Payroll Protection Program (PPP) Loans Round 2
This article continues the series of PPP Loan matters. On April 2, 2020, the U.S. Small Business Administration (SBA) posted an interim final rule announcing the implementation of sections 1102 and 1106 of the Coronavirus Aid, Relief, and Economic Security Act (CARES...
Attorneys Beware: scammers are after you
Beware the scammers are attempting to gain access to your trust accounts. Recently, an attorney who received an email advising that a Swedish company needed the assistance of an attorney to complete a business transaction contacted Sage Investigations LLC. The...
Why is a Kovel Letter Important?
An attorney should always issue a Kovel Letter to a forensic accountant after being hired by a client to represent them in a civil or criminal tax matter. What is a Kovel letter? It is a letter based on a landmark federal case, United States v. Kovel, 296...
Protect Your Client from Engaging in Hard Money Lending
The definition of Hard Money Lending is fairly simple: a Hard Money Loan is a loan of "last resort" or a short-term “bridge loan.” Bridge Loans are loans of short-term duration that are typically a temporary solution to longer term financing from more customary or...
Due Diligence Helps Manage Risk
What is due diligence? (1) The care that a reasonable person exercises to avoid harm to their person, finances or that of another person. [1] (2) The process of obtaining and evaluating details about the subject, entity, or investment opportunity before making a...
Paycheck Protection Program (PPP) Forgiveness of the Loan Proceeds
This article continues the series on PPP loans but relates to the forgiveness of the SBA PPP Loan. Starting in October 2020, a recipient of a PPP Loan has ten months to report to its lender the disposition of the loan proceeds. The reporting can be done on Form 3508,...
Be Skeptical about Promissory Notes Sold as Safe Investments
In April 2009, the Securities and Exchange Commission issued a notice to investors entitled, Broken Promises: Promissory Note Fraud (U.S. Securities & Exchange Commission 2009).The notice defines a promissory note as a form of debt—similar to a loan or an IOU—that...
Intent vs. Willfulness
In Austin, TX, an individual convicted of conspiracy recently had his conviction overturned by the 5th Circuit Court of Appeals in New Orleans. During oral arguments for the appeal, the Austin American–Statesman newspaper stated, “The federal judges weighing his...
Beware of Journal Entries that Create Income
When reviewing transactions in an accounting system it is important to pay particular attention to journal entries. Journal entries are used to adjust accounting records for activities that are not cash in nature. When dealing with an accrual accounting system,...
Fraud on the Cares Act – Paycheck Protection Program (PPP)
The Paycheck Protection Program (PPP) initially authorized up to $349 billion in forgivable loans to small businesses to pay their employees during the COVID-19 crisis. All loan terms were established to be the same for everyone. The loan amounts will be forgiven as...
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Free Consultation
Please fill out the form below and we will contact you shortly or call our office at 512-659-3179.
Payroll Protection Program (PPP) Loans Round 2
This article continues the series of PPP Loan matters. On April 2, 2020, the U.S. Small Business Administration (SBA) posted an interim final rule announcing the implementation of sections 1102 and 1106 of the Coronavirus Aid, Relief, and Economic Security Act (CARES...
Attorneys Beware: scammers are after you
Beware the scammers are attempting to gain access to your trust accounts. Recently, an attorney who received an email advising that a Swedish company needed the assistance of an attorney to complete a business transaction contacted Sage Investigations LLC. The...
Why is a Kovel Letter Important?
An attorney should always issue a Kovel Letter to a forensic accountant after being hired by a client to represent them in a civil or criminal tax matter. What is a Kovel letter? It is a letter based on a landmark federal case, United States v. Kovel, 296...
Protect Your Client from Engaging in Hard Money Lending
The definition of Hard Money Lending is fairly simple: a Hard Money Loan is a loan of "last resort" or a short-term “bridge loan.” Bridge Loans are loans of short-term duration that are typically a temporary solution to longer term financing from more customary or...
Due Diligence Helps Manage Risk
What is due diligence? (1) The care that a reasonable person exercises to avoid harm to their person, finances or that of another person. [1] (2) The process of obtaining and evaluating details about the subject, entity, or investment opportunity before making a...
Paycheck Protection Program (PPP) Forgiveness of the Loan Proceeds
This article continues the series on PPP loans but relates to the forgiveness of the SBA PPP Loan. Starting in October 2020, a recipient of a PPP Loan has ten months to report to its lender the disposition of the loan proceeds. The reporting can be done on Form 3508,...
Be Skeptical about Promissory Notes Sold as Safe Investments
In April 2009, the Securities and Exchange Commission issued a notice to investors entitled, Broken Promises: Promissory Note Fraud (U.S. Securities & Exchange Commission 2009).The notice defines a promissory note as a form of debt—similar to a loan or an IOU—that...
Intent vs. Willfulness
In Austin, TX, an individual convicted of conspiracy recently had his conviction overturned by the 5th Circuit Court of Appeals in New Orleans. During oral arguments for the appeal, the Austin American–Statesman newspaper stated, “The federal judges weighing his...
Beware of Journal Entries that Create Income
When reviewing transactions in an accounting system it is important to pay particular attention to journal entries. Journal entries are used to adjust accounting records for activities that are not cash in nature. When dealing with an accrual accounting system,...
Fraud on the Cares Act – Paycheck Protection Program (PPP)
The Paycheck Protection Program (PPP) initially authorized up to $349 billion in forgivable loans to small businesses to pay their employees during the COVID-19 crisis. All loan terms were established to be the same for everyone. The loan amounts will be forgiven as...