Fake employees, fake businesses, and lavish spending mar the COVID relief program.
Have you walked away from any PPP engagements?
PPP Practice Management Do’s and Don’ts:
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By Sandi Leyva
With fast money comes fast fraud, and the arrests and jail terms are only just beginning for individuals who applied for PPP money under false pretenses and have already been caught. You’ve seen the headlines, where people from every walk of life including reality TV stars, rappers, a Wal-Mart manager, and even an NFL player have been arrested on charges of PPP loan fraud.
PPP fraud has likely already impacted your firm. The extent of the fraud is the real story.
One thing is fairly predictable: “Audits will pick up,” says Bradley Burnett, tax attorney and instructor of the PPP Forgiveness webinars being conducted by Accountant’s Accelerator and CPA Trendlines.
According to respondents of an ongoing survey being conducted by CPA Trendlines and Accountant’s Accelerator, preliminary results show that just over 1 out of every five accounting professionals offering PPP services (22 percent) has had to walk away from at least one PPP engagement. And one firm has had to walk away from more than five PPP engagements.