds $10,000 at any time during the calendar year. This article explains the rules in regards to filing a FBAR with the government.
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Extended Tax Filing Deadline Provides Relief to Individual Taxpayers and the IRS |
The IRS has announced that the federal income tax filing deadline for individuals for the 2020 tax year is extended from April 15, 2021, until Monday, May 17, 2021. In this article, we will review the details of which tax deadlines are extended and which are not.
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About Dannible & McKee, LLP
Dannible & McKee, LLP has been providing audit, tax, accounting and financial management consulting services to clients nationwide since 1978. Throughout this forty plus years' history, we have been wholly dedicated to the success of our clients. Every aspect of our business has been guided by our values and our commitment to putting each client's interests first. In a complex profession, we have found our greatest rewards in the simplicity of helping good people prosper. Delivering confidence in every financial decision is our goal for our clients and it's also the most significant way we can contribute to their long-term success.
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