COVID Info Center
SSF is committed to helping our clients and friends navigate potential disruptions created by the spread of COVID-19. We will continue to share guidance and actionable advice on this page as events unfold.
Employee Retention Tax Credit Assistance
The Employee Retention Credit (ERC) is meant to reward employers that kept employees on their payroll during the COVID-19 impacted months in 2020 & 2021. Recent legislation makes this credit available even if you received a PPP loan. While not everyone will qualify, those that do will feel a significant impact from this valuable payroll tax credit!
PPP Loan Forgiveness Assistance
With the PPP’s complex spending and reporting requirements, it’s critical to evaluate your options and devise a strategy that helps your company now and in the near term— while maximizing the forgiveness of your PPP loan. Our advisors will work with you review different scenarios, identify PPP eligible expenses, perform calculations and assemble the require documentation to submit to your lender.
Claim the Employee Retention Tax Credit
The Employee Retention Tax Credit (ERTC) is a valuable tax break that was extended and modified by the American Rescue Plan Act (ARPA), enacted in March of 2021. Here’s a rundown of the rules. [...]
California Supplemental Paid Sick Leave
California workers seeking paid sick leave can check their eligibility themselves. The CA Dept. of Industrial Relations has created a tool that workers can use to determine if they qualify for 2021 COVID-19 supplemental [...]
Time Off Liabilities
Liabilities for unused time off mount as pandemic lingers During the pandemic, many employees have postponed using their allotted paid time off until COVID-related restrictions are lifted and safety concerns subside. This situation has [...]
American Families Plan
President Biden details his tax proposals for individuals President Biden’s proposals for individual taxpayers were outlined in an April 28 address to Congress and in an 18-page fact sheet released by the White House. [...]
Updated Guidance for Impairment Testing
Updated guidance for impairment testing: When to consider triggering events On March 30, the Financial Accounting Standards Board (FASB) published an updated accounting standard on events that trigger an impairment test under U.S. Generally [...]
Extended Filing Deadline for 2020 Tax Year
Extended tax filing deadline provides relief to individual taxpayers and the IRS. The IRS has announced that the federal income tax filing deadline for individuals for the 2020 tax year is extended from April [...]
Good News for Taxpayers: Individual Deadline Extended
Due to the ever-evolving financial state, the IRS and California FTB have decided to give taxpayers a month-long respite. This change only applies to individuals and does not impact other taxpayers like corporations and [...]
Business Highlights in the New American Rescue Plan Act
President Biden signed the $1.9 trillion American Rescue Plan Act (ARPA) on March 11. While the new law is best known for the provisions providing relief to individuals, there are also several tax breaks [...]
COVID-related deadline extensions for health care benefits
The latest on COVID-related deadline extensions for health care benefits The U.S. Department of Labor (DOL) recently issued EBSA Disaster Relief Notice 2021-01, which is of interest to employers. It clarifies the duration of certain [...]
Should I consider a debt restructuring?
Many businesses have experienced severe cash flow problems during the COVID-19 pandemic. As a result, some may have delayed or missed loan payments. Instead of filing for bankruptcy in court, delinquent debtors may reach [...]
How COVID-19 Could Impact Year-End Inventory Counts
Many businesses are closed or are limiting third-party access as COVID-19 surges across the United States. These restrictions could still be in place at year end — a time when external auditors traditionally observe [...]
New COVID-19 Employer Tax Credits
FEDERAL — Employee Retention Credit The Employee Retention Credit is meant to reward employers that kept employees on their payroll during the COVID-19 impacted months. The refundable tax credit is 50% of up to [...]
3 Steps To “Stress Test” Your Business
During the COVID-19 crisis, you can’t afford to lose sight of other ongoing risk factors, such as cyberthreats, fraud, emerging competition and natural disasters. A so-called “stress test” can help reveal blind spots that [...]
Reporting CAMs in the COVID-19 Era
Starting in 2019, auditors’ reports for certain public companies must contain a new element: critical audit matters (CAMs). The requirement was in effect for audits of large accelerated filers (with market values of $700 million [...]
Even If No Money Changes Hands, Bartering is a Taxable Transaction
During the COVID-19 pandemic, many small businesses are strapped for cash. They may find it beneficial to barter for goods and services instead of paying cash for them. If your business gets involved in [...]
Reporting Embedded Leases
In 2016, the Financial Accounting Standards Board (FASB) published guidance that requires major changes to how leases are reported on financial statements. One area of the guidance that’s especially complicated relates to “embedded” leases. [...]
Haven’t Filed Your 2019 Business Tax Return Yet? There May Be Ways to Chip Away at Your Bill
The extended federal income tax deadline is coming up fast. As you know, the IRS postponed the payment and filing deadlines until July 15 that otherwise would have fallen on or after April 1, [...]
IRS Notice 1444
Dear Clients, Over the next few weeks, you may receive a notice from the IRS after receiving your economic impact payments. IRS notice 1444 is the form that shows the amount of the recipient’s [...]
How to Treat Start-Up Expenses on Your Tax Return
While the COVID-19 crisis has devastated many existing businesses, the pandemic has also created opportunities for entrepreneurs to launch new businesses. For example, some businesses are being launched online to provide products and services [...]
Asset Impairment is Expected to Hit 2020 Financial Statements
Some companies are expected to report impairment losses in fiscal year 2020 because of the COVID-19 crisis. Depending on the nature of your operations and assets, the pandemic could be considered a “triggering event” [...]
Congress Loosens PPP Loan Restrictions
Congress recently passed legislation to loosen some of the restrictions that came with the popular Payroll Protection Program; the president signed it into law on June 5. The new law runs only about 1,000 [...]
Business Meal Deductions: The Current Rules Amid Proposed Changes
Restaurants and entertainment venues have been hard hit by the novel coronavirus (COVID-19) pandemic. One of the tax breaks that President Trump has proposed to help them is an increase in the amount that [...]
Revenue Recognition and Leases: FASB Gives Certain Entities More Time
Private companies and most nonprofits were supposed to implement updated revenue recognition guidance in fiscal year 2019 and updated lease guidance in fiscal year 2021. In the midst of the novel coronavirus (COVID-19) crisis, [...]
IRS Releases 2021 Amounts For Health Savings Accounts
The IRS recently released the 2021 inflation-adjusted amounts for Health Savings Accounts (HSAs). HSA basics An HSA is a trust created or organized exclusively for the purpose of paying the “qualified medical expenses” of [...]
Overcoming The Challenges Of Remote Auditing During The COVID-19 Crisis
Many people are currently working from home to help prevent the spread of the novel coronavirus (COVID-19). Your external auditors are no exception. Fortunately, in recent years, most audit firms have been investing in [...]
Fortunate Enough To Get A PPP Loan? Forgiven Expenses Aren’t Deductible
The IRS has issued guidance clarifying that certain deductions aren’t allowed if a business has received a Paycheck Protection Program (PPP) loan. Specifically, an expense isn’t deductible if both: The payment of the expense [...]
PPP Update: SBA Issues Loan Forgiveness Application
On Friday afternoon, the SBA released additional guidance on several key elements related to PPP forgiveness, as well as a PPP Loan Forgiveness Application. Some areas that have been better defined, include: Alternative Payroll [...]
Independent Assurance Inspires Confidence in Sustainability Reports During COVID-19
Sustainability reports explain the impact of an organization’s activities on the economy, environment and society. During the novel coronavirus (COVID-19) pandemic, stakeholders continue to expect robust, transparent sustainability reports, with a stronger emphasis on [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
Sensiba San Filippo Expands with New R&D Service Line and Two New Partners
Despite Challenges Wrought By COVID-19, San Francisco Bay Area Accounting Firm SSF Launches Research & Development Tax Credit Services and Expands Partner Group Pleasanton, Calif., May 4, 2020 – Sensiba San Filippo LLP (SSF), [...]
Hiring Independent Contractors? Make Sure They’re Properly Classified
As a result of the coronavirus (COVID-19) crisis, your business may be hiring independent contractors to keep costs low. But you should be careful that these workers are properly classified for federal tax purposes. [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
Relief from Not Making Employment Tax Deposits Due to COVID-19 Tax Credits
The IRS has issued guidance providing relief from failure to make employment tax deposits for employers that are entitled to the refundable tax credits provided under two laws passed in response to the coronavirus [...]
R&D Tax Credit: More Valuable than Ever in Uncertain Times
As companies around the country begin to pivot from a sprint to preserve business operations to taking strategic steps to help ensure continued prosperity, several tax planning opportunities should be considered. One option available [...]
CARES Act Rebate Calculator
Curious to find out exactly how much stimulus money is coming your way, or even if you are getting any? Use the calculator below to determine your rebate through the CARES Act. The Tax [...]
Answers to Questions about the CARES Act Employee Retention Tax Credit
The recently enacted Coronavirus Aid, Relief, and Economic Security (CARES) Act provides a refundable payroll tax credit for 50% of wages paid by eligible employers to certain employees during the COVID-19 pandemic. The employee [...]
Student Loan Relief for Many
A great sigh of relief for many individuals wondering how they are going to pay their student loans during this time. The new CARES act includes a deferral for six months on federally backed [...]
CARES Act Provides Option to Delay CECL Reporting
The Coronavirus Aid, Relief and Economic Security (CARES) Act was signed into law on March 27. Among other economic relief measures, the new law allows large public banks to temporarily postpone the controversial current expected [...]
CARES Act Creates Relief and Opportunity for American Taxpayers
On March 27, 2020, President Trump signed into law the Coronavirus Aid, Relief and Economic Security (CARES) Act, a sweeping economic stimulus package designed to provide financial relief for American individuals and families. Here [...]
The SBA EIDL and PPP Loans and Their Tax Implications
Among the many relief provisions passed by Congress in recent days are loans focused on small businesses. This isn't entirely new to the SBA, which has long been in the loan business, but recently [...]
IRS warns of COVID-19 stimulus scams
The IRS is warning individuals about potential fraud related to the COVID-19 stimulus checks or deposits. Scammers could try to make people sign over a check to them or get people to "verify" filing [...]
The CARES Act: Retirement Provisions
The COVID-19 pandemic is affecting all aspects of finances, including retirement savings. The CARES Act contains provisions affecting these plans that will remain in effect for 2020. They include the following: The act specifically [...]
The CARES Act: Getting a Small Business Loan
The CARES Act — a collection of pandemic-related provisions — has good news for small businesses struggling to stay afloat during the COVID-19 pandemic: The act provides relief to U.S.-based businesses with (1) 500 [...]
New CARES Act Provides Businesses with More Relief
On March 27, President Trump signed into law another coronavirus (COVID-19) law, which provides extensive relief for businesses and employers. Here are some of the tax-related provisions in the Coronavirus Aid, Relief, and Economic [...]
Virtual CEO COVID Roundtable Discussion – April Series
Join AMBayArea for a series of four 1-hour Virtual CEO Roundtable Discussions: Thursday, April 2, 12 to 1 p.m. Thursday, April 9, 12 to 1 p.m. Thursday, April 16, 12 to 1 p.m. Thursday, [...]
VIDEO: Business Advice for COVID-19
Trusted Tri-Valley Advisors Share COVID-19 Coping Strategies and Insights for Small and Medium Size Businesses COVID-19 poses evolving challenges for all employers, especially start-ups, small, and medium size businesses so vital to our Tri-Valley [...]
5 Reasons You Shouldn’t Wait Until July 15th to File Your Return
While Treasury’s response to the ongoing COVID-19 crisis by automatically extending certain filing deadlines and payments is welcomed news to many, waiting until July 15th to file and/or pay your taxes may have unintended [...]
How to Handle COVID-19-Related Layoffs
The twin crises of a pandemic and a plunging market have pummeled a lot of businesses — many have already started laying off employees, and many more will need to soon. It's never a [...]
Pandemic Planning: Supply Chain and Cash Flow
The supply chain issues created by the COVID-19 pandemic are challenging businesses in ways they have never considered. Some of these changes will — and probably should — remain in place after the immediate [...]
Coronavirus (COVID-19): Tax relief for small businesses
Businesses across the country are being affected by the coronavirus (COVID-19). Fortunately, Congress recently passed a law that provides at least some relief. In a separate development, the IRS has issued guidance allowing taxpayers [...]
Relief Package Signed Into Law – More to Come
The Families First Coronavirus Response Act (H.R. 6201) is now law, and attorneys, accountants and other professionals are poring over it. What are its main provisions, and how might it affect you? The Society [...]
Put Away Your Checkbooks: Taxpayers Get an Extension
Because of the ongoing financial turmoil, both the IRS and California FTB are cutting many individuals and businesses some slack. For federal income taxes, we now have until July 15 to file and pay what [...]
Delivery of Documents to SSF
As we at SSF are sheltering in place and working remotely, please continue to send us your documents electronically. We are here to address any questions or concerns you may have. Method [...]
COVID-19 Updates & Resources for Manufacturers
SSF is a proud sponsor and cofounder of AMBayArea. AMBayArea is committed to supporting the manufacturing community during these challenging times. They will continue to vet information and provide the latest updates, resources and Thought Leadership [...]
Beware: Coronavirus may affect financial reporting
The coronavirus (COVID-19) outbreak — officially a pandemic as of March 11 — has prompted global health concerns. You may also be worried about how it will affect your business and its financial statements for 2019 and [...]
Shelter in Place Order — Clarification for Businesses
Good Evening Clients and Friends, Today an order came down from the public health officials in six Bay Area counties ordering “shelter in place.” There have been many questions from our community regarding whether [...]
COVID-19 — SSF’s Modified Work Arrangements
Dear clients and friends, We hope that this message finds you well. We want you to know about the following temporary operating adjustments that we are making until we are through the current public [...]