Insight

Today, many banks are working with struggling borrowers on loan modifications. Recent guidance from the Financial Accounting Standards Board (FASB) confirms that short-term modifications due to the COVID-19 pandemic won’t be subject to the complex accounting rules for troubled debt restructurings (TDRs). Here are the details.

COVID-19 has changed our lives in many ways, and some of the changes have tax implications. Here is basic information about two common situations.

Infographic: A look at Paycheck Protection Program loan numbers.

August highlights from The MWE Advisor: Some companies may qualify for a refund if they amend previous tax returns with net operating losses; Five mid-year tax planning ideas for small business owners; The FASB issued guidance that defers the effective dates of the updated standards on leases and revenue recognition rules for certain entities.

No company can afford to operate without the right accounting software. When considering whether to buy a new product or upgrade their current solutions, however, business owners often fall prey to some common mistakes. Here are five gaffes to avoid:

DeLuca specializes in the manufacturing and distribution, real estate industries   As part of its continued transition to a new generation of leadership, CPA and business advisory firm Margolin, Winer & Evens LLP announced the admittance of Todd DeLuca, CPA, to the partnership.

If your business was fortunate enough to get a Paycheck Protection Program (PPP) loan taken out in connection with the COVID-19 crisis, you should be aware of the potential tax implications.

Infographic: What are the most common ways companies uncover occupational fraud?

On June 12, 2020, the IRS released proposed regulations that once finalized would clarify a few key factors for taxpayers participating in like-kind exchanges after the enactment of the Tax Cuts and Jobs Act (TCJA). Under Section 1031 of the Internal Revenue Code, taxpayers can defer gain recognition on sales of…

During the COVID-19 pandemic, many small businesses are strapped for cash. They may find it beneficial to barter for goods and services instead of paying cash for them. If your business gets involved in bartering, remember that the fair market value of goods that you receive in bartering is taxable income. And if you exchange…

If your business didn’t qualify for a PPP loan, you may want to check out the Federal Reserve’s new Main Street Lending Program.

Millions of small businesses impacted by the coronavirus pandemic have received relief via Paycheck Protection Program and Economic Injury Disaster loans, but according to a survey, many of them still don’t expect to survive. In a recent CNBC.com article, MWE partner Paul Becht discusses what could happen to you and your loan(s) if your…

Late last Wednesday, Governor Cuomo signed legislation, A10519/S08411, that decoupled additional provisions from the CARES Act for New York City Business Taxes.  The legislation may have personal income tax considerations because the legislation has provisions that apply to New York City pass through entity level taxes. The…

In our two previous posts on the New York State Budget’s Decoupling {“Decoupling”}, we discussed the myriad of implications arising from the Decoupling that focused on the Personal Income Tax as well as Pass Through Entity (PTE) ramifications to the extent the Decoupling’s affects would be required to be reflected by PTEs for…

Back in April, the Small Business Administration (SBA) launched the Paycheck Protection Program (PPP) to help companies reeling from the economic impact of the COVID-19 pandemic. Created under a provision of the Coronavirus Aid, Relief and Economic Security (CARES) Act, the PPP is generally available to U.S. businesses with fewer than 500 employees. In its…

Infographic: How much student loan debt do Americans have? The number is staggering.

On June 5th, changes to the Paycheck Protection Program were signed into law by President Trump. Join MWE Partner Paul Becht and Brian Califano, Managing Partner at AcceleratingCFO, on June 10th as they discuss the changes, guidance released on loan forgiveness, and more during their complimentary webinar.

Many businesses hit by the pandemic have expressed their confusion with Paycheck Protection Program (PPP) benefits and guidelines, including loan forgiveness. Financial Advisor Magazine recently tapped MWE partner Paul Becht to shed light on some of the rules that are bewildering businesses.    

The economic impact of the novel coronavirus (COVID-19) is unprecedented and many taxpayers with student loans have been hard hit. The Coronavirus Aid, Relief and Economic Security (CARES) Act contains some assistance to borrowers with federal student loans. Notably, federal loans were automatically placed in an administrative forbearance, which allows borrowers to temporarily stop making…

Last week, the U.S. House of Representatives passed a bill to improve the flexibility of the Paycheck Protection Program. While the bill heads to the Senate, CNBC.com connected with MWE partner Paul Becht to discuss its key provisions, including loan-forgiveness rules and how they could impact small businesses.    

MWE was recently named a Forbes Best Tax & Accounting Firm in America, landing on their inaugural 2020 list. MWE was one of over 200 firms recognized in the tax category out of 18,000+ tax & accounting firms.

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