The CARES Act, signed by President Trump on March 27, provides a variety of tax and financial relief measures to help Americans during the coronavirus (COVID-19) pandemic. Below we explain some of the tax relief available for individuals in this new law. Individual cash payments Under the new law, an eligible individual will receive a […]
Scam artists know how anxious business owners are during the current coronavirus (COVID-19) crisis. They know that as you struggle to meet customer demands, pay employees and stay solvent, you’re more likely to drop your guard and fall for a fraud scheme. The last thing your business needs right now is to suffer additional financial […]
4/28/2020 Update: President Trump signed into law a new relief package, COVID 3.5, that includes an additional $320 billion in funding for the Paycheck Protection Program, $60 billion of which is reserved for community banks and small lenders. Learn more about COVID 3.5. The Treasury Department recently released the application form for small businesses […]
If you’ve invented something during your lifetime and had it patented, your estate includes intellectual property (IP). The same goes for any copyrighted works. These assets can hold substantial value, and, thus, must be addressed by your estate plan. However, bear in mind that these assets are generally treated differently than other types of property. […]
4/28/2020 Update: A new $484 billion relief package, COVID 3.5, includes an additional $75 billion for hospitals, $25 billion to support testing efforts, $60 billion for emergency disaster loans and grants, and $320 billion in funding for the Paycheck Protection Program (which was established in the CARES Act) – $60 billion of which is reserved […]
Congress passed and the president signed into law the Families First Coronavirus Response Act on March 18. The law allows employees time to care for themselves or loved ones and includes provisions for new tax credits to offset employers’ costs. But the immediate need to pay employees on leave may still be difficult for organizations struggling […]
Among the most common reasons employees perform below par is they don’t know precisely what they’re doing wrong. Whether dealing with an entry-level employee or a top manager, supervisors need to provide regular and specific feedback to maintain a productive workplace. Effective feedback comes often and as quickly as possible. Frontline supervisors should be trained […]
Whether your not-for-profit is newly deluged with demand for services or you’ve closed doors temporarily, it’s important to keep up with legislation responding to the coronavirus (COVID-19) crisis. On March 18, the Families First Coronavirus Response Act was signed into law to provide American workers affected by the pandemic with extended sick and family leave […]
Taxpayers now have more time to file their tax returns and pay any tax owed because of the coronavirus (COVID-19) pandemic. The Treasury Department and IRS announced that the federal income tax filing due date is automatically extended from April 15, 2020, to July 15, 2020. Taxpayers can also defer making federal income tax payments, […]
Every company has faced unprecedented challenges in adjusting to life following the widespread outbreak of the coronavirus (COVID-19). Small businesses face particular difficulties in that, by definition, their resources — human, capital and otherwise — are limited. If this describes your company, one place you can look to for some assistance is the Small Business […]
If you have a life insurance policy, you probably want to make sure that the life insurance benefits your family will receive after your death won’t be included in your estate. That way, the benefits won’t be subject to the federal estate tax. Under the estate tax rules, life insurance will be included in your […]
Traditionally, audit procedures for private companies tend to focus on the balance sheet. That is, auditors evaluate whether the book values of the company’s assets are overstated and its liabilities are understated. However, the income statement needs attention, too, especially in light of the updated guidance on recognizing revenue from contracts and the potential for misstatement. New […]