Featured Articles for June 2020

Featured Articles for June 2020

As part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, signed into law March 27, many small business owners were able to apply for – and receive – a loan of up to $10 million under the Paycheck Protection Program (PPP). Businesses – including nonprofits, veterans’ organizations, Tribal entities, self-employed individuals, sole proprietorships, and independent contractors – that were in operation on February 15 and that have 500 or fewer employees are eligible for the PPP loans. The deadline for applying for a PPP loan is June 30, 2020. If the loan proceeds are used as specified, business owners may apply to have the loan forgiven.

To find out more information about the Paycheck Protection Program and other featured articles for this month, click the “Read More” button below…

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PPP Loan Update: 8 Weeks Extended to 24 Weeks!

PPP Loan Update: 8 Weeks Extended to 24 Weeks!

Late Wednesday night, the Senate unanimously passed the Paycheck Protection Program Flexibility Act which makes significant modifications to the provisions of the original Paycheck Projection Program (PPP). These modifications are expected to be signed into law by the President. Among the key provisions is a change in the threshold for the amount of PPP funds required to be spent on payroll costs to qualify for forgiveness to 60% of the loan amount.

To find out more about this update, click the “Read More” button below…

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PPP Loan Update: 8 Weeks Extended to 24 Weeks!

Paycheck Protection Program (PPP) Loan Forgiveness Application

As of Friday, May 15, the Small Business Administration (SBA), in consultation with the Department of the Treasury, released the Paycheck Protection Program (PPP) Loan Forgiveness Application and detailed instructions for the application. The form and instructions inform borrowers how to apply for forgiveness of their PPP loans, consistent with the Coronavirus Aid, Relief, and Economic Security Act (CARES Act).  SBA will also soon issue regulations and guidance to further assist borrowers as they complete their applications, and to provide lenders with guidance on their responsibilities. The form and instructions include several measures to reduce compliance burdens and simplify the process for borrowers, including: Options for borrowers to calculate payroll costs using an “alternative...

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COVID-19 Updates: Things You Should Know

COVID-19 Updates: Things You Should Know

Click on the links below to jump to each section in this article: Tax Returns & Estimated Taxes Now Due July 15 CARES Act: Information for Individual Taxpayers Tax Breaks Help Small and Medium-sized Employers The Tax-Smart Way to Loan Money to Friends & Family Relief for Other Coronavirus-related Tax Issues   Tax Returns & Estimated Taxes Now Due July 15 Due to the coronavirus pandemic, the federal income tax filing due date is automatically extended from April 15, 2020, to July 15, 2020. Taxpayers can also defer federal income tax payments due on April 15, 2020, to July 15, 2020, without penalties and interest, regardless of the amount owed. In addition, the payment and return-filing requirements for gift and generation-skipping transfer taxes due April 15 are now due...

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Promotions

We are celebrating several promotions here at Caras & Shulman. We know that our greatest assets are the people who serve our clients everyday. Today we recognize (from left to right) Lindsey Murphy, Lead Associate, Operations, Melissa Astone, Supervisor, Accounting & Audit, Alexandra Binek, Senior Associate, Accounting & Audit, Nancy Cuneo, Lead Associate, Accounting Services, and Raffi Donabedian, Manager, Accounting & Audit. Also, missing from the photo - Danielle Shnaper, Lead Associate, Accounting & Audit, and Carollee Fallon, Lead Associate, Accounting Services. Thanks to each of you for your commitment to both your clients and careers. Message us to find out how you can become part of our winning team.

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2019 MSCPA Day of Service

Members of the Caras & Shulman team donated their time to the 2019 MSCPA Day of Service. Giving back to our local communities is important to us, and it also provides the opportunity to spend some quality time with colleagues outside the office. This year, the effort was to beautify the grounds of the Town Common in Burlington, MA. It turned out to be a beautiful day! Thank you to those who were able to participate in such a great event. From left to right - Julia Basile, Jaclyn Edwards, Haley Fritz, Melissa Astone, Nadia Antonellis, and Sharon Aftandilian.

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Promotion Announcement: Danielle Shnaper

At Caras & Shulman we know that the success of our firm is a result of the success of every one of the members of our team. Today we celebrate Danielle Shnaper who was recently promoted to Lead Associate, Accounting & Audit. Danielle has been with the firm for over five years. She consistently demonstrates the core values that make our firm and our clients successful.  Prior to joining our audit team, Danielle worked in firm operations. Congratulations to Danielle!

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Managing Partner, Mark Fiato appointed Vice President of the AAANZ Regional Chapter for Integra International

Integra International announced the appointment of Mark Fiato as Vice President for the AAANZ Regional Chapter (North and South America, Asia, Australia and New Zealand). The election took place in May at Integra’s Regional Conference in Guadalajara, Mexico. Mark Fiato, CPA, CVA is Managing Partner at Caras Shulman, PC in Burlington, MA and will serve a two year term as Board Vice President. Mark has provided audit, accounting, tax and advisory services to privately held businesses and their owners since joining Caras & Shulman, PC in 1990. Caras & Shulman has been a proud member of Integra for 25 years.

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Integra International 2019 Conference

Integra International is an interactive association of CPAs, CAs and Business Advisors that share knowledge openly and regularly. Member firms offer expanded professional services to their clients, including meeting their national and international needs. Founded in 1994, Integra International now has offices in almost every major business center of the world. Th Integra International 2019 Conference, held May 16th - 18th was a great success, with attendees representing the industry from 11 countries. Caras & Shulman's Mark Fiato and Charlie Miraglia were in attendance. The conference was held in Guadalajara, Mexico. Learn more about Integra International.

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Giving Back to Our Community

For over 10 years, Caras & Shulman has been an active sponsor of Austin Preparatory School. Yesterday was a beautiful day for The 32nd Annual Austin Open Golf Tournament - a fundraising event for the benefit of current and future graduating classes of Austin Prep. With continued growth in the performing arts, athletic, and other departments, net proceeds from the tournament will be used to expand campus parking. It was a fantastic event and we are so happy to have participated. Caras & Shulman's Raffi Donabedian, Mark Fiato, Charlie Miraglia, and Graham Ranks attended.

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