We are all in this together!

We all are feeling this crisis and we are offering our support to any small business that needs guidance. We, therefore, are offering complimentary one on one assistance to provide recommendations for you and your business. We will assess your current books/financials and cash flow and provide some guidance on how to move forward. Although our clients remain our top … Read More

4.8.20 Reporting the New Employee Retention Credit

Reporting the New Employee Retention Credit: Thanks to the Coronavirus Aid, Relief, and Economic Security (CARES) Act, a refundable payroll tax credit is available for 50% of qualified wages paid by eligible employers to employees after 3/12/20 and before 1/1/21. The credit is available to employers, including nonprofits, (1) whose operations were fully or partially suspended due to a COVID-19-related … Read More

4.7.20 UPDATED PPP Guidance

INTERIM FINAL RULES – PAYCHECK PROTECTION PROGRAM LOANS Frequently Asked Questions (FAQs) The Small Business Administration (SBA), in consultation with the Department of the Treasury, intends to provide timely additional guidance to address borrower and lender questions concerning the implementation of the Paycheck Protection Program (PPP), established by section 1102 of the Coronavirus Aid, Relief, and Economic Security Act (CARES … Read More

4.3.20 Plan Documents and Termination vs. Furlough vs. Lay-Off

Plan Documents and Termination vs. Furlough vs. Lay-Off  Termination, furlough, and lay-off are not defined terms under ERISA or the Affordable Care Act. A furlough is generally considered to be a mandatory leave with limited or no pay, with the expectation that employees return to work once regular business resumes. A termination and a lay-off are more similar, but an … Read More

United States — Accounting Methods & Inventories — Mergers & Acquisitions — State & Local Taxation — International Taxation (U.S.) — Federal coronavirus law, CARES Act, has state tax implications

On March 27, 2020, President Trump signed into law the Coronavirus Aid, Relief, and Economic Security Act, P.L. 116-136 (CARES Act), which provides over $2 trillion in economic relief in response to the coronavirus (COVID-19) pandemic. The CARES Act also modifies sections of the Internal Revenue Code of 1986, as amended (IRC).1 Certain IRC modifications relax limitations on deductions, which … Read More

3.31.20 PAYCHECK PROTECTION PROGRAM (PPP) INFORMATION SHEET

PAYCHECK PROTECTION PROGRAM (PPP) INFORMATION SHEET: BORROWERS The Paycheck Protection Program (“PPP”) authorizes up to $349 billion in forgivable loans to small businesses to pay their employees during the COVID-19 crisis. All loan terms will be the same for everyone. The loan amounts will be forgiven as long as: The loan proceeds are used to cover payroll costs, and most … Read More

3.31.20 Leading Through Chaos – Video

Learning valuable lessons from the current crisis is vital and we have an immense opportunity to make ourselves and our organizations stronger, more influential and more effective. Brought to you by our Professional Resource Partners, CEO Effectiveness  See the Webinar HERE

3.31.20 Tax Relief provided by the CARES Act

Tax Relief provided by the CARES Act Recovery rebates for individuals.  To help individuals stay afloat during this time of economic uncertainty, the government will send up to $1,200 payments to eligible taxpayers and $2,400 for married couples filing joints returns. An additional $500 additional payment will be sent to taxpayers for each qualifying child dependent under age 17 (using the … Read More

3.31.20 – Changes to NOL rules under IRC Section 172(a)

Changes to NOL rules under IRC Section 172(a) The CARES Act temporarily suspends the 80% taxable income limitation on the use of a net operating loss (NOL) to offset taxable income for tax years beginning after December 31, 2017 and before January 1, 2021. Taxpayers may elect to: Carry NOLs arising in any tax year beginning after December 31, 2017, … Read More

Paycheck Protection Program FAQs for Small Businesses

Where can I apply for the Paycheck Protection Program? You can apply for the Paycheck Protection Program (PPP) at any lending institution that is approved to participate in the program through the existing U.S. Small Business Administration (SBA) 7(a) lending program and additional lenders approved by the Department of Treasury. We can assist you in finding the best option that … Read More