Archive: interest

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Nonprofit Organizations: Accounting for Interest-Free Loans

This blog and referenced guidance is not applicable to loans obtained under the Payroll Protection Program (PPP). See this blog for further guidance. Nonprofit organizations often receive loans that are interest free. Because these are not normally obtainable through traditional financing options, the American Institute of Certified Public Accountants (AICPA) believes a restricted contribution element […]
April 24, 2020

Are Taxes Dischargeable in Bankruptcy?

Bankruptcy is often viewed as the option of last resort to resolve seemingly unsurmountable debts.  In working with clients owing large amounts of tax, we have found that their prevalent thought is that tax liabilities survive bankruptcy.  However, it is possible for taxes and the associated penalties and interest to be discharged, if the following […]
November 17, 2015

Caution: U.S. Nonresident Tax Withholding May Apply to Payments of Certain Types of U.S. Source Income to Foreign Persons

Payments of certain types of U.S. source income to foreign persons are subject to U.S. nonresident tax withholding, which generally requires 30% gross withholding at source.  The types of U.S. source income subject to U.S. nonresident tax withholding include interest, dividends, rents, royalties and compensation for services performed by a foreign person in the United […]
October 11, 2012