News & Analysis as of

Loans Audits

Rivkin Radler LLP

Trump’s Returns and Congress – Lessons, Next Steps?

Rivkin Radler LLP on

Last Friday, December 30, 2022, during the final hours of the 117th Session of Congress, the House Ways and Means Committee – through which all tax legislation passes – released redacted versions of six years of Mr. Trump’s...more

Pullman & Comley - Labor, Employment and...

Mortgage or other Third Party Loan Investments in Your Plan?  Do they Pass Muster under IRS Issue Snapshot?

The IRS Issue Snapshot-Third Party Loans from Plans dated August 23, 2022 is a short advice document for examiners to use when auditing tax-qualified retirement plans that invest in mortgages or other third party loans. IRS...more

Proskauer - Tax Talks

Summary of the Biden Administration’s Fiscal Year 2023 Green Book Tax Proposals

Proskauer - Tax Talks on

On March 28, 2022, the Biden Administration released the Fiscal Year 2023 Budget, and the “General Explanations of the Administration’s Fiscal Year 2023 Revenue Proposals,” which is commonly referred to as the “Green Book.” ...more

Foley & Lardner LLP

401(k) Compliance Check #7: Five Administrative Policies Every 401(k) Plan Needs

Foley & Lardner LLP on

To help employers properly administer their 401(k) plans, in 2022, Foley & Lardner LLP is authoring a series of monthly “401(k) Compliance Check” newsletters. This article discusses some of the policies that are important for...more

Maynard Nexsen

PPP Loan Audits: What to Expect, and How to Appeal

Maynard Nexsen on

The Paycheck Protection Program (PPP), as established by the CARES Act and subsequent guidance found in the PPP Interim Final Rules, provides loans and loan forgiveness based on borrower's certifications and documentation...more

Lowenstein Sandler LLP

How To Respond When Your Banker Requests A Visit

Lowenstein Sandler LLP on

Borrowers should not be surprised when their lender requests a “checkup,” financial review, or audit. Lenders are nervous. Despite long-term institutional relationships with customers, many banks are seeking to reduce...more

Bracewell LLP

SBA Revises Certification Rules: Safe Harbor for Loans Under $2 Million, Larger Loans Still Subject to Audit

Bracewell LLP on

The Small Business Administration has issued new guidance regarding the certification of necessity under the Paycheck Protection Program. Now, borrowers who received loans for less than $2 million -- roughly 98% of PPP loans...more

ArentFox Schiff

Are You Prepared? Audits & Investigations Under the Paycheck Protection Program

ArentFox Schiff on

Congress created the Paycheck Protection Program (PPP), part of the CARES Act and administered by the Small Business Administration (SBA) and Treasury Department, to provide relief to small businesses in dire need of...more

Pillsbury Winthrop Shaw Pittman LLP

SBA Extends PPP Safe Harbor to May 14

On May 5, 2020, the Small Business Administration (SBA) and the Treasury Department extended by one week the “safe harbor” for CARES Act Paycheck Protection Program (PPP) applicants to return their loans in the event that the...more

Dechert LLP

SEC Proposes Amendments to Auditor Independence Rule to Address the “Loan Provision”

Dechert LLP on

The U.S. Securities and Exchange Commission (SEC) voted unanimously on May 2, 2018 to propose amendments to Rule 2-01(c)(1)(ii)(A) under Regulation S-X – the so-called “Loan Provision” (Proposal). Generally, the Loan...more

Broker-Dealer Compliance + Regulation

SEC Staff Throws Funds a Lifeline on Auditor Independence (For Now)

The SEC’s Division of Investment Management provided temporary relief from the headache created for funds when the failure to meet the provisions of the so-called “loan rule” may disqualify fund auditors from being...more

K&L Gates LLP

Competition Commission stops short of requiring Mandatory Rotation of Auditors

K&L Gates LLP on

As part of its ongoing investigation into the UK audit services market, the Competition Commission ("CC") has provisionally decided on a package of remedies that will require FTSE 350 companies to put auditing contracts out...more

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