How Socially Responsible Investing Is Intersecting With Construction
This article discusses how the construction industry is changing on a number of levels including working towards more sustainable efforts. In fact, investors are starting to take notice of sustainability efforts being a key ingredient in any successful construction project. With this new outlook comes many expectations and may demand construction infrastructure to change as a whole. Be sure to check out this link for more information! To view this article, click HERE to access...
What is Business Identity Theft and How to Avoid It
This article dives deep into the concept of business identity theft, as well as preventive measures that you can take in order to reduce the potential fallout. For example, one piece of advice is to “hire forensic accountants to look at your books…and frequently.” Along with bringing on a forensic accountant, investing in security can be a potential business saver. Be sure to check out this link for more information and details! To view this...
The Benefits of S-Corporation Election
Should your single member LLC or other sole-proprietorship elect to be an S-corporation effective January 1, 2021? If so, the deadline to elect this option is March 15, 2021. Please contact your HeimLantz Advisor to discuss whether you would benefit from converting to an S corporation and the cost of the analysis. S-corporations offer many tax advantages. Some of these advantages are detailed below. Reduced self-employment taxes, assuming reasonable wages are paid. Self-employment tax is assessed against...
2021 Individual Tax Reminders
We are committed to delivering a great client experience while maintaining the safety of our team and our guests. Our offices are open but to reduce the spread of COVID-19, we have limited staff on site. Please contact your accountant or call the office’s main line at 410-841-5575, if you would like to schedule a teleconference, video conference, or in-person meeting. Dates to Remember April 15: this year's filing deadline. March 1: all tax organizers...
8 New Tax Breaks in the Recent Stimulus Bill
As you doubtlessly know, Congress recently passed a massive new stimulus bill that was enacted into law on December 27, 2020. Most of the public’s attention has been focused on the bill’s authorization of additional stimulus checks and new PPP loans and other aid targeted to struggling businesses. But Form 1040 American taxpayers who are not in business are struggling as well. The stimulus bill contains a hodgepodge of eight new or extended tax breaks...
Turn Your Meetings Into Effective Leadership Tools
Do your meetings feel more like a waste of time? Are they worth the effort? Businesses need to establish meeting rhythms in order to create more strategic, efficient, and effective meetings with their teams. In our latest video, Gravitas Impact Coach Zack Greene takes you through four reasons why your meetings aren't accelerating your business.
Things to Consider Before Applying for a PPP Loan
This article discusses and addresses the uncertain times that businesses are living through right now due to the coronavirus pandemic. With the passing of the Paycheck Protection Program, there are many things to consider when applying for this government aid. For example, knowing the guidelines are not set in stone, tax burdens, tax-deductibility, and a second draw are all things to be contemplated as you start the application process. Be sure to check out...
The Benefits of S-Corporations
Should your single member LLC or other sole-proprietorship elect to be an S-corporation effective January 1, 2021? If so, the deadline to elect this option is March 15, 2021. S-corporations offer many tax advantages. Some of these advantages are detailed below. Reduced self-employment taxes, assuming reasonable wages are paid. Self-employment tax is assessed against income reported on a Schedule C (or Schedule F for farmers) at a rate of 15.3%, up to certain limits. In contrast, S-corporation...
ABLE Accounts: Game Changer for the Disabled
Sixty-one million adults and over 12.6 million children in the United States have some type of disability. If you have a disabled or blind child or another family member or are disabled or blind yourself, you should know about ABLE accounts. These tax-advantaged accounts can be a real game-changer for the disabled. Ordinarily, a disabled person who receives government benefits can only have $2,000 in cash or other countable assets. This can make it impossible for...
Top Tech Trends to Watch in 2021
This article discusses how, like most industries, the technology world has been impacted by the coronavirus pandemic in a number of ways. For example, trends in e-commerce, telemedicine, and remote learning are expected to take center stage in the new year. Specifically, robots, 5G and its impact on transportation, and cloud usage are all outlined in this article. Be sure to check out this link for more information! To view this article, click HERE to...
Marketing Tips for Start-ups
This article outlines and then continues to dive into detail about seven marketing tips for your start-up business. As a start-up, funds can be limited, but tips such as solidifying your brand, staying true to yourself, clearly define your goals and metrics, budgeting, and social media usage can all benefit your business. Be sure to check out this great link for more information and details on how to utilize these tips! To view this article,...
What You Should Know About Estate Taxes
If you become an executor of your loved one’s estate, you may have some important tax decisions to make. Here are some quick thoughts. The decedent’s medical expenses provide you with planning opportunities to deduct as itemized deductions (subject to the 7.5 percent floor) not only the medical expenses incurred during the taxable year of death but also those unpaid at the date of death but paid within one year of death; or deduct in...
6 Engineering R&D Tax Credit Activities
This article discusses and outlines the qualifications for a hidden opportunity within the engineering industry that rewards your firm for innovative efforts. A research and development tax credit could be rewarded to projects such as alternative structural designs, testing new materials, designing sewage systems in complex environments, and conduct in environmental studies. Be sure to check out this link for the full list of qualifying activities as well as more information on research and...
Building a Lasting Family Business
This article acknowledges and discusses the portrayal that the media gives us of family businesses. Although this industry operates on the more risky side, the owners of family businesses possess a unique decision making power. Additionally, this article outlines the different types of models that you may want to incorporate inside your family business as well as the owner strategy triangle. Be sure to check out this great source for more information! To view this...
Paycheck Protection Program Opportunities
Did you miss out on the first two opportunities to receive your tax-free Paycheck Protection Program (PPP) cash? Many did miss out. Why? One reason: the word “loan.” Who wants a loan? No one. Well, almost no one. But who wants a cash gift, tax-free? If you do, read on for the details. But first, you should know that the big picture works like this: You obtain your PPP tax-free monies from a lender (it’s called a “loan,” but...
COVID Grants
Billions of dollars in grants are being doled out to individuals and businesses in the wake of the COVID-19 pandemic. The recently enacted second stimulus bill has increased these grants, including $25 billion in rental assistance for individuals, a new round of Small Business Administration (SBA) Economic Injury Disaster Loan (EIDL) advances, and new grants for shuttered entertainment venues such as movie theaters. The good news is that, unlike loans such as SBA EIDLs, these...
COVID Relief and the Construction Industry
This article offers a breakdown of the most recent coronavirus relief bill and what it means for the construction industry. Specifically, it outlines the many opportunities that lay inside the bill for contract workers. Topics such as school construction, clean energy projects, and military housing are all discussed. To view this article, click HERE to access the original content.
Trends Driving Small Business in 2021
This article discusses how the COVID-19 pandemic has changed the landscape on which most small businesses operate. However, trends such as digital footprint, virtual efficiency, workplace culture, and customer reviews are all set to be significant in the new year. No matter your specific industry, these trends apply to all small business leaders. To view this article, click HERE to access the original content.
New Paycheck Protection Program Guidance Released
On Wednesday, January 6, the U.S. Small Business Administration (SBA) and the Treasury issued joint guidance regarding the latest updates to the Paycheck Protection Program (PPP), as amended by the recent COVID-19 relief bill. A recent article from the Journal of Accountancy offers an overview of the guidance, which includes the following items: An interim final rule titled, “Business Loan Program Temporary Changes; Paycheck Protection Program as Amended” – This document includes a consolidation...
President Signs Coronvirus Relief Act
On December 27, 2020, President Trump signed into law the Consolidated Appropriations Act, 2021 (CAA2021), which includes $892 billion in coronavirus stimulus spending. This long-awaited and highly contested piece of legislation ties coronavirus relief funding into a $1.4 trillion resolution for funding the federal government through September of next year. The nearly $900 billion in stimulus funds comprises a variety of measures, including a renewal of enhanced unemployment benefits, an extension of the Paycheck...
Tax Changes Coming: What Contractors Need to Know
This article discusses how the end of 2020 brings the need for a conversation surrounding tax planning and consideration of other financial issues/opportunities. Additionally, it outlines the importance of turning to a tax and accounting expert in order to stay in compliance, but it also outlines some basic points to start this vital process. For example, changes in accounting methods, the election effect, and research and development credits are all points that should be...
Succession Planning Trends to Watch
This article discusses some of the basics that you can capitalize on to ensure that the succession of your business is as easy and efficient as possible. For example, tips such as communicating early, defining goals, and establishing a talent development program are all important things to consider when handing your business over. Be sure to check out this link for more details! To view this article, click HERE to access the original content. ...
Processing Payroll in 8 Easy Steps
Although outsourcing payroll is an effective approach, completing payroll in-house can save your business time and money. You may think that completing payroll is a daunting task, but following tips such as determining overtime pay, calculating gross pay, and determining deductions before you start the payroll process can keep you in check. Additionally, keeping records after each pay period is also a vital tip. Check out this link to take a short quiz and...
Essential Workers Are Second in Line for Vaccine
The article discusses the recent publication from the CDC outlining their plan for the second wave of coronavirus vaccines. Specifically, “essential workers” Are scheduled to receive the vaccine only behind healthcare workers. However, their publication listed “education, food, and agriculture, utilities, firefighters, correction officers and transportation” workers as examples. However, the vice president of the AGC is not worried that construction workers were not listed. Check out this link for more information! To view this...
Income Tax Brackets for 2020 and 2021
This article discusses the importance of being educated on the latest income tax brackets and trends to best optimize your hard-earned savings. Each year the IRS adjusts the tax brackets and knowing exactly which one you and your business fall into and can be very beneficial. Be sure to check out this link to compare last year to the expected upcoming 2021 federal income tax bracket and rates. To view this article, click HERE to...
Maryland Enacts Pass-Through Entity SALT Deduction Workaround
On May 7, the governor of Maryland enacted SB 523 – Income Tax—Pass-Through Entities and Corporations. This new legislation aims to provide relief for taxpayers from the $10,000 cap on federal deductions for state and local taxes (SALTs). SB 523 goes into effect on July 1, 2020 and applies to tax years 2020 and beyond. SB 523 was created in response to a change made by the 2017 Tax Cuts and Jobs Act (TCJA). The...
What Contractors Can Expect from the New Administration
This article discusses the election effect that is going to be felt in the construction industry in the months to come. For example, Biden promised to “invest $2 trillion into the economy, creating millions of jobs in infrastructure, housing, building construction, and other projects.” Additionally, the strengthening of worker organizations and unions should be monitored. Be sure to check out this article for more information! To view this article, click HERE to access the original...
Finding, Retaining, and Rewarding the Right Staff and Clients
This article discusses some of the best practices that you can incorporate into your startup or general business to keep adequate clients and customers surrounding your business. Whether it is superior customer service, being open and honest, and/or rewarding great work, these tips can set you apart from the competition. Be sure to check out this link for more details! To view this article, click HERE to access the original content.
Deducting Losses – Current NOL Rules Related to the CARES Act
This article discusses how the coronavirus pandemic impacted many businesses in a negative way. Despite government funding programs such as the CARES Act and PPP Loan, many businesses are going to finish the year with a negative net operating loss. However, because of these losses, “It is critical for those businesses and especially their financial advisers to be updated on the current rules surrounding the NOL deduction.” Be sure to check out this link...
Assessing and Understanding Your Weaknesses
When a driver fails to check their blind spot before changing lanes, an accident can easily happen; similarly, when an accounting professional fails to have a clear understanding of their weaknesses, it can be very detrimental to their career. Today we want to talk about a potentially unpopular subject: assessing and understanding your own weaknesses. Benefits of Understanding Your Weaknesses Nobody really enjoys contemplating what they are bad at, but it is an exercise well worth...
How Sustainable Development Can Qualify as R & D Tax Credits
This article discusses how many occupations including builders and property owners can benefit from research and development tax credits by pushing for sustainable development. Specifically, “Sustainable construction practices that involve innovative processes and activities may qualify for R&D tax credits.” These opportunities often go overlooked, but research and development tax credits are a significant part of the tax code in the United States and are aimed at keeping technology and other advancements within our...
Main Street Loans Opening Up for Smaller Businesses
This article discusses the most recent announcement from the Federal Reserve Board. This is significant for small businesses because the minimum loan amount went from $250,000 to $100,000 on three Main Street loan facilities. Additionally, they published a frequently asked clarification document that answers questions concerning the paycheck protection program. Be sure to check out this link for more information! To view this article, click HERE to access the original content.
Tax Credits Construction Firms Often Overlook
This article discusses significant construction projects that are set to begin rather soon in the Midwest. However, a major source of funding is being overlooked; a research and development tax credit. Although there are four qualifications a project must meet in order to receive a research and development tax credit, digging into whether or not your firm qualifies can be well worth it. In fact, “The R&D credit has recently been made a permanent...
Why Hiring a Tax Accountant is Good for Small Business
This article discusses how, although hiring a CPA for your small business comes with a cost, the pros may outweigh the cons in this situation. For example, hiring a CPA will allow you to save precious time and can be used as a trusted source for support. Additionally, your accountant can help you with all finance-related work as well as offer advice on a daily basis. Be sure to check out this article for...
Getting Around the New Law That Impairs the Stretch IRA Strategy
Last December, the Setting Every Community Up for Retirement Enhancement (SECURE) Act became law. The SECURE Act was intended mainly to expand opportunities for individuals to increase their retirement savings and to simplify the administration of retirement plans. That’s the good part. But the act also included a big unfavorable change that kneecapped the so-called stretch IRA estate planning strategy that was employed by well-off IRA owners. The Stretch IRA Strategy The stretch IRA strategy involves keeping as...
Don’t Let the IRS Set Your S Corporation Salary
You likely formed an S corporation to save on self-employment taxes. If so, is your S corporation salary nonexistent? too low? too high? just right? Getting the S corporation salary right is important. First, if it’s too low and you get caught by the IRS, you will pay not only income taxes and self-employment taxes on the too-low amount, but also both payroll and income tax penalties that can cost plenty. Second, in most cases, the IRS...
Using Whole or Partial Rooms for Your Home Office
With the COVID-19 pandemic still going on, you may be spending more time working from your home office. You may have taken some extra rooms for your business use. Is that okay? Section 280A(c) states that you may claim a home office based on the portion of the dwelling that you use exclusively and regularly for business. Thus, the law dictates no specific number of rooms or particulars regarding the size of the office. The courts make...
The Latest on Payroll Tax Deferral
If you have employees, you must withhold their 6.2 percent share of the Social Security tax from their wages up to an annual wage ceiling ($137,700 for 2020). You must pay the money to the IRS along with your matching 6.2 percent employer share of the tax. But under the Coronavirus Aid, Relief, and Economic Security (CARES) Act, as you likely know, employers are allowed to defer paying their 6.2 percent share of the Social...
Unclaimed Property Distributions Allowed As Self-Certified Rollovers
The article discusses a recent publication from the IRS in response to multiple requests from stakeholders asking for guidance on self-certifications. Additionally, it outlines what is required within the report as well as the effective dates of this revision. Check out this article for more information! To view this article, click HERE to access the original content.
Fighting Financial Fraud
This article discusses how the coronavirus pandemic, and in particular, telecommuting, has raised a new set of problems for managers in terms of company fraud. Working from home has its benefits, but as a company owner or manager, it also has a lot of risks. Tools to fight fraud have been increasing through the years, but now more than ever, your company can benefit from understanding these tools and utilizing them in your business....
Small Business Best Practices for the Remainder of 2020
This article discusses some of the best business practices that your business can partake in order to ensure or maintain results during this hard time. From knowing the weaknesses of your products to having a playbook and the right tools, these tips can be very useful as we continue on in 2020. Be sure to check out this article to view the full list! To view this article, click HERE to access the original content. ...
Virtual Interview Best Practices
As the coronavirus pandemic drags on, it is likely that any interview you attend—whether for a job, an internship, or a volunteer position—will be conducted virtually. While Google is rife with articles offering tips and tricks for acing job interviews, advice about how to handle the particulars of interviews conducted virtually is less common. Read on for some helpful best practices. Before Your Interview Prior to your interview, there are some special steps you should take...
Video: Leading in Times of Uncertainty
Is your business merely surviving? Wouldn’t you rather have it thrive?Now, more than ever, businesses need strong leadership in order to make sure their organization is growing from a strong, solid foundation.So, how do you do it? How do you lead a team to sucess amidst precarious circumstances?In our latest video, Gravitas Impact Coach Zack Greene takes you through six actions to make your leadership more impactful.
What is Sustainable Construction
This article goes into detail about what it means to be sustainable. For private and public sectors, this definition may be totally different. However, “The U.S. Environmental Protection Agency defines sustainable construction as “the practice of creating structures and using processes that are environmentally responsible and resource-efficient throughout a building’s life-cycle from siting to design, construction, operation, maintenance.” Given this definition, there are many benefits to promoting sustainability within the construction industry. These benefits...
Successful Employee Recruitment Strategies
This article is aimed at helping small businesses grow in the right direction through the recruitment process. Some of the best practices outlined in this link are identifying what your vacant jobs entail, advertising, and holding introductory calls. Be sure to check out this link and review all of the strategies because recruitment is a vital key for success in any small business. To view this article, click HERE to access the original content. ...
Family Business Trends in a Post-COVID-19 World
This article discusses how the coronavirus pandemic has impacted the national economy, and in particular, family enterprises. However, being educated on emerging trends such as the rise of small cities, an increase in digitalization, and a slowdown in globalization can help your family business get back on the right track. To view this article, click HERE to access the original content.
HeimLantz CPAs and Advisors Welcomes New Bookkeepers
The local public accounting and business advisory firm, HeimLantz, is pleased to announce the additions of Lynn Roy and Yvette Sosa to their professional team. Lynn Roy joined the HeimLantz team, part-time effective July 20, as an outsourced accountant. She brings with her six years of experience as a financial specialist with the US Army and 15 years of experience as a financial manager with a law firm. Yvette Sosa also serves the firm as...
Opportunity Zone Tax Incentive Benefits
This article discusses a rare opportunity that the Tax Cuts and Jobs Act have produced for investors in the United States. Long story short, this act is incentivizing investors to invest in distressed communities in order to receive tax benefits in the hopes of “spur[ing] economic development and job creation” in those regions. Be sure to check out this article for more details surrounding the opportunity zones qualifications needed! To view this article, click HERE...
IRS Issues Guidance Regarding Payroll Tax Deferral
On Friday, August 28, the Internal Revenue Service (IRS) released Notice 2020-65, which offers guidance regarding the implementation of the Presidential Memorandum on the deferment of some payroll taxes. The memorandum, which was released by the President on August 8th, called for a deferral of the employee share of social security tax (or the railroad retirement tax equivalent) due between September 1, 2020 and the end of the year. The deferral applies to employees who...
How COVID-19 Has Changed Business Forever
This article discusses how the coronavirus pandemic is impacting a number of industries in multiple ways. Some of the trends include working from home, hiring based on technology skill set, and restaurants teaming up with delivery services permanently. No matter your industry, being aware of these trends and how they will impact businesses on a day-to-day basis will provide a competitive edge during this unstable time. To view this article, click HERE to access the...
August 2020 Tax Saving Tips
Spending the PPP Money on You and Your Employees If you report your business income and expenses on Schedule C of your Form 1040, your Payroll Protection Program (PPP) loan forgiveness is straightforward, as you see in the four answers below. Paying Myself Question. I know that I can achieve full forgiveness based solely on my 2019 Schedule C income in 10.8 weeks under the 24-week program. Do I have to pay myself every week for 10.8...
Making Federal Payments to the IRS – Past, Present and Future
In times past, mailing a tax payment to the IRS was reliable and simple. Due to recent changes at the United States Postal Service, a large majority of mail is unprocessed and backlogged throughout the country. Coupled with delays caused by the ongoing COVID pandemic, the IRS has been unable to process many 2019 tax payments. As a taxpayer, you may have mailed paper checks for tax obligations that were due on July 15, 2020....
The Impact of COVID-19 on the Construction Industry
This article discusses how the coronavirus has impacted the construction industry on a number of levels. However, the industry as a whole was recovering until the recent spikes in COVID-19 in some states. In fact, “Nonresidential building starts were down 7 percent year-to-date for this year compared to the same period in 2019.” To view this article, click HERE to access the original content.
11 Small Business Accounting Tips to Save Your Business Time and Money
This article discusses some accounting tips that your small business should consider following in order to become more efficient. There are many details business owners must consider, managing your accounting practices early on will allow you to focus on the work of growing your business. Whether it is as simple as separating your personal and business expenses or eventually making things automated, getting back to basics can go a long way to saving you...
Presidential Memos Address Coronavirus Issues
Over the weekend, President Trump issued a series of executive actions. Three of the four memos aim at extending CARES Act provisions that have expired already or will expire soon. The fourth seeks to mimic the payroll tax holiday for which the President has been advocating. The four executive actions address the following areas: Unemployment Benefits – This memorandum authorizes an extension of the enhanced unemployment benefits legislated in the CARES Act. It lowers the...
Construction Trends in 2020
This article outlines and discusses some of the latest trends within the construction industry. Whether it is the growth of modular construction, robotic advancements, or technology keeping project costs down, these trends are important to keep in mind as construction attempts to bounce back from the pandemic. To view this article, click HERE to access the original content.
4 Tips to Stabilize Your Small Business
In this time of uncertainty, knowing about and implementing some best practices within the industry can go along way in the health of your business. This article discusses four tips that you can take advantage of, such as keeping your customers up-to-date, shifting to an online focus, and managing expenses. To view this article, click HERE to access the original content.
IRS Publishes New Release Regarding Business Interest Expense Limitations
The Internal Revenue Service (IRS) recently announced finalized guidance regarding business interest expense limitations. In a helpful article from the Journal of Accountancy, author Sally Schreiber offers an overview of the new rules. Background The business interest expense limitation was created by the Tax Cuts and Jobs Act (TCJA) of 2017 and subsequently modified by the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) of 2020. The TCJA established that for tax years 2018 and...
Required Directives for Construction Projects
This article discusses the latest mandated practices throughout the state of California in terms of construction projects. Although specifically published for the state of California, this article can be a great indicator of what is going to come for the rest of the states. To view this article, click HERE to access the original content.
Main Street Lending Program Provides Working Capital for Small Businesses
The Main Street Lending Program is designed to help credit flow to small and medium-sized businesses and nonprofit organizations that were in sound financial condition before the onset of the COVID-19 crisis, but now need loans to help maintain their operations until they have recovered from, or adapted to, the impacts of the pandemic. Loans originated under the program have several features that will help businesses and nonprofits facing challenges, and loan sizes start...
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...
Overcoming COVID-19 Challenges in the Construction Industry
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, this link gathers many articles about how workers are overcoming challenges in front of them within the construction industry. To...
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...
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...
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...
10 States Where Construction Has Been Most Affected By Coronavirus
This article dives into how the coronavirus has impacted the construction industry nationwide. Specifically, the graphs within this article show which states were negatively impacted the most and what construction activities are on the decline. Additionally, this article offers insight into things such as the PPP loan and white may be next for the industry. To view this article, click HERE to access the original content.
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.
Changes Coming to Construction Sites in Response to COVID-19
This article discusses different topics concerning the safety of construction workers as the industry attempts to make a recovery. Based on the knowledge that we know about the COVID-19, health professionals are recommending proper hygiene techniques such as washing hands after touching tools and equipment. Additionally, this article outlines some steps that employers should be taking to reduce transmission. To view this article, click HERE to access the original content.
The Future of Customer Service Agents Working from Home
As the country and even the world shift their attention to the seeming long-lasting impact of the Coronavirus, updates appear to be coming out each day. 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...
Senate Passes Paycheck Protection Flexibility Act
On Wednesday night, the Senate voted unanimously in favor of the Paycheck Protection Flexibility Act. This new legislation makes key adjustments to the timeline for spending Paycheck Protection Program (PPP) funds and revises how loan recipients are required to allocate the money. Here is a brief overview of the key provisions contained in the bill: Loan recipients now have 24 weeks to spend the funds. Previously, they had to use all the money within eight...
New Guidance Regarding PPP Loan Forgiveness
On May 22, the Small Business Administration (SBA), in conjunction with the U.S. Treasury, released additional guidance for recipients of loans through the Paycheck Protection Program (PPP). A recent article from the Journal of Accountancy examines the details of the new release. The SBA issued two new interim final rules, one regarding requirements for loan forgiveness and the other covering procedures for loan review and responsibilities of borrowers and lenders. The article pulls out highlights...
Key Considerations for Recalling Your Workforce
Have you thought about what it will look like to restore your workforce? As more and more businesses receive loans through the Paycheck Protection Program (PPP) and consider recalling their employees, there are several key considerations to take into account. Established by the CARES Act, the PPP is an initiative that offers aid to small businesses via forgivable federal loans. Borrowers can qualify for up to $10 million in 100% federal government guaranteed covered loans....
What Will the Post-Coronavirus Business World Look Like?
As the U.S. slowly starts to transition into reopening, many business owners are anticipating big changes—a new normal. While nobody can know for sure how things will turn out, today we want to spend some time pondering what the post-coronavirus business world might look like. What might reopening look like for businesses? Because of the governing system in the U.S., reopening will look quite different—and take place on a different schedule—from one state to another. Some...
FASB Announces Further Delays of Revenue Recognition and Leases Standards
Following last month’s proposal to defer the effective date of two standards for private companies and nonprofit organizations, the Financial Accounting Standards Board (FASB) voted to delay the effective dates of revenue recognition and leases standards on May 20. The standards extension comes as a response to complications caused by the coronavirus pandemic. A recent article from Accounting Today examines the history of delays for these two items. This is not the first time that...
The Future Impact of the Global Pandemic on the Construction Industry
This article discusses how the Coronavirus is going to impact the construction industry on a number of levels in the near future. From mild adjustments to safety regulations, the changes are going to be inevitable. However, this article outlines how you can best position yourself for what is ahead, both in the short and long term. To view this article, click HERE to access the original content.
Paycheck Protection Program Loan Forgiveness Best Practices
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. The Paycheck Protection Program loan has become a lifeline for small businesses. Some of these loans may even be forgiven...
SBA Releases Application for PPP Loan Forgiveness
On Friday, May 15, the Small Business Administration (SBA) announced an important release for borrowers who received loans through the Paycheck Protection Program (PPP). The bureau made public a form and instructions for borrowers to use to apply for PPP loan forgiveness. The application must be completed and submitted to the lender that serviced the borrower’s PPP loan. It includes the following four components: A form for calculating the PPP loan forgiveness amount A PPP...
Maintaining Your Mental Health During the Coronavirus Pandemic
There is a lot of scary stuff happening right now. Many are struggling to maintain good mental health in light of the coronavirus pandemic. For some, the mental strain is exacerbated by the fact that so many are practicing social distancing. So how can you maintain or strengthen your mental health in the midst of these dire circumstances? A recent article from BBC News offers the following tips: Take a step back from the news...
New SBA Guidance Regarding Loan Increases for Partnerships, Seasonal Employers
On May 13, the Small Business Administration (SBA) released new guidance regarding the Paycheck Protection Program (PPP), Business Loan Program Temporary Changes; Paycheck Protection Program – Loan Increases. This is a new interim final rule allowing for an increase in the amount of loan for which partnerships and seasonal employers are eligible. Let’s back up—why is further guidance in this area required in the first place? After the PPP was initially created, an interim rule...
What to Consider When Reopening
Many businesses and organizations across the country are evaluating and making plans to reopen. Some calls for ending stay-at-home orders are due to economic necessity. Others stem from a desire to maintain mental well-being through social interactions. Regardless of one's stance on why the country should begin to reopen, what is clear is this: it is the responsibility of everyone to take reopening steps with as much care and caution as possible. Although much remains...
New SBA Guidance Regarding Paycheck Protection Program
On May 13, the Small Business Administration (SBA) issued additional guidance regarding the Paycheck Protection Program (PPP). They added a highly anticipated new question to their lengthy FAQ: “How will SBA review borrowers’ required good-faith certification concerning the necessity of their loan request?” One of the requirements when submitting a PPP loan application is a self-certification by the applicant that the loan is necessary to support their ongoing operations in light of the current economic...
The New Normal for the Construction Industry
As the country and even the world shift their attention to the seeming long-lasting impact of the Coronavirus, updates appear to be coming out each day. 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...
Playbook for Re-Opening Your Business
As the country and even the world shift their attention to the seeming long-lasting impact of the Coronavirus, updates appear to be coming out each day. 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...
The CARES Act and CRE
How your business can benefit from the CARES Act legislation… Downalod the Handout (pdf) »
Is My PPP Loan Still Forgivable if My Employees Refuse to Come Back to Work?
The Paycheck Protection Program (PPP) is a loan initiative created by the CARES Act that targets aid to small businesses dealing with losses resulting from the coronavirus pandemic. The big appeal of the program is that the portion of the PPP loan funds used for certain “allowable purchases” is fully forgivable. Firstly, what are the requirements for achieving PPP loan forgiveness? The SBA guidelines state that PPP loan funds will be forgiven (1) if an...
SBA Releases Additional PPP FAQ Questions
On May 3rd, the Small Business Administration (SBA) issued a new round of guidance regarding the Paycheck Protection Program (PPP). They addressed three issues for which business owners have requested clarification, including: The impact of a laid-off employee refusing to be rehired on a borrower’s PPP loan forgiveness amount – If the borrower attempts to rehire laid-off employees at the same salary/wages and number of hours but the employees refuse, the employees may be...
The Commercial Impact of the Coronavirus on the Tech Industry
As the country and even the world shift their attention to the seeming long-lasting impact of the Coronavirus, updates appear to be coming out each day. 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. Specifically, within the technology industry, tips such as monitoring customer demands and assigning critical suppliers can be beneficial. To view this article, click...
How The Office of the Future Will Look After Coronavirus
As the country and even the world shift their attention to the seeming long-lasting impact of the Coronavirus, updates appear to be coming out each day. 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. Specifically, changes to the workplace such as wider corridors and better air filtration are occurring. To view this article, click HERE to access...
IRS Releases Notice Regarding Tax Deductions and PPP Loan Funds
On Thursday, April 30, the IRS released Notice 2020-32. The announcement effectively disallows a tax deduction for any expenses that are paid with forgiven Paycheck Protection Program (PPP) loan proceeds. The PPP was created by the Coronavirus Aid, Relief, and Economic Security (CARES) Act, a historic $2.2 trillion stimulus package. The loan program allows small businesses to borrow funds equal to 2.5 months of specified payroll from the Small Business Association (SBA). If their loan...
IRS Updates FAQ on Employee Retention Credit
On April 29, the Internal Revenue Service (IRS) released a large expansion of their FAQ on the Employee Retention Credit (ERC). The ERC was created as a part of the Coronavirus Aid, Relief, and Economic Stimulus (CARES) Act, a $2.2 trillion legislative initiative designed to stave off the impact of the coronavirus pandemic. It is a fully refundable payroll tax credit. Employers can use one of two methods to determine their eligibility for the ERC: ...
Further Clarification on PPP Loans
The Payroll Protection Program (PPP) loans are top of mind for most leaders and owners of small businesses. Recently the headlines that feature PPP have been about high-profile companies receiving large PPP loans. Many are questioning the appropriateness and need for the companies receiving these loans. Those who are considering applying for the second round of these loans are wondering if they should apply. Even those that have already received loans are reconsidering whether to...
Employee Retention Tax Credits and Your Business
As the country and even the world shift their attention to the seeming long-lasting impact of the Coronavirus, updates appear to be coming out each day. 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 a small business owner, it is important, now more than ever, to be familiar with the ins and outs of your...
President Enacts $484 Billion Virus Aid Bill
On Friday, April 24, President Trump signed the Paycheck Protection Program and Health Care Enhancement Act into law. The new aid bill boosting funding for various initiatives in response to the coronavirus pandemic was passed in the Senate on Tuesday and by the House on Thursday. The legislation includes the following: $310 billion in additional funding for the Paycheck Protection Program (PPP). The original $349 billion that funded the program was depleted last week....
CARES Act Guide: Tax Modifications
Download the CARES Act Guide: Tax Modifications here (.pdf) »
CARES Act Guide: Loans
Download the CARES Act Guide: Loans here (.pdf) »
Achieving PPP Loan Forgiveness
Businesses that have managed to secure financing through the Paycheck Protection Program (PPP) are fortunate—but also saddled with a lot of red tape. Business owners and managers should be careful that they adhere strictly to the terms of the program in order to qualify for loan forgiveness. In response to the coronavirus pandemic, Congress created the Coronavirus Aid, Relief, and Economic Security (CARES) Act. The historic $2.2 trillion stimulus bills included $350 billion towards the...
Where’s My Recovery Rebate?
As part of the recently enacted Coronavirus Aid, Relief, and Economic Security (CARES) Act, direct economic recovery payments are being distributed to eligible American taxpayers. Distribution of recovery rebates began this week. If you are expecting a federal recovery rebate, but have not yet received it, visit the IRS website for more information. The IRS recently released a tool to provide information about: Your payment status Your payment type Whether the IRS needs more information...
SBA Issues Supplemental PPP Guidance
NOTE – on Thursday, April 16, 2020, the SBA announced it had fully committed the entire $350B PPP appropriation. Consequently, the SBA and banks are no longer accepting applications for PPP loans. This could change in the event Congress appropriates additional funding to the program. On April 14, the Small Business Administration (SBA) released new guidance regarding the Paycheck Protection Program (PPP), a $350 billion program that targets aid to small businesses dealing with losses...
CARES Act FAQ: Mid-Sized Business Lending Program
On March 27th, President Trump enacted the Coronavirus Aid, Relief, and Economics Security (CARES) Act. The historic $2.2 trillion stimulus bill includes $454 billion to support Federal Reserve emergency lending facilities to help mid-sized businesses dealing with losses resulting from the coronavirus pandemic. The legislation instructs the US Department of the Treasury to create a Federal Reserve program designed to funnel financing to banks and other lending institutions that make direct loans to mid-sized...