Parsons CPA

Parsons CPA, PLLC Announces New Manager

Charlotte, NC: The Executive Team at Parsons CPA, PLLC is proud to welcome Bentley A. Hollifield, CPA, as Manager. With extended due dates and changing legislation, the 2020 tax season is far from over as Parsons CPA continues to stack their team with some of the areas most qualified professionals. The CPA profession itself has […]

Finance and Investing Parsons CPA SPACs

Stock Market New Year: The Year of the SPACs?

What is a SPAC?  A SPAC is a special purpose acquisition company (SPAC) with no commercial operations that is formed strictly to raise capital through an IPO (see definition below article) for the purpose of acquiring an existing company. Also known as a blank-check company. SPACs provide private companies with a non-conventional (becoming more conventional) […]

Tax Filing and Tips Tax Relief

2020 Tax Deadline Changes, Penalties and Interest

FEDERAL INCOME TAX FOR INDIVIDUALS DUE MAY 17, 2021 The Treasury Department and Internal Revenue Service announced today that the federal income tax filing due date for individuals for the 2020 tax year will be automatically extended from April 15, 2021, to May 17, 2021. The IRS will be providing formal guidance in the coming […]

Advisory and Business Consulting Finance and Investing

Service and Security: Two of Cryptocurrencies’ Main Benefits

In a deeper glance into the specifics of cryptocurrency, we begin to see that there is much more to unravel and explain than originally meets the eye. In our last cryptocurrency related post, we briefly discussed the current relevance of cryptocurrency and why it has been gaining so much ground recently, but what information is […]

Parsons CPA PPP Loans Small Business Advice

PPP Second Draw Loans

The Paycheck Protection Program (PPP) now allows certain eligible borrowers that previously received a PPP loan to apply for a Second Draw PPP Loan with the same general loan terms as their First Draw PPP Loan. Second Draw PPP Loans can be used to help fund payroll costs, including benefits. Funds can also be used […]

Cryptocurrency Finance and Investing

Cryptocurrency: The purpose, the main players, the future?

Over the past few months, a new form of currency has been all the talk in the financial-technology sector. Yes, our current financial system is secure and allows for an “easy” transfer of funds from one entity to another, but couldn’t it be safer? Or quicker? Cryptocurrency, which is broadly defined as a digital asset […]

Advisory and Business Consulting Business Accounting Parsons CPA Tax Filing and Tips Tax Relief

Parsons CPA announces Senior Manager

Charlotte, NC: The Executive Team at Parsons CPA, PLLC is proud to announce the promotion of Jonathan M. Hardin, CPA to Senior Manager. After a painstaking year, businesses are finding a guiding light through the 2020 fog by utilizing qualified tax and financial professionals. Jonathan and the team at Parsons CPA say they have been […]

PPP Loans Small Business Relief

PPP Loan Forgiveness Application Due Date

The U.S. Small Business Administration (SBA) released guidance Tuesday confirming that Paycheck Protection Program (PPP) loan forgiveness applications are not due on Oct. 31. Fears of a late-October PPP surprise came to the SBA’s attention because the program’s loan forgiveness application forms (3508, 3508EZ, and 3508S) display an expiration date of “10/31/2020” in the upper-right […]

PPP Loans

Have a PPP loan $50,000 or less? Forgiveness has been simplified.

Recipients of Paycheck Protection Program (PPP) loans of $50,000 or less will be able to apply for forgiveness using a simplified application that was released Thursday by Treasury and the U.S. Small Business Administration (SBA). A new interim final rule (IFR) provides new guidance concerning forgiveness and loan review processes for PPP loans of $50,000 or less. Under the […]

PPP Small Business Relief

New PPP Notice Gives Borrowers Transfer Guidelines And Procedures

The provisions of the new Notice are summarized below: 1. Will Not Apply After a PPP Note is “Fully Satisfied” A PPP note is considered to be “fully satisfied” only once one of the following has occurred: The borrower has repaid the PPP note in full; The SBA has remitted funds to the bank lender […]