News & Publications
Our Latest News & Articles
Illinois CPA Firm Porte Brown LLC Named Best of the Best Firm in the Nation by Inside Public Accounting
Porte Brown is pleased to announce the firm was named a national Best of the Best firm by INSIDE Public Accounting (IPA). IPA, an award-winning news source for the accounting profession, releases annual ranking of the nation’s largest accounting firms and the select top 50 Best of the Best firms. The top performers within the profession are ranked...
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SBA Issues New PPP Forgiveness Guidance Regarding Owner-Employee Compensation and Certain Nonpayroll Costs
After months of silence, in an August 24, 2020 Interim Final Rule the SBA has issued additional PPP guidance relating to the percentage of a borrower’s ownership that triggers the treatment of an employee as an owner. The IFR also provides for limitations on certain rental and mortgage interest expenses a borrower might otherwise have considered to be eligible...
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Guide to Market Recoveries - How to Stay Focused on Long-term Success
We invite you to join the webcast on Aug. 19, 2020 as Porte Brown addresses "Guide to Market Recoveries - How to Stay Focused on Long-term Success." If the market declines make you nervous, you're not alone - especially now, with news of COVID-19 and it's economic impact fueling feelings of uncertainty around the world. Join guest speaker, Abe Chidalek, wealth management...
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Illinois Announces $900M Package of Community and Business Grant Programs
As part of a broader $900M community and business assistance program announced by Governor Pritzker on June 17, DCEO will make available two new business assistance programs. These programs will direct working capital to help businesses recover quickly – with capital funds to help businesses sustaining damages restore and repair.
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Cook County Community Recovery Fund Accepting Applications Through June 18
Cook County Commissioner Kevin Morrison recently shared information about the Cook County Community Recovery Fund, which offers a one-time, zero-interest loan of up to $20,000 for small businesses and up to $10,000 for independent contractors in suburban Cook County. The fund opened for applications on June 8, and applications will be accepted through June 18.
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Paycheck Protection Program Flexibility Act of 2020 Enacted into Law
President Trump and Congress has now passed the Paycheck Protection Program Flexibility Act of 2020 with the Act passing the Senate by unanimous consent in the early evening hours of June 3, 2020. The Act changes several provisions in the original PPP loan program enacted as part of the CARES Act.
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Paycheck Protection Program Client Survey
During the past couple of months, the Paycheck Protection Program (PPP) has grown increasingly important to the short-term and long-term success of countless organizations across the nation. Not only is the impact of the Payment Protection Program far-reaching, it affects each and every organization differently, which is why we need your input.
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IRS Sending Some Economic Impact Payments by Prepaid Debit Card
The IRS has announced that it is beginning to send nearly four million Economic Impact Payments (EIPs) by prepaid debit card (instead of by paper check). The cards are being distributed to qualified taxpayers without bank information on file with the IRS and whose tax return was processed by either the Andover or Austin IRS Service Center.
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Newly Released Paycheck Protection Program: Loan Forgiveness Application
On May 15, 2020, the U.S. Small Business Administration (SBA) released the application and instructions for loan forgiveness under the Paycheck Protection Program (PPP). The application and instructions provide additional clarity to borrowers regarding the process and calculations applicable to...
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Porte Brown Named as One of the 2020 Best Places to Work in Illinois
Porte Brown LLC is pleased to announce the firm has been named as one of the 2020 Best Places to Work in Illinois. The Best Places to Work competition is a combination survey, study and awards ceremony established to identify the top employers in the state of Illinois. This is the eighth consecutive time Porte Brown has made the list and the fifth time...
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Porte Brown Named One of Open Systems' Top Partners for 2020
Porte Brown is proud to announce it was named one of Open Systems' (OSAS) Top Partners for 2020. Even though the 2020 Partner Symposium was cancelled this year due to the coronavirus (COVID-19), Open Systems still wanted to recognize its top partners for outstanding performance and commitment to their clients.
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Updated Guidance on PPP Good-Faith Certification and Need for Funds — New Safe Harbor for Loans Under $2M
In a new FAQ regarding the Paycheck Protection Program (PPP) updated on May 13, 2020, the SBA appears to have backed off the threat to review PPP loans of less than $2 million for improperly certifying their loan was necessary.
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COVID-19 Credits, PPP Fund Returns, and Other Important Information
Due to the recent guidelines published by the IRS regarding the PPP loan, many organizations are considering returning the funds they have received. If an organization decides that they will be giving the money back to the banks, there are several credits that are available for organizations to take advantage of right now. Here are some details on the payroll credits available & details on Form 7200:
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IRS Urges Taxpayers to Use "Get My Payment" by Wednesday to Expedite Payment
With a variety of steps underway to speed Economic Impact Payments, the Treasury Department and the Internal Revenue Service urged people to use Get My Payment by noon Wednesday, May 13, for a chance to get a quicker delivery.
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Why the Economic Impact Payment Amount Could Be Different Than Anticipated
The IRS and Treasury have successfully delivered nearly 130 million Economic Impact Payments to Americans in less than a month, and more are on the way. Some Americans may have received a payment amount different than what they expected. Payment amounts vary based on income, filing status and family size.
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