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News & Views

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News & Views2020-09-16T10:07:37-04:00

News & Views

Dean Dorton’s Quarterly Digital Newsletter

Fall 2020 Edition

Did you receive a Paycheck Protection Program loan?

As the article—which can be accessed below—explains, there is uncertainty about whether expenses deemed to have been paid with proceeds of Paycheck Protection Program (PPP) loans that later are forgiven will be deductible. The IRS says they are not, citing tax law which doesn’t allow deductions for expenses related to tax-exempt income. Some members of Congress state their belief that this is contrary to Congress’ intent. Our tax team members and our business clients who will have forgiven PPP loans will be very interested to see the outcome of this issue. If Congress acts to specifically allow these expenses to be deducted, that should resolve the matter. If Congress does not act, it will be interesting to see if some businesses will claim the deductions, then pursue favorable resolution in court when the IRS disallows the deductions. Such a legal challenge likely would take years before the issue is resolved.

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Data protection and the negative implications of shadow IT

The coronavirus pandemic forced many businesses to send employees home without much, if any, lead time to set up company-approved technology services for a secure remote work setup. Shadow IT refers to the use of unapproved technology services or devices without the knowledge or approval of the company’s IT department.

Employee fraud in the pandemic: An employer’s response to the COVID-19 environment

The COVID-19 pandemic has impacted employee fraud in the workplace. Learn how the pandemic has strengthened the three elements of the Fraud Triangle (pressure, opportunity, and rationalization) and how your organization can fight back.

Did you receive a Paycheck Protection Program loan? Don’t forget about the tax implications!

By now, you have received and spent some or all of your PPP loan funds. As you focus on forgiveness, make sure you are prepared for the tax implications.

Recent Firm News

INSIDE Public Accounting Top 200
Dean Dorton has once again been named a Top 200 firm, based on U.S. net revenue, by INSIDE Public Accounting. We were ranked #114.

IGNITE Leadership Conference
Earlier this summer, Dean Dorton hosted the IGNITE Leadership Conference, a two-day interactive program for college accounting students looking to become tomorrow’s leaders. Fifteen students from seven universities in the region gathered in Lexington on July 18-19 to gain hands-on experience through case study simulations, learn CPA exam tips, become acquainted with Dean Dorton’s services and industry expertise, and meet members of our team, ranging from interns to partners. Read the full recap of IGNITE 2020.

Save the Date: Equine Financial, Tax, & Operational Update
Save the date for our annual Equine Financial, Tax, & Operational Update, which will be held virtually this year on Thursday, October 29. More details will follow and registration will be available soon at deandorton.com/events.

People News

We welcome the following new team members to Dean Dorton:

Ryan Daff joined our Office Services team in Lexington. He is working toward his bachelor’s degree in accounting at Bluegrass Community and Technical College.

Tim Farah, a CPA, joined our Tax team in Louisville. He has more than14 years of tax experience, including with local, regional, and international firms. Tim earned his bachelor’s degree in political science, as well as master’s degree in accountancy and business administration from the University of Louisville.

Jordan Johnson joined our Cybersecurity team in Lexington. He has more than two years of technology support experience. Jordan earned his bachelor’s degree in cybersecurity from the University of Cumberlands.

Deidre Kinser joined our Accounting and Financial Outsourcing team in Lexington. She has more than six years of accounting experience. Deidre earned her bachelor’s degree in accounting from Freed-Hardeman University in Henderson, Tennessee.

Shara Lucio, a CPA, joined our Tax team in Louisville. She has more than four years of tax experience. Shara earned her bachelor’s degree in accounting from the University of Louisville, where she was recognized as an Outstanding Accounting Graduate.

Ian Tompkins joined our Tax team in Louisville. He has four years of accounting and tax experience. Prior to joining the accounting industry, he was a professional baseball player in the Kansas City Royals organization. Ian earned his bachelor’s degree in accounting from the University of Louisville.

Kylie Waters, a CPA, joined our Healthcare Consulting team in Lexington. She has more than 18 years of accounting and healthcare finance/compliance experience, most recently serving as a CFO for a multi-site health and housing organization. Kylie earned her bachelor’s degree in accounting from the University of Kentucky and her MBA from Morehead State University.

We recognize the following activities and accomplishments:

Congratulations to Erin Donohew on successfully completing the CPA exam.

Emily Watson and Gina Whitis obtained the Certification for Analyzing and Visualizing Data with Microsoft Power BI.

Faith Crump serves on the Estate Planning Council of Metro Louisville as Secretary/Treasurer.

Mike Harbold joined the Tom Sawyer State Park Foundation and the Derbyshire Property Owners Association, serving as Treasurer for both organizations.

Elizabeth Leatherman was elected President of the Bluegrass Estate Planning Council for its 2020-2021 program year.

Brett Bibb was named Chair of the EMERGE Conference Committee in Lexington.

Erica Horn and Mike Harbold presented at the Kentucky Chamber of Commerce Annual Navigating Sales and Use Tax in Kentucky program.

Faith Crump and Elizabeth Leatherman presented a tax update for the KyCPA / Louisville Bar Association Estate Planning Conference.

Shara Lucio presented on diversity and inclusion to KyCPA’s College to Accounting Professional University. She also participated on the University of Louisville’s College of Business Alumni Panel.

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