A Novel Way to Make COVID-19 Relief Donations
On March 13, 2020, the President issued an emergency disaster declaration under the Stafford Act as a result of the coronavirus disease pandemic. The disaster area covers all 50 states, the District of Columbia, and five U.S. Territories. As a result, and as was done in the past in the wake of major disasters, including Hurricanes Katrina, Sandy, Harvey and Maria, the IRS is providing special relief that allows employees to donate their unused paid [Read More]
Congress Liberalizes PPP Loan Forgiveness
If you are the owner of a small business that was able to obtain a Paycheck Projection Program (PPP) Loan, you have probably already started worrying about how you are supposed to spend the loan proceeds to maximize loan forgiveness. When these loans were first offered, the keyword business owners heard was "forgiveness," and that created a national stampede to apply for these loans. Most potential borrowers had little or no knowledge of how the [Read More]
Post-Pandemic Trends Shifting the Economy for Small Businesses Everywhere
While it's absolutely true that the ongoing COVID-19 pandemic has created significant challenges for small and large businesses alike, there are also some changes happening that can be viewed as less negative. Behaviors have changed during the Coronavirus outbreak, and some of these could end up being positive for small businesses, in particular, moving forward. In fact, there are a few core trends in particular that are nothing if not opportunities just waiting to be [Read More]
The Future of Remote Working After COVID-19
This article discusses how the coronavirus pandemic has impacted the way businesses operate on a day-to-day basis. One major difference the pandemic has resulted in is the increase in telecommuting. This article outlines some of the best practices for remote work. These practices include getting a clearer picture of which roles are better suited for remote work, clarifying expectations, addressing specific needs, utilizing video calls, and thinking beyond technology. Putting these practices into place will go [Read More]
Promoting Collaboration During a Crisis
Whether the impact is on a global, national, or individual industry level, this pandemic is already changing the way businesses are operating on a day-to-day basis. As we venture past the peak of the pandemic, businesses are going to have to adapt to the new world in which they reside in order to survive. Specifically, within the business industry and as a business owner, it is crucial, now more than ever, to be familiar with [Read More]
PPP Gets Five-Week Extension
On Wednesday, July 1, the House agreed unanimously to an extension of the Paycheck Protection Program (PPP). The five-week extension originated in the Senate on Tuesday, where it was approved late in the evening. President Trump signed the bill into law on Saturday, July 4. With around $129 billion of loan funds still available through the PPP, the application window closed on Tuesday, June 30 at midnight. However, this extension means that the U.S. Small [Read More]
SBA PPP Guidance Update—June 25-26, 2020
Late last week, the United States Small Business Administration (SBA) released yet another round of guidance updates regarding the Paycheck Protection Program (PPP). The areas covered by this latest release are maturity dates and loan amounts. A recent article from the Journal of Accountancy offers a brief overview of the guidance update. The additional guidance was released in the form of new and updated PPP FAQ questions on the SBA website. Here are details of [Read More]
SBA Releases Guidance Regarding Early PPP Loan Forgiveness
On June 22, the U.S. Small Business Administration (SBA) released additional guidance regarding Paycheck Protection Program (PPP) loan forgiveness. A recent article from the Journal of Accountancy summarizes the information contained in the release. The new interim final rule primarily addresses changes made by the Paycheck Protection Program Flexibility Act of 2020. This is the second round of guidance following the new legislation. It seeks to respond to inquiries regarding applying early for PPP loan [Read More]
Improving Cash Flow Post-COVID 19 With the R&D Tax Credit
As businesses attempt to get back on their feet post Covid-19, understanding programs that you may qualify for, such as the R&D tax credit, can help reestablish robust cash flow. This article outlines the ins and outs of the tax credit program, what the many benefits are, and what documents are needed in order to claim the credit. To view this article, click HERE to access the original content.
5 Questions to Consider Regarding Goodwill & Asset Impairment Testing
This article discusses how the coronavirus has impacted the business world on a number of levels including raising questions around Goodwill and long-lived assets. Whether it is trying to sort through Goodwill testing or estimated values for publicly traded companies, this article offers information from a general business perspective. To view this article, click HERE to access the original content.