Articles From Brisbane Consulting Group

On August 28, 2020, the IRS issued Notice 2020-65 that provides some needed guidance for employers wondering whether and how to comply with the employee payroll tax deferral described in the August 8, 2020 Presidential memorandum. Even though the Notice leaves many questions unanswered, it addresses some key items.

For decades, business valuation experts and the IRS have been at odds regarding the practice of “tax affecting” the earnings of pass-through entities. Though the U.S. Tax Court has consistently rejected this practice, the court has recently softened its stance and other courts have been less rigid on the matter. A recent Connecticut appellate court decision highlights both sides of the debate — and the importance of considering the facts of the specific case.

The Financial Accounting Standards Board has issued several major updated accounting standards in recent years, and the implementation process is underway.

Under the income and market approaches, the value of a business is based on how much earnings it will generate in the future. Historical results are a helpful starting point, but they usually need to be adjusted when projecting future performance.

When valuing a business interest, it’s critical to examine organizational documents.

Borrowers of PPP loans should consider taking these five steps to maximize the amount and accelerate the timing of loan forgiveness.

The Paycheck Protection Plan Flexibility Act (PPP Flex Act) (H.R. 7010), enacted on June 5, further enhanced the opportunity for loan forgiveness by expanding requirements on how the loans are spent and extending the time to use the funds to 24 weeks (but not beyond December 31, 2020).

Business valuation professionals are sometimes asked to determine the fair market value of a promissory note, typically in connection with gift or estate tax matters involving intrafamily loans or sales.

The Small Business Administration released a revised version of Form 3508 Paycheck Protection Program (PPP) Loan Forgiveness Application on June 16, 2020.

As a result of COVID-19, the number of businesses filing for bankruptcy is expected to skyrocket this summer. Here's an overview of the options under the U.S. Bankruptcy Code — and how a business valuation expert can be a valuable asset during this process.