David N. McCullough CPA PC

Financial, Tax, and Family Office Services

business_survival

The Corporate Transparency Act, aka The Next Big Compliance Nightmare

business_survival, compliance, IRS, Tax / By

Stated purpose: to strip US shell companies of anonymity that can hide financial activity. Procedure: Registering Limited liability companies, corporations, partnerships, and other closely held entities with a government database. Process: Not yet defined, as the forms have not been finalized. Generally, the idea is good. Until CTA is in effect, someone can form a …

The Corporate Transparency Act, aka The Next Big Compliance Nightmare Read More »

The Mid-Tax Season Update

business_survival, coronavirus, COVID-19, due dates, Filing date, IRS, PPP, Tax / By

This has already been a complex year, and it’s only March. Here are some of the major changes. FILING DEADLINES:  For individuals and businesses in Texas, income tax returns which are normally due on March 15th and April 15th are automatically extended until June 15th this year as a result of the Presidentially-declared natural disaster …

The Mid-Tax Season Update Read More »

PPP Guidance- What if a laid-off employee refuses to come back to work?

business_survival, CARES, coronavirus, COVID-19, PPP, Tax, Unemployment / By

The SBA has issued clarification on this issue. Question: Will a borrower’s PPP loan forgiveness amount (pursuant to section 1106 of the CARES Act and SBA’s implementing rules and guidance) be reduced if the borrower laid off an employee, offered to rehire the same employee, but the employee declined the offer? Answer: No. As an …

PPP Guidance- What if a laid-off employee refuses to come back to work? Read More »

If your business is too large to qualify for PPP and EIDL

business_survival, CARES, coronavirus, COVID-19, EIDL, PPP / By

If your company was too big to qualify for the PPP and EIDL loans, these new loans (MSNLF and MSELF )may be  possibilities. They are slightly different programs: MSNLF loans max at lesser of $25 million or 4X 2019 EBITDA; MSELF maxes at lesser of $150 million, 30% or borrower’s existing outstanding and committed but …

If your business is too large to qualify for PPP and EIDL Read More »

Overview of Cares Act sent to clients April 2, 2020

business_survival, CARES, coronavirus, COVID-19, EIDL, PPP, Tax / By

The CARES Act which was passed last week by Congress and signed by the President has a number of provisions that effect you and your business. I’ll try the summarize the most relevant and timely issues here. This is a broad overview – some may not be relevant to you/your business but I hope to …

Overview of Cares Act sent to clients April 2, 2020 Read More »

Effects of Families First Coronavirus Response Act (effective date 4/2/2020)

business_survival, CARES, COVID-19 / By

US Government-paid benefits: If you have COVID-19, or you’re quarantined, or caring for a COVID-19 person, or if you’re home because your child’s school or daycare center is closed – you’ll be eligible for benefits. Qualification is determined monthly – if you have 14 unpaid days from missing work in a month, you qualify. Days …

Effects of Families First Coronavirus Response Act (effective date 4/2/2020) Read More »

Scroll to Top