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OPTIMIZING YOUR POTENTIAL

Anchin’s Services Group helps you optimize your business potential. Our more than 95 years of experience in the marketplace means that we have seen every stage of business and our experts are well equipped to advise. Anchin’s experts on public relations and advertising, technology, law firms, and consulting and advisory firms provide tailored advisory services to your unique business. 

From initial start-up through the various stages of your business growth cycle, your success means getting relevant tax, accounting, and business advice from experts who have strong PR industry knowledge. Independent agency, succession planning & exit strategies, compensation plans for upper management, benchmarking, profitability analysis, tax-deferred techniques, operational reviews, and retirement branding are a few of the services our public relations and advertising practice leaders are equipped to address. LEARN MORE

By keeping ahead of the newest developments and industry trends, Anchin provides innovative solutions to help technology companies keep growing in a highly competitive market. Our experts assist companies in developing key employee retention strategies, perform valuation analysis, and help management understand and navigate complex revenue recognition practices. LEARN MORE

To secure not only short term excellence, but set up your firm for long term health, you need strategic long term vison advisory services. Anchin works with boutique firms as well as firms with national and international reach, building on its expertise to provide you with advice and best practice guidance so you can make informed decisions about your business. LEARN MORE

News

  • Paycheck Protection Program (PPP) Loan Forgiveness Interim Final Rules ReleasedJune 26, 2020

    Additional guidance has been released on the PPP Loan Forgiveness process. This guidance is critical to converting PPP Loans into the “grants” that many businesses need to survive. Carefully following the guidelines will allow you to maximize loan forgiveness.

  • Economic Injury Disaster Loans (EIDL) Portal Reopening Offers Additional Relief For BusinessesJune 23, 2020

    Last week, the Small Business Administration (SBA) resumed accepting new online applications for EIDL and related emergency grants. 

  • New EZ and Revised PPP Forgiveness Applications for the Paycheck Protection Program (PPP) ReleasedJune 18, 2020

    On June 17, 2020, the Small Business Association (SBA) in consultation with the Department of the Treasury, posted a revised PPP loan forgiveness application and instructions (Form 3508 - revised June 16, 2020), which implements the PPP Flexibility Act of 2020 that was signed into law on June 5, 2020. In addition, the SBA also published a new “EZ” version of the loan forgiveness application – Form 3508EZ.

  • Anchin: The Virtual Strategist CFOJune 12, 2020

    Chris Noble explains how Anchin's outsourced accounting services group, now rebranded as the Client Accounting Advisory Services Group (CAS), is a natural extension of Anchin's proactive client service model.

  • Seeing Around Corners: Positioning Your Business For A Post-Lockdown Environment June 11, 2020

    Co-Managing Partner Russell B. Shinsky shares what considerations business leaders should make as the economy gradually begins to reopen.

  • The Latest Updates on the Paycheck Protection Program Flexibility Act and the Main Street Lending ProgramJune 10, 2020

    Late Monday, the SBA and Treasury issued a joint press release that was followed by a press release from the Federal Reserve (“The Fed”).

  • PPP Flexibility Act Becomes LawJune 8, 2020

    The U.S. government has enacted changes to the Paycheck Protection Program (“PPP”) including the relaxation of PPP Loan Forgiveness rules with the goal of making it easier for many businesses to qualify for loan forgiveness on a larger portion of their loans. These changes were signed into law on Friday, June 5, 2020 through the Paycheck Protection Program Flexibility Act of 2020 (PPPFA). This new legislation contains many important changes to the PPP.

  • Congress Provides Welcome Modifications to PPP In New BillJune 4, 2020

    Congress has acted to change the Paycheck Protection Program (“PPP”) including to relax PPP Loan Forgiveness rules with the goal of making it easier for many businesses to qualify for loan forgiveness on a larger portion of their loans. The extended “shutdown” of many areas begged for an extension to the forgiveness period as well as an easing of other requirements of the program. The President’s approval is still required to enact this legislation.

  • Federal Reserve Releases Further Guidance on $600 Billion Main Street Lending ProgramJune 1, 2020

    On May 27, 2020, the Federal Reserve Bank of Boston released FAQs and form documents for the Main Street Lending Program, signaling that loans under this program will be made available soon.  This Anchin Alert updates and supplements our previous Anchin Alert regarding the Main Street Lending Program issued on May 5, 2020.

  • What You Need to Know about the Paycheck Protection Program (“PPP”) and the Tax Deductibility of Expenses Related to Loan ForgivenessMay 27, 2020

    The PPP Loan Program offers much needed relief to qualified businesses struggling with the challenges of the COVID-19 crisis. Yet the ongoing changes to the rules for borrowing and loan forgiveness have made navigating the program and claiming benefits challenging as well. Let’s review a key topic - the taxation of both loan forgiveness and the expenses paid with PPP Loan proceeds.

  • What the PPP Forgiveness Guidelines Mean For YouMay 18, 2020

    The long awaited forgiveness procedures have been released after much delay and offer new details, yet leave many questions open. Here is an overview of what we know so far. 

  • What Partnerships and Seasonal Employers Need to Know About Requesting Additional PPP Loan AmountsMay 15, 2020

    Anchin’s COVID-19 Resource Team continues to monitor ongoing updates to the PPP Program. Borrowers need to understand how these changes and clarifications may affect their application, loans and forgiveness. Here are new updates related to partnerships and seasonal employers.

  • Important PPP Loan Update: FAQ #46 AND #47 Safe Harbor Guidance on Economic Uncertainty CertificationsMay 14, 2020

    Additional guidance has been released related to how borrowers' certification of necessity for Paycheck Protection Program (PPP) loans will be evaluated by the Treasury. This topic has caused concern among borrowers since additional restrictions and conditions have been placed on PPP loans throughout the application and borrowing process. Here is some key information to assist you.

    The Department of the Treasury (the “Treasury”) has issued further guidance to borrowers who are required to make good-faith certifications concerning the necessity of their PPP loan requests.  Since the passing of the CARES Act on March 27, 2020, the Treasury has issued 47 Frequently Asked Questions (FAQs) for PPP loans and responses. On May 13, 2020, the Treasury published FAQ #46: How will SBA review borrowers’ required good-faith certification concerning the necessity of their loan request?  The Treasury’s answer separates PPP borrowers into two groups based on their loan size: borrowers with loans less than $2 million and more than $2 million.

    In addition, the Treasury published FAQ #47 which addresses the interim final rule posted on May 8, 2020.  That rule provided that any borrower who applied for a PPP loan and repays the loan in full by May 14, 2020 will be deemed by SBA to have made the required certification concerning the necessity of the loan request in good faith.

  • Important PPP Loan Update: FAQ #46 Safe Harbor Guidance on Economic Uncertainty CertificationsMay 13, 2020

    Additional guidance has been released related to how borrowers' certification of necessity for Paycheck Protection Program (PPP) loans will be evaluated by the Treasury. This topic has caused concern among borrowers since additional restrictions and conditions have been placed on PPP loans throughout the application and borrowing process. Here is some key information to assist you.

  • What You Need To Know About Updates to the PPP Loan ProgramMay 6, 2020

    The Treasury and the Internal Revenue Service continue to issue guidance on the PPP Loan Program and other COVID-19 relief programs. The updates have included additional FAQs, program reports and statements from the Treasury.

  • Additional Relief: Federal Reserve Releases Additional Guidance on $600 Billion Main Street Lending ProgramMay 5, 2020

    On Thursday, April 30, 2020, the Treasury Department and the Federal Reserve (the “Fed”) released updated guidance on the Main Street Lending Program, which is comprised of the Main Street Expanded Loan Facility (the “Expanded Loan” or “MSELF”), the Main Street New Loan Facility (the “New Loan” or “MSNLF), and a newly added third option, the Main Street Priority Loan Facility (the “Priority Loan” or “MSPLF”).  Together, these three facilities comprise $600 billion of funding for loans to small and mid-sized companies on favorable terms in order to provide additional COVID-19-related financial relief. 

  • What to Know About the Research & Development (R&D) Tax Credit and the IRS’ New Compliance CampaignMay 1, 2020

    The R&D tax credit can be a powerful incentive, often providing a hidden source of cash from prior years’ expenses while also serving to significantly reduce current and future years’ federal and state tax liabilities. The R&D tax credit is also a tool for refueling a company’s R&D efforts. Planning ahead by creating an infrastructure that identifies qualifying research activities and collects contemporaneous documentation is essential to reducing future tax liabilities and synthesizing an R&D tax credit that will be sustainable on audit examination. There has been a new development related to this credit. 

  • IRS Update: Deductions Related to Forgiven PPP Loans Are Non-DeductibleMay 1, 2020

    Late yesterday, the Internal Revenue Service (“IRS”) issued Notice 2020-32, relating to the deductibility, for Federal Income Tax purposes, of the expenses paid with the proceeds of a PPP loan that is subsequently forgiven.  

  • Starting the Week with Critical Updates to the SBA Paycheck Protection ProgramApril 27, 2020

    There have been additional developments over the last several days regarding the Paycheck Protection Program (PPP) and the only thing we can say with certainty is that more changes will come!

  • Shared Work Programs Can Help Employers and Employees Navigate COVID-19 Business DisruptionApril 27, 2020

    In the past few weeks, much attention has been focused on programs established as part of The CARES Act to assist employers and employees suffering from the business disruption caused by COVID-19.  In addition to the new programs that have been created, existing unemployment programs can also benefit employers and employees in managing the current environment. 

  • An Update on PPP Loan ForgivenessApril 20, 2020

    The CARES Act provides that PPP loans can be forgiven, on a federally tax-free basis, up to 100% of the amount borrowed if the company meets certain criteria.

  • Important Reminder – Update Your Calendar For New Tax DatesApril 14, 2020

    The COVID-19 pandemic has changed so much about our personal and financial lives. One item to keep in mind is that the Internal Revenue Service, along with most states, have changed the due date for filing income tax returns and paying your balances for 2019, as well as your 1st and 2nd quarter estimated tax payments for 2020.

  • Important Guidance on Calculating PPP Loan Forgiveness and Related Documentation RequirementsApril 13, 2020

    Now that many eligible companies have applied for a PPP loan, and some have started to receive their loan proceeds, it is time to turn our attention to the rules for loan forgiveness. 

  • Additional Business Relief: Federal Reserve Releases Guidance on $600 Billion Main Street Lending ProgramApril 13, 2020

    On Thursday, April 9, 2020, the Treasury Department and the Federal Reserve (the “Fed”) released details of the Main Street Lending Program, which is comprised of the Main Street Expanded Loan Facility (the “Expanded Loan Facility”) and the Main Street New Loan Facility (the “New Loan Facility”).  Together, these two facilities will make up to $600 billion of funding available for loans to small and mid-sized companies on favorable terms in order to provide additional COVID-19-related financial relief.  The Main Street Lending Program should provide much-needed liquidity to businesses that may not have qualified for a PPP loan under the CARES Act by having a special purpose vehicle created by the Fed purchase 95% of each loan from eligible lenders made under this program through September 30, 2020.    

  • PPP Clarifications from Treasury DepartmentApril 7, 2020

    The Treasury Department has released FAQs providing further clarification of the PPP loan program.  We suggest that you review this update carefully to determine how it may affect your application and the calculation of your loan amount.

  • Responding to COVID-19 Challenges of Technology FirmsApril 6, 2020

    Our Technology Group has been closely monitoring the latest COVID-19 developments, particularly the recently enacted Paycheck Protection Program Loans (“PPP”). 

  • SBA Issues Interim Final Rule on PPP Loan ProgramApril 3, 2020

    Last evening, the Treasury Department issued its first formal Rule related to the PPP Loan Program created by the CARES Act.  In it, the SBA has waived the comment period and the normal 30-day delayed effective date, making this Rule effective immediately.  The Interim Final Rule clarifies certain key components while other items remain unclear. Borrowers will need to carefully evaluate direction from the CARES Act, the Interim Final Rule and the Loan Application Instructions to determine the position that best fits their circumstances.

  • PPP Loan Update – Urgent MatterApril 2, 2020

    There are several areas of the PPP loan application process that are uncertain and that may require additional guidance. Until the Treasury and/or lenders provide additional clarification, business owners must evaluate whether they are able to file accurate applications which maximize benefits.

  • Managing Cash Flow During COVID-19April 1, 2020

    As COVID-19 is rapidly creating disruption in the economy, businesses of all sizes across the globe are facing severe economic challenges. Making smart strategic decisions now will better prepare you for the uncertainty and unpredictability of the future. Anchin has some helpful hints to minimize spending and maximize your cash flow. 

  • Treasury Provides Clarity on the Paycheck Protection Loan ProgramApril 1, 2020

    Further clarity from the Treasury Department was released yesterday on the PPP Loan Process.

  • Understanding How the Paycheck Protection Loan Program Can Provide Support For Your BusinessMarch 31, 2020

    On Friday, March 27, 2020, The Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”), a $2 trillion stimulus bill, was signed into law. The CARES Act allocated approximately $350 billion to help small businesses keep workers employed and cover certain expenses while dealing with the impact the pandemic has had on the United States’ economy and its citizens’ health.  The CARES Act established the Paycheck Protection Program (“PPP”) that enables qualifying small businesses to borrow up to $10 million.  These loans are eligible to be forgiven, if the loan proceeds are used pursuant to criteria as defined in the CARES Act, and other requirements are met.  Loans are available to eligible borrowers under this program through June 30, 2020.  The CARES Act requires the Small Business Association (SBA) to draft regulations around implementation including a list of lenders regarding these loans.  In addition, businesses who have taken out SBA Economic Injury Disaster Loans have further considerations as discussed here.

  • Navigating Uncharted Waters: Responding to the Business Impact of COVID-19March 31, 2020

    While all organizations are in uncharted waters in dealing with the resulting economic turmoil, professional firms such as ours have a responsibility to help clients navigate through the crisis. Many businesses have addressed the immediate needs created by the pandemic: implementing remote workplace regimens, revising paid-time-off and other policies to assist employees, enacting customer support programs, etc. Having addressed the most urgent needs, it is now time to focus on issues that pose an existential threat to long-term business continuity and viability. Here is some advice that we’re sharing with our firm’s clients.

  • Introducing Anchin’s COVID-19 Resource TeamMarch 30, 2020

    To assist you with evaluating the broad range of programs now available, we have established the Anchin COVID-19 Resource Team, a coordinated group of experienced professionals that will work alongside your engagement teams, in claiming the benefits you need to meet your cash flow, maintain your workforce and handle other critical challenges.

  • Senate Approves Over $2 Trillion in Relief to Ease Economic HardshipMarch 26, 2020

    The Senate finally approved legislation providing over $2 trillion of relief designed to ease the hardship caused by the coronavirus outbreak. This legislation still requires approval from both the House and President. Approval from both is expected over the next few days.

  • Coronavirus Stimulus Act UpdateMarch 25, 2020

    Congress and the White House have agreed on a comprehensive package of relief for business, individuals, state and local governments and hospitals. The proposed package is still pending subject to a vote by the House and Senate, and approval by the President.

  • How PR, Marketing and Advertising Firms Define “Consulting” Will Impact Their Eligibility for the Valuable 20% Pass-Through Entity Tax DeductionFebruary 18, 2020

    In 2017, Congress enacted the Tax Cuts and Jobs Act (TCJA).  The legislation created new Section 199A, Pass-through Entity Deduction, allowing non-corporate taxpayers a 20% deduction on Qualifying Business Income (QBI).  However, the definition of income eligible for this tax benefit for public relations, marketing and advertising firms is not straight-forward.

  • 6 Ways Accounting Firms Can Innovate SuccessfullySeptember 17, 2019

    Anchin Partner Russell Shinsky is quoted extensively in this interview with BKR International's  Aiysha (AJ) Johnson about accounting firms of the future and innovation.

  • New Tax Law Provides Potential Deferral Opportunity for Equity Compensation Granted by Privately Held CompaniesMarch 9, 2018

    The recently passed Tax Cuts and Jobs Act has attempted to cure a common problem that employees of privately held companies encounter when certain types of equity compensation convert and become income.

  • Tax Cuts and Jobs Act Substantially Limits Meals and Entertainment DeductionFebruary 14, 2018

    The 2017 Tax Cuts and Jobs Act introduced some significant limitations to the meals and entertainment deduction. The new law makes two major changes to the meals and entertainment rules, which can impact your business.

  • How New Tax Law Will Impact PR FirmsJanuary 31, 2018

    Gould+Partners spoke with Michael Belfer, an accounting and audit partner at Anchin and leader of the firm’s Public Relations and Advertising Industry Group, to find out what agency owners and C-level executives need to know.

  • Tax Bill Impacts Service FirmsDecember 28, 2017

    On December 22, President Trump signed into law the “Tax Cuts and Jobs Act of 2017” (TCJA). The bill contains many provisions effective in 2018 that will significantly impact professional and non-professional firms.

  • The Tax Cuts and Jobs Act Doesn’t Cut the R&D Tax CreditDecember 27, 2017

    On December 22nd, President Trump signed the Tax Cuts and Jobs Act of 2017 (“TCJA”) into law, setting the stage for the most sweeping update to the U.S. tax code since 1986 tax reform enacted under President Reagan.  The centerpiece of the TCJA, is a permanent reduction in the corporate tax rate from approximately 35% to 21%. Thankfully, as expected, the final law has preserved the research and development (“R&D”) tax credit, which was made permanent in the Protecting Americans against Tax Hikes (“PATH”) Act of 2015. 

  • COVID-19 Update Center

    The Anchin COVID-19 Update Center is available to simplify your access to critical financial information. It is updated regularly to supplement your communications with your…

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