Business Charitable Contribution Rules Have Changed Under The CARES Act

In light of the novel coronavirus (COVID-19) pandemic, many businesses are interested in donating to charity. In order to incentivize charitable giving, the Coronavirus Aid, Relief and Economic Security (CARES) Act made some liberalizations to the rules governing charitable [...]

By |2020-05-11T14:07:55-04:00May 11th, 2020|Categories: Blog, COVID-19, Tax|Tags: , , |Comments Off on Business Charitable Contribution Rules Have Changed Under The CARES Act

PPP Loan Forgiveness Isn’t a Given

One of the most attractive elements of the Small Business Administration’s Paycheck Protection Program (PPP) is the potential forgiveness of funds advanced that small business owners use for payroll and other eligible expenses. Obtaining that forgiveness, however, may not [...]

By |2020-05-14T14:47:37-04:00May 8th, 2020|Categories: Blog, Consulting, COVID-19, Frank Balestreri, Small Business Services|Tags: , , , |Comments Off on PPP Loan Forgiveness Isn’t a Given

COVID-19: A Reminder Of Why Cross-Training Your Accounting Staff Is Key

Imagine this scenario: A company’s controller is hospitalized for the novel coronavirus (COVID-19), and she’s the only person inside the company who knows how its accounting and payroll software works. She also is the only person with check signing [...]

By |2020-05-11T13:46:03-04:00May 8th, 2020|Categories: Blog, COVID-19|Tags: , , |Comments Off on COVID-19: A Reminder Of Why Cross-Training Your Accounting Staff Is Key

The CARES Act Liberalizes Net Operating Losses

The Coronavirus Aid, Relief, and Economic Security, or CARES Act, eliminates some of the tax-revenue-generating provisions included in a previous tax law. Here’s a look at how the rules for claiming certain tax losses have been modified to provide [...]

By |2020-05-04T13:24:29-04:00May 4th, 2020|Categories: Blog, COVID-19, Tax|Tags: , , |Comments Off on The CARES Act Liberalizes Net Operating Losses

Benchmarking: Why Normalizing Adjustments Are Essential

Financial statements aren’t particularly meaningful without a relevant basis of comparison. There are two types of “benchmarks” that a company’s financials can be compared to — its own historical performance and the performance of other comparable businesses. Before you [...]

By |2020-05-04T12:59:29-04:00May 4th, 2020|Categories: Audit, Blog, COVID-19|Tags: , , |Comments Off on Benchmarking: Why Normalizing Adjustments Are Essential

Going, Going, Gone: Going Concern Assessments In The Midst Of COVID-19

The novel coronavirus (COVID-19) pandemic has adversely affected the global economy. Companies of all sizes in all industries are faced with closures of specific locations or complete shutdowns; employee layoffs, furloughs or restrictions on work; liquidity issues; and disruptions [...]

By |2020-04-24T14:49:32-04:00April 24th, 2020|Categories: Audit, Blog, COVID-19|Tags: , , |Comments Off on Going, Going, Gone: Going Concern Assessments In The Midst Of COVID-19

Paycheck Protection Program: Forgiveness Checklist

If you've secured funding from the Paycheck Protection Program – now is the time to get a head start on gathering the documents you'll need to apply for forgiveness. Our checklist provides: A quick overview of what to expect [...]

By |2020-05-14T14:48:55-04:00April 24th, 2020|Categories: Blog, Consulting, COVID-19, Frank Balestreri, Kevin Shives, Small Business Services|Tags: , , , , |Comments Off on Paycheck Protection Program: Forgiveness Checklist

New COVID-19 Law Makes Favorable Changes To “Qualified Improvement Property”

The law providing relief due to the Coronavirus (COVID-19) pandemic contains a beneficial change in the tax rules for many improvements to interior parts of nonresidential buildings. This is referred to as qualified improvement property (QIP). You may recall [...]

By |2020-04-20T17:57:32-04:00April 20th, 2020|Categories: Blog, COVID-19, Tax|Tags: , , , |Comments Off on New COVID-19 Law Makes Favorable Changes To “Qualified Improvement Property”

Adjusting Your Financial Statements For COVID-19 Tax Relief Measures

The Coronavirus Aid, Relief, and Economic Security (CARES) Act, signed into law on March 27, 2020, contains several tax-related provisions for businesses hit by the novel coronavirus (COVID-19) crisis. Those provisions will also have an impact on financial reporting. Companies [...]

By |2020-04-17T20:11:01-04:00April 17th, 2020|Categories: Audit, Blog, COVID-19|Tags: , , |Comments Off on Adjusting Your Financial Statements For COVID-19 Tax Relief Measures

IRS Opens Direct Deposit Portal to Speed Up Your Stimulus Payments

On April 15, the federal government started the process of depositing the first economic stimulus checks to individuals who have a direct deposit set up with the IRS. Eligible taxpayers could receive up to $1,200 of stimulus money, and [...]

By |2020-04-16T16:11:57-04:00April 15th, 2020|Categories: Blog, COVID-19|Tags: , , |Comments Off on IRS Opens Direct Deposit Portal to Speed Up Your Stimulus Payments