The straight line

You have received your loan proceeds under the Paycheck Protection Program (PPP)…what’s next?  The information below is based on what we know today, but we also expect further clarity and guidance in the weeks to come.  Your covered period begins on the date you receive your funds and lasts for the 8 weeks following.  At...

No different than everyone else, Gardiner + Company has also had to change the way we are accustomed to working, and remaining productive, while adhering to social distancing.  A few years ago, our firm began talking about providing more flexible scheduling and remote working arrangement for our staff.  We weren’t good at it, or ready...

On April 8, 2020 the Financial Accounting Standards Board (FASB) proposed delaying the effective date for private companies lease accounting, ASC Topic 842 with a 15 day comment period because of the challenges related to the Coronavirus pandemic.  If the delay is adopted, the effective date for ASC Topic 842 will be deferred from, fiscal...

On April 9th, the Federal Reserve launched a $600 billion lending program to help small and medium sized businesses deal with the economic crisis due to the COVID-19 pandemic.   There are two types of loan programs under the Main Street Lending Program.  They are the Main Street New Loan Facility and the Main Street Expanded...

The Paycheck Protection Program is designed to be a forgivable loan if certain conditions are met.  The forgiveness of debt shall be excluded from gross income for federal income tax purposes as expressed by the federal government in the CARES Act. Currently, states have not given guidance regarding tax treatment regarding SBA PPP forgivable loans. ...

Due Dates for Contributions to Retirement Plans The deadline for making contributions to an IRA, or for an employer to make contributions to its workplace-based retirement plan on account of 2019, is extended to July 15, 2020. Tax-Favored Withdrawals from Retirement Plans   Coronavirus-related distributions from eligible retirement plans are not subject to the 10% excise...