LIBOR Changes SOFR/BSBY
By Debra Hogan Changes are fast approaching and here is what you need to be aware of. Why the changes? After the 2008 financial crisis and later in 2012, it was found that banks had the ability to manipulate the LIBOR rate. Due to this, the Federal Reserve Board put together a team called the […]
SBA Questionnaire for PPP Loans in Excess of $2 Million
by Scott Lewis, CPA, MSA The PPP loan program was signed into law to provide relief to small businesses during the coronavirus pandemic as part of the $2 trillion Coronavirus Aid, Relief, and Economic Security (CARES) Act, back in March of 2020. It was designed as an assistance measure in times of unprecedented economic uncertainties […]
Final Tax Regulations on Entertainment and Meals as Business Deductions
by Scott Lewis, CPA, MSA On October 2, 2020, the IRS issued their final regulations on the deductibility of business entertainment and food and beverage expenses. As part of the Tax Cuts and Jobs Act (TCJA) in late 2017, IRC Section 274, “Disallowance of certain entertainment, etc.,” was significantly modified. It effectively eliminated the tax […]
Final Regulations on Bonus Depreciation from IRS and Impact for Dealerships
by Scott Lewis, CPA, MSA The last set of final regulations from the IRS to implement the 100 percent additional first-year depreciation deduction, or bonus, was released in late September 2020 and clarified some final items, including some advantageous for auto dealerships. Bonus depreciation, which allows businesses to accelerate their tax deductions on the depreciation […]