News & Knowledge
Navigating the Unique Tax Policies and Opportunities of 2020 and 202120210422161216
Navigating the Unique Tax Policies and Opportunities of 2020 and 2021
April 22, 2021
Each of the different relief bills passed during the COVID-19 pandemic have included tax implications. FML partner Angel Li was interviewed by FOX 61 as thMay 17 deadline to file approaches, some individuals and sole proprietors are encountering these policies, many of which are new and temporary, f...
DOL Issues Cybersecurity Best Practices for ERISA Covered Retirement Plans20210415094923
DOL Issues Cybersecurity Best Practices for ERISA Covered Retirement Plans
April 15, 2021
On April 14, 2021 the U.S. Department of Labor’s Employee Benefits Security Administration (EBSA) issued cybersecurity guidance for employee retirement plans....
Individual Federal Tax Filing Deadline Extended to May 17, 202120210319171900
Individual Federal Tax Filing Deadline Extended to May 17, 2021
March 19, 2021
On March 17, 2021, the Treasury Department and IRS announced that they will be automatically extending the federal income tax filing due date for individuals for the 2020 tax year from April 15, 2021, to May 17, 2021. This extension applies to all individuals without penalties and interest, and rega...
FML Promotes Andrea Harrington, CPA to Partner20210111083349
FML Promotes Andrea Harrington, CPA to Partner
January 11, 2021
Fiondella, Milone & LaSaracina (FML), Glastonbury-based accounting and advisory firm, announces the promotion of Andrea Harrington, CPA, to Partner....
ALERT– IRS Update on Deductibility of Expenses Paid with Forgiven PPP Loan Proceeds20201120130620
ALERT– IRS Update on Deductibility of Expenses Paid with Forgiven PPP Loan Proceeds
November 20, 2020
Under section 1106(i) of the CARES Act, the amount of a loan forgiven under the Payroll Protection Program (PPP) is excluded from taxable income. A loan may be forgiven under the PPP Program if the proceeds are used towards eligible payroll costs, interest on covered mortgage obligations, covered re...
SBA’s Loan Necessity Questionnaire20201103134128
SBA’s Loan Necessity Questionnaire
November 3, 2020
The SBA, when reviewing applications for PPP loan forgiveness, have been requesting additional information. Included in this additional information has been a “Loan Necessity Questionnaire” that is required to be completed within 10 business days of receipt from your Lender....
FML Plays Key Advisory Role in Recent Acquisition20201026164131
FML Plays Key Advisory Role in Recent Acquisition
October 26, 2020
FML is pleased to congratulate client Compass Partners Capital LLC upon its recent acquisition of PRL, Inc. to help create a class-defining enterprise that will serve the United States Navy, as well as nuclear power and railroad industries. FML worked as advisors to Compass Partners LLC during this ...
Change in Ownership of Entity that Received PPP Funds20201013081736
Change in Ownership of Entity that Received PPP Funds
October 13, 2020
SBA Procedural Notice provides a framework to determine whether SBA consent is required for various changes of ownership of an entity that has received Paycheck Protection Program (PPP) funds. ...
Streamlined Application Released for PPP loans under $50,00020201009112859
Streamlined Application Released for PPP loans under $50,000
October 9, 2020
On October 8, 2020, the SBA released a streamlined application, Form 3508S, designed specifically for those who borrowed less than $50,000. Although forgiveness will NOT be automatic, several of the issues that make the application for forgiveness time-consuming have been removed for these small bo...
Executive Order on Payroll Tax Deferral20200901144446
Executive Order on Payroll Tax Deferral
September 1, 2020
On August 8, 2020, President Trump issued an executive order regarding the deferral of certain employee funded social security taxes (i.e. 6.2%). Of note, the CARES ACT allowed some employers to defer the employer funded portion of social security taxes. On August 28, the IRS issued Noti...
