Part X – PPP Loan Forgiveness: Bad News, Good News, and Sorry, No Surprises Today.

After nearly eight months, significant uncertainty about the Paycheck Protection Program Loans remains. The Bad News On November 18, Treasury and the Internal Revenue Service released Revenue Ruling 2020-27 and Revenue Procedure 2020-51.  Both of these confirm their earlier position expressed in Notice 2020-32 that expenses paid with funds from Read more…

What You Need to Know Regarding Single Audit Compliance Related to COVID-19 Federal Funds Received

What You Need to Know Regarding Single Audit Compliance Related to COVID-19 Federal Funds Received OMB issues M 20-26, a memorandum regarding the extension of Administrative Relief for Recipients and Applicants of Federal Financial Assistance Directly Impacted by COVID-19, dated June 18, 2020, which provides some clarification on “Administrative Relief Read more…