R&A CPAs blog
R&A CPAs – Statement on Racial Equality
Like many Americans, watching multiple incidents of deadly violence against black people unfold before our eyes has left us feeling horrified, distraught, and angry. We have been forced to confront…
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Congress Loosens PPP Loan Restrictions
June 5, 2020 – Congress recently passed legislation to loosen some of the restrictions that came with the popular Payroll Protection Program (PPP). The president signed the bill today. The…
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Updated Guidance – PPP loan forgiveness and review process
On Memorial Day weekend, the US Treasury and the Small Business Administration (SBA) released two new Interim Final Rules regarding the Paycheck Protection Program (PPP). Key updates and clarifications for…
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It Is a Good Time to Convert to a Cloud-Based Financial System
In response to the COVID 19 pandemic, many businesses and their office operations have moved to the “remote world.” In a remote work environment, sustained access to data is crucial…
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Update – PPP Loan Forgiveness
Prepare to Verify Your Certification, Potential for Audit On April 28, the US Department of Treasury issued updated guidance regarding loan forgiveness. The Small Business Administration (SBA) will audit all…
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Maximize Your PPP Funds
If your company was approved for a Paycheck Protection Program (PPP) loan, congratulations! Now, you need to use those funds correctly and accurately account for them. The Small Business Administration…
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The CARES Act: Retirement Provisions
The COVID-19 pandemic is affecting all aspects of finances, including retirement savings. The CARES Act contains provisions affecting these plans that will remain in effect for 2020. They include the…
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The CARES Act: Getting a Small Business Loan
The CARES Act—a collection of pandemic-related provisions—has good news for small businesses struggling to stay afloat during the COVID-19 pandemic. The act provides relief to US-based businesses with (1) 500…
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Understanding the New Families First Coronavirus Response Act
March 24, 2020 – President Trump has signed the Families First Coronavirus Act (HR 6201, the “Act”) intended to ease the economic consequences stemming from the novel coronavirus disease (COVID-19)…
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Medical and Dental Expenses: What Can You Deduct?
Can you deduct medical and dental expenses? That’s a complicated question. To start with, your deductions must exceed 7.5 percent of your adjusted gross income. And they must fall into…
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Categories
Major Overtime Change Will Deeply Affect Employers
According to a Department of Labor release, a newly issued rule increases the salary threshold required to exempt a salaried bona fide executive, administrative, or professional employee from federal overtime pay requirements. The release states, “Effective July 1, 2024, the salary threshold will increase to the equivalent of an annual salary of $43,888 and increase to…
How To Handle Cyberattacks
Every worker in a company has a part to play in pulling together to combat potential cyberattacks. Vigilance must extend well beyond the IT department, as employees themselves constitute a first-line defense in a firmwide effort to ward off breaches. Criminals hunt for customer information, financial records, trade secrets, and intellectual property data. As companies…
Payroll Myths Exploded
Are there any misconceptions that you’ve had about payroll? Did you end up finding out the reality of the situation after experiencing a series of unfortunate events? Hopefully, your answer is no, but whether or not you have been duped by nonfactual information, staying informed is the key to protecting yourself. So, keep reading for…
What are the Rules for Record Retention?
Now that tax season is drawing to a close, it may feel like a good time to declutter the accumulated piles of paperwork. But there are some recommended guidelines to be aware of before you discard any official documents. The following article outlines what you need to know about retaining tax records, important property documents,…
What Are the Tax Rules Around Day Care
You may be in for a tax break if you’ve been shelling out the bucks for day care. Among the tax credits and deductions available to parents and families, one of the most overlooked and beneficial is the childcare tax credit, formally known as the Child and Dependent Care Expenses Tax Credit and claimed with…
Pension-Linked Emergency Savings Accounts: Help Employees Save for a Rainy Day
Employer-sponsored PLESAs encourage employees to save for emergencies by allowing them to put aside a portion of their pay for that purpose. Authorized under the SECURE 2.0 Act of 2022, pension-linked emergency savings accounts are individual accounts in defined contribution plans. They are designed to permit and encourage employees to save for financial emergencies. These are…
Beware of Ghost Employees – and Other Payroll Fraud
Any employee can commit payroll fraud. An employee could submit false hours, claiming they worked overtime when they didn’t. On the extreme end, someone in your payroll department could create a ghost employee (an employee that does not actually exist) keeping those false wages for themselves. Below we discuss four actual cases of payroll schemes that…