Gettry Marcus News

Business Interruption Insurance Update

May 26, 2020

Now that we are over two months into the economic shutdown it has become abundantly clear that insurance carriers are taking the position that business interruption losses arising out of the COVID-19 pandemic will likely not be covered.  This is evidenced not only by actual denial letters mailed out to policyholders, but also in interviews and press releases by various insurance carriers.   Policyholders have even indicated that they have received preemptive denial letters from their insurance carriers even prior to submitting a claim. These denials are occurring in instances where the policy in question may, or may not, contain […]

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FASB’s Quick Reaction to Pandemic

May 21, 2020

Yesterday, the Financial Accounting Standards Board (“FASB”) met to cover several matters that arose over the viral pandemic that has overrun the economy. Specifically, FASB: voted to defer the effective date to adopt the Revenue Recognition Standards (Topic 606) for non-public entities for another year. Topic 606  will be now be effective for the annual reporting periods beginning after December 15, 2019 (or, 2020 for calendar year-ends). Unfortunately, this decision was arrived at too late for the non-public entities that have already issued their financial statements for 2019 but at least that project has been completed for them. affirmed to delay […]

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Getting Back to Business: Rolling Cash Flow

May 18, 2020

Every business has been impacted in some way by Covid-19. However, business owners must accept this changed environment and pivot to the new reality by moving forward to remain competitive, and stay in business. To meet this challenge, it is imperative that business owners adopt a new philosophy for this current economic age, and this revival should include specific steps for planning and implementing modifications to past operational and financial activities. One of the most important objectives when a business reopens is to prioritize its goals.   Therefore, regardless of your financial background, it is important to establish a method […]

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WEBINAR: The Forgivable or Not-So Forgivable PPP Loan

Gettry Marcus CPA, P.C. presented: The Forgivable or Not-So Forgivable PPP Loan Including Review of the Just Released Loan Forgiveness Application Join Gettry Marcus, CPA, P.C. and Campolo, Middleton & McCormick, LLP for Part 2 of our highly successful webinar series on PPP Loan Forgiveness. This webinar will address the latest loan forgiveness issues which will include: Review of PPP Loan Forgiveness Application Form, including: Alternative payroll Covered Period Forty-hour workweek benchmark for FTE status Safe harbor requirements for both rehiring of employees and adjusting employee compensation FTE reduction exemptions for employees in the Covered Period or Alternative Payroll Covered Period […]

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U.S. Treasury Releases Paycheck Protection Program Loan Forgiveness Application

May 17, 2020

At Gettry Marcus CPA, P.C. we continue to stay up to date on the recent developments regarding the Paycheck Protection Program (“PPP”), as provided by the U.S. Treasury. On Friday, May 15, 2020, the U.S. Treasury released the PPP Loan Forgiveness Application (“Application”). Please see the below link to review the Application: With the complexities of the U.S. Treasury’s Application and overall forgiveness protocols and procedures, the Gettry Marcus Financial Assistance Services Group is here to help. Please contact your Gettry Marcus advisor for assistance with PPP loan forgiveness or to discuss developments included in the Application such as the U.S. […]

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SBA Extends PPP Loan Safe Harbor Return Date

May 14, 2020

At Gettry Marcus CPA, P.C. we continue to stay apprised as to the status of the Paycheck Protection Program (“PPP”) loan updates as provided by the US Treasury.  Yesterday evening, the US Treasury released Question #47 as part of their frequently asked questions (“FAQs”), which was directly related to the PPP loan safe harbor return date.   Below is an excerpt from the US Treasury’s FAQs*:   Question: An SBA interim final rule posted on May 8, 2020 provided that any borrower who applied for a PPP loan and repays the loan in full by May 14, 2020 will be […]

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SBA Clarification on Required Good-Faith Certification

May 13, 2020

At Gettry Marcus CPA, P.C. we continue to stay apprised as to the status of the Paycheck Protection Program (“PPP”) loan updates as provided by the US Treasury.  Earlier today, the US Treasury released Question #46 as part of their frequently asked questions (“FAQs”), which was directly related to the borrower’s required good-faith certification.   Below is an excerpt from the US Treasury’s FAQs*:   Question: How will SBA review borrowers’ required good-faith certification concerning the necessity of their loan request? Answer: When submitting a PPP application, all borrowers must certify in good faith that “current economic uncertainty makes this […]

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WEBINAR: Wealth Transfer Opportunities in the Pandemic Environment

May 8, 2020

Gettry Marcus CPA, P.C. presented: Wealth Transfer Opportunities in the Pandemic Environment Topics that will be addressed include: Gift Giving – Valuation Opportunities in a Turbulent Environment Potential Estate Tax Savings – Alternate Valuation Date Reverse Gifting – Unusual times invert standard practices Loans to and from Trusts – Historically Low-Interest Rates Retirement Plans – Tax Opportunities with Loans and Distributions. PROGRAM PANELISTS Russell Glazer, MCBA, ASA, CPA/ABV, CVA, ABAR, MBA, Partner at Gettry Marcus CPA, P.C, focuses on business valuation engagements in the areas of estate and gift valuation; lost profits; commercial damages; shareholder dispute resolution; mergers and acquisitions; and […]

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Gettry Marcus Announces COVID-19 Task Force and Financial Assistance Services Group

May 7, 2020

To help clients and friends navigate the sea of business information related to COVID-19, Gettry Marcus CPA, P.C., formed their COVID-19 Crisis Advisory Task Force and Financial Assistance Services Group (FAS). Gettry Marcus’ Crisis Advisory Task Force provides insights on tax relief, business issues, loans & Grants, and family leave, by monitoring this ever-changing situation. They provide guidance to clients facing immediate questions and challenges regarding planning for or responding to the threat posed by this global pandemic. This task force and the FAS group releases regular articles and e-blasts to Gettry Marcus clients, friends, and contacts and publishes them […]

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IRS Opines on Tax Consequences of Forgiven PPP Loans

May 1, 2020

Under the federal government’s Paycheck Protection Program, businesses receiving SBA loans may have the loans forgiven if the proceeds are used to cover payroll, employee benefits, and certain other costs. Under the CARES Act, the forgiveness of the loan is not taxable. However, there was no specific provision in the statute regarding the deductibility of the expenses covered by the forgiven loan. The IRS has issued Notice 2020-32 holding that these expenses are not deductible since they, in effect, give rise to nontaxable income in the form of the loan forgiveness.  It appears that although this opinion may be technically […]

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