Foodman CPAs and Advisors

Connecting the FCPA with the “Travel Act” in 2020

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The Travel Act ( 18 U.S.C. § 1952 -one of the older members of the family of money laundering criminal statutes) is close to celebrating its 60th year.  The Travel Act is still relevant today because of its “broad spectrum” and enforcement targeting illegal activity.   The Act prohibits using of the U.S. mail, or interstate […]

IRS extends more Covid-19 Relief for many including Americans who live and work abroad

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The IRS continues to process electronic tax returns, issue direct deposit refunds and accept electronic payments while simultaneously granting additional, broad tax filing and payment deadline Covid-19 relief to all Taxpayers that have a filing or payment deadline falling on or after April 1, 2020, and before July 15, 2020. What is New IRS Notice […]

The Paycheck Protection Program and the Affiliation Rules

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Under the Paycheck Protection Program (PPP), there are four tests that apply for affiliation based on control.  The Applicant, under the PPP, will be considered together with its affiliates for the purpose of determining the number of employees of an Applicant. Existence of the power to control The US Treasury states that concerns and entities […]

U.S. Small Business Administration (SBA) Disaster Loan Assistance

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U.S. Small Business Administration (SBA) Disaster Loan Assistance SBA provides low-interest disaster loans to businesses of all sizes, private non-profit organizations, homeowners, and renters. SBA disaster loans can be used to repair or replace the following items damaged or destroyed in a declared disaster: real estate, personal property, machinery and equipment, and inventory and business […]

IRS wants to be part of the Solution under Covid-19

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IRS wants to be part of the solution to improve the lives of all people in the US.  On March 25, 2020, IRS released the “IRS People First Initiative”  providing immediate relief to help people facing uncertainty over taxes.  IRS People First Initiative includes: • Suspension of Existing Installment Agreements (for taxpayers under an existing […]

Loans for Allowable Uses under the PAYCHECK PROTECTION PROGRAM may be Forgiven

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The enactment of the Coronavirus Aid, Relief, and Economic Security (CARES) Act includes the Paycheck Protection Program (PPP).  The PAYCHECK PROTECTION PROGRAM authorizes up to $349 billion in forgivable loans to small businesses to pay their employees during the COVID-19 crisis.  The Small Business Administration (SBA) has the authority to provide 100% federally backed loans […]

Understanding the Economic Impact Payments (Recovery Rebates)

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The distribution of economic impact payments will begin in the next three weeks (weeks of April 6th, 13th and 20th of 2020).  According to the IRS, the payments will be distributed automatically, with no action required for most people. The IRS will calculate and automatically send the economic impact payment to those eligible.  Tax filers […]

Florida small businesses can “bridge the gap” between the time damage is incurred and when a business secures other financial resources

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Florida currently has the Florida Small Business Emergency Bridge Loan Program available to small business owners located in all Florida counties statewide that experienced economic damage as a result of COVID-19.  The loans are characterized as short-term, interest-free (12 months) working capital loans intended to “bridge the gap”.  Meaning, between the time a major catastrophe […]