Tax Preparation & Planning Services
Are You Eligible for Additional Relief from the COVID-19 PA Hazard Pay Grant Program?
The state of Pennsylvania has $50 million set aside for a reimbursement-based grant available through Pennsylvania’s Department of Community & Economic Development (DCED). The COVID-19 PA Hazard Pay Grant has an extremely short application window – JULY 16 – JULY 31, 2020. Unlike the Paycheck Protection Program grants, the funds from this grant are not…
CARES Act Funding for Home & Community-Based Service (HCBS) Providers – What You Should Know
The Coronavirus Aid, Relief and Economic Security (CARES) Act established the Coronavirus Relief Fund (the Fund) and appropriated $150 billion to the Fund. The purpose of the Fund is to make payments for specified uses to state and certain local governments. State governments that receive funding have flexibility when determining how to use the funds.…
Updated Guidance on Available Payroll Credits – New Form 941 – 2nd Quarter 2020
Due to the COVID-19 pandemic, the IRS announced a payroll tax credit as well as other relief over the past few months. With the 2020 second quarter payroll tax return due dates approaching, below are highlights of these potential benefits and tax reporting changes that you should be aware of. Employee Retention Credit – Qualifications…
The CARES Act – Retirement Provisions & Future Planning
Breaking News!! The IRS announced that anyone who already took a required minimum distribution for 2020 from IRA accounts now has the opportunity to roll those funds back into a retirement account. The normal 60-day rollover period for RMDs already taken this year has been extended to August 31, 2020 to give taxpayers more time…
NJEDA Update: Small Business Emergency Assistance Grant Program – Phase 2 Info Now Available
The New Jersey Economic Development Authority (NJEDA) recently announced $50 million in new funding and broader eligibility criteria for the Small Business Emergency Assistance Grant Program. Under the newly-expanded program, which will provide grants up to $10,000 for COVID-impacted businesses, a wider variety of businesses will now be eligible, including home-based businesses and sole proprietorships.…
New PPP Guidance from the SBA Regarding Good Faith Need Certification
On May 13, the SBA released new guidance regarding the required good faith certification of need by PPP loan applicants, providing safe harbor to all recipients of less than $2 million in loan proceeds. This guidance also speaks to ramifications for borrowers with loans of more than $2 million that are determined to have lacked…
Managing Director Frank Pina Co-Authors Article for Fraud Magazine
Managing Director Frank Pina, CPA, CFF, CFE, CGMA, Co-Chair of Mercadien’s Forensic & Litigation Support Group, authored an article on Drexel University’s Fraud & Internal Control Case Competition with Barbara Murray Grein, CPA, Associate Professor & Head of the Accounting Department at Drexel University, for the May/June issue of the Association of Certified Fraud Examiners…
Paycheck Protection Program Reloaded
On April 24, 2020, President Trump signed another Coronavirus relief package into law that included an expansion of the Paycheck Protection Program (PPP), making an additional $310 billion available to qualified applicants. The Small Business Administration began accepting new PPP applications on Monday, April 27, 2020. Although the additional funding is good news for many…
A Discussion on COVID-19 & Its Impact on Organizations
Mercadien Managing Directors Kyle Neeld, Lee Boss, Sherise (Sherry) Ritter and Frank Pina all sat down online and had an open discussion answering frequently asked questions as it relates to the COVID-19 crisis and the impact it is having on organizations. Below are the highlights that came out of that discussion. Frank: What prompted Mercadien…
Mercadien Webinar Replay: CARES Act – Tax & Financial Reporting Considerations
Managing Directors Frank Pina, CPA, Lee D. Boss, CPA, MBA, & Rick Willinger, CPA, MST, presented a webinar CARES Act – Tax & Financial Reporting Considerations on Tuesday, April 14th. During the webinar, they went over: Background on the CARES Act Tax Impacts for Individuals & Businesses Financial Reporting Considerations: COVID 19 note disclosures to…