Insights

IRS issues guidance on disallowing PPP-funded expenses for 2020 tax year

On November 18, the IRS released Revenue Ruling 2020-27, which states that a taxpayer who reasonably expects full PPP loan forgiveness is not allowed to deduct expenses up to the loan forgiveness amount for the year in which the expenses are incurred.

11/19/20
By: Gregory G. Butler
Services: Tax

IRS issues guidance on when a taxpayer can deduct PPP-funded expenses

On November 18, the IRS released Revenue Procedure 2020-51, which provides a safe harbor rule on when a taxpayer can deduct expenses funded with a PPP loan.

11/19/20
By: Gregory G. Butler
Services: Tax

3 ways to address and prevent employee burnout

Is your organization on guard against employee burnout? How are you addressing it when you find it? What are you doing to proactively prevent it?

11/19/20
By: Heather L. Debelak
Services: Consulting, Talent and Change

IRS says state taxes paid by pass-through entities are not subject to SALT limit

On November 9, the IRS released Notice 2020-75 announcing its plan to issue proposed regulations that many have been waiting for. The regulations will confirm that entity-level state and local taxes (SALT) imposed on pass-through entities are not subject to the $10,000 SALT deduction limit.

11/19/20
By: Gregory G. Butler
Services: Tax

What are RTOs and RPOs in business continuity planning

There’s a fair chance that you would like to see your business survive any future disaster, and potentially any issues that follow. To predict a business’s next disaster is all but impossible but simple to prepare for, particularly if you have an effective Business Continuity Plan.

11/18/20
Services: Consulting, Business Continuity

What the DoJ’s new guidance on corporate compliance programs means for your company

On June 1, 2020, the Department of Justice (DoJ) released its third round of guidance for its Evaluation of Corporate Compliance Programs, which was first issued in 2017. 

The 2020 release continues to provide guidance for prosecutors to 1) conduct investigations of corporations, 2) determine the necessity of bringing charges against a corporation and 3) conduct plea or other agreements. The guidelines emphasize the importance of evaluating the corporation’s compliance program and system of internal controls, including how these endeavors may deter or discover future misconduct.

11/18/20
By: Brett Merkel, Marc W. Courey
Services: Consulting, Fraud and Forensic Services

Present value calculations: Know what’s reflected in your discount rate

Economic damages can take many forms, from historical amounts to the projection of financial losses into the future.

When you translate the future amounts back to the present time, it’s generally referred to as “present value discounting.” One important variable in this calculation is the selection of a discount rate.

11/17/20
By: Allen E. Jacque
Services: Consulting, Business Valuations

Financial institution fraud is 43% more successful

Wipfli fraud specialists were recently called on to advise a financial institution that had wired — at its customer’s request — $250,000 to an account in China. An employee of the customer had been tricked into authorizing the payment. But once the mistake was uncovered, the customer felt their financial institution should have had extra layers of protection in place to prevent such a transaction.

11/16/20
By: Sarah G. Lutzke, Marc W. Courey
Industries: Financial Institutions
Services: Consulting, Fraud and Forensic Services