Lucas LaChance, CPA, CIA, Partner of Practice Growth

Lucas is a Texas Society of CPAs Rising Star Award-winning experienced auditor, director, board member, manager, and publisher with more than 15 years of leadership experience in external audit and internal audit with an emphasis on risk-based (COSO) audit approaches. His responsibilities include the oversight and management of a department of more than 30 professionals (budget monitoring, analysis metrics, recruiting/retention, coaching, mentoring); partnering with clients with assets in excess of $150MM+ to identify, analyze, and mitigate financial and industry risks to their strategic plan; planning and execution of multiple, large-scale, simultaneous projects; and development and implementation of numerous accounting and finance presentations to external clients, committees, and boards as well as to local, state, and national audiences about accounting industry developments.
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Recent Posts

BYOB: Build Your Own Budget-Part 1

One of the tried and true processes at the end of each year is generally preparing the coming year’s budget. Ah yes, a time to bargain for new office equipment and bribe your corporate controller for a pet project funds.

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Topics: budget

Paycheck Protection Flexibility Act

Article Update: As of June 5, 2020, the president signed the Paycheck Protection Program Flexibility Act into law.

On June 4, 2020, the U.S. Senate passed the House version of a bill designed at providing more flexibility for borrowers that are utilizing the Paycheck Protection Program loans to keep their businesses afloat during the COVID-19 pandemic. With unanimous bipartisan support, the bill now passes to the president, who is expected to sign.

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Topics: Accounting Tips, Tax, coronavirus, COVID-19, CARES Act, Paycheck Protection Program, Paycheck Protection Flexibility Act, PPF, PPP Loan

Pivotal Guidance Regarding the PPP Loan Forgiveness

On Friday, May 22, 2020, the Small Business Administration issued a pair of documents containing much-needed guidance for borrowers and lenders participating in the SBA’s Paycheck Protection Program (PPP).

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Topics: Accounting Tips, Tax, coronavirus, COVID-19, CARES Act, Paycheck Protection Program

Main Street Lending Program Targets Relief for Small- and Mid-size Businesses

Responding to the needs of U.S. businesses amid the evolving coronavirus (COVID-19) pandemic, the Federal Reserve Board announced details on April 9 regarding the Main Street Lending Program, which will deliver four-year loans with deferred principal and interest payments to small- and mid-size businesses with up to 10,000 employees and/or less than $2.5 billion in revenue.

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Paycheck Protection Program (PPP) Pitfalls

UPDATE: The SBA has extended the grace period to May 14, 2020.  All other aspects remain unchanged.

The Paycheck Protection Program (PPP) is one of the most influential aspects of the CARES Act legislation enacted by the U.S. Congress to combat the economic effects of the COVID-19 pandemic. In two massive tranches of funding, the PPP pumped nearly $660 billion into the economy and, through the Small Business Administration (SBA), down into the hands of small businesses that are and remain in desperate need.

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Topics: Accounting Tips, coronavirus, COVID-19, CARES Act, Paycheck Protection Program, loans

Comptroller’s Office Extends Texas Franchise Tax Deadline

In response to the coronavirus pandemic and following the lead of the IRS, Glenn Hegar, Comptroller for the State of Texas, announced that state franchise tax filings that are ordinarily due on May 15th are extended until July 15th.

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Topics: Accounting Tips, Tax, SALT, coronavirus, COVID-19, CARES Act

CARES Act Paycheck Protection Program Loan Applications NOW Available!

Information continues to come from the U.S. Treasury and the U.S. Small Business Administration about much-needed relief for American small businesses. For a refresher on the key loan options available for small businesses, please see LGT’s analysis of the Paycheck Protection Program (PPP) here, the Emergency Economic Injury Disaster Loan (EIDL) program here, and a comparison of the two types of loans here. Applications for EIDLs are already available online for download, and now so is the PPP Application Form! Before diving in to complete the application, however, take a few minutes to get familiar with some key provisions of the PPP application and process below, and don’t forget to download and review the full PPP Information Sheet from the U.S. Treasury.

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Topics: Tax, coronavirus, COVID-19, CARES Act, Paycheck Protection Program

CARES Act: SBA Emergency Economic Injury Disaster Loans

When the Coronavirus Aid, Relief, and Economic Security (CARES) Act (the Act), became law on March 27, 2020, it brought with it large-scale programs aimed at bolstering small businesses across the nation.

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Topics: small business, coronavirus, COVID-19, CARES Act, Paycheck Protection Program, loans

Tax Filing Deadline Extension

On Friday, March 20th, Treasury Secretary Steve Mnuchin tweeted that the IRS is moving the tax filing deadline from April 15th to July 15th matching this week’s earlier guidance regarding tax payments due. In a subsequent tweet, the IRS confirmed the move aimed to provide relief for taxpayers affected by the coronavirus pandemic. The move, backed by bipartisan groups in Congress, will afford taxpayers and tax preparers more time to complete returns as many states and localities are affected by office closures and thus have limited access to files and documents needed to file timely.

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Topics: Tax, coronavirus, breakingnews

Information on the new Families First Coronavirus Response Act

On Wednesday, March 18, 2020, the U.S. Senate passed H.R. 6201, Families First Coronavirus Response Act, which was signed shortly thereafter by the president. Now that the bill is signed into law, here are some key provisions affecting small businesses set to take effect by April 2nd.

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Topics: Firm News, Accounting Tips, Tax, IRS, coronavirus, breakingnews

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